Real Estate Dispositions, Held for Sale and Impairment Charges |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Real Estate Dispositions, Held for Sale and Impairment Charges | Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions
We did not sell any properties during the three months ended March 31, 2025 and sold three properties during the three months ended March 31, 2024.
Real Estate Held for Sale
At March 31, 2025, we had two properties classified as held for sale, located in Tifton, Georgia and Hickory, North Carolina. We consider these assets to be non-core to our long-term strategy. At December 31, 2024, we had the same two properties classified as held for sale, located in Tifton, Georgia and Hickory, North Carolina.
The table below summarizes the components of the assets and liabilities held for sale at March 31, 2025 and December 31, 2024, reflected on the accompanying condensed consolidated balance sheets (dollars in thousands):
Impairment Charges
We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the three months ended March 31, 2025 and did not recognize an impairment charge. We did not recognize any impairment charges on our two held for sale assets during the three months ended March 31, 2025. We did not recognize an impairment charge on our held and used assets during the three months ended March 31, 2024. We recognized an impairment charge of $0.5 million on one held for sale asset, located in Richardson, Texas, during the three months ended March 31, 2024. In performing our held for sale assessment, the carrying value of this asset was above the fair value, less costs of sale. As a result, we impaired this property to equal the fair market value less costs of sale.
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