Annual report pursuant to Section 13 and 15(d)

Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables)

v3.24.0.1
Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Summary Properties Sold During the year ended December 31, 2023, we sold seven non-core properties, located in Baytown, Texas; Birmingham, Alabama; Pittsburgh, Pennsylvania; Eatontown, New Jersey; Taylorsville, Utah; Columbia, South Carolina; and Blaine, Minnesota, which are summarized in the table below (dollars in thousands):
Aggregate Square Footage Sold Aggregate Sales Price Aggregate Sales Costs Aggregate Impairment Charge for the Twelve Months Ended December 31, 2023 Aggregate Gain on Sale of Real Estate, net
445,036  $ 39,634  $ 2,626  $ 3,591  $ 7,737 
Components of Operating Income from Real Estate and Related Assets Disposed
The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2023, 2022, and 2021, respectively (dollars in thousands):

  For the year ended December 31,
  2023 2022 2021
Operating revenue $ 2,223  $ 7,426  $ 8,234 
Operating expense 3,816  (1) 16,529  (3) 7,222 
Other income (expense), net 9,884  (2) (1,545) (1,649)
Income (expense) from real estate and related assets sold $ 8,291  $ (10,648) $ (637)
(1)Includes a $3.6 million impairment charge.
(2)Includes a $7.7 million gain on sale of real estate, net, from seven property sales and a $2.8 million gain on debt extinguishment from one property sale.
(3)Includes a $10.7 million impairment charge.
Components of Assets and Liabilities Held for Sale
The table below summarizes the components of the assets held for sale at December 31, 2023 reflected on the accompanying consolidated balance sheet (dollars in thousands):

December 31, 2023 December 31, 2022
Total real estate held for sale $ 27,496  $ 3,293 
Lease intangibles, net 1,284  — 
Deferred rent receivable, net 7  — 
Total Assets Held for Sale $ 28,787  $ 3,293 
Liabilities Held for Sale
Deferred rent liability, net $ 676  $ — 
Total Liabilities Held for Sale $ 676  $ —