Impairments

6 Months Ended

Jun. 30, 2021

Impairment of Real Estate [Abstract]

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period and general market conditions, including the impact of the novel coronavirus (“COVID-19”), that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, a loss is recognized to reflect the estimated fair value.

The Company recognized the following impairment during the three months ended June 30, 2021:


Three Months Ended June 30, 2021
Property Name(1)	Location	GLA	Impairment Charge
Erie Canal Centre	DeWitt, NY	123,404	$	431
		123,404	$	431

(1)The Company recognized an impairment charge based upon a change in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program.

The Company recognized the following impairments during the six months ended June 30, 2021:


Six Months Ended June 30, 2021
Property Name(1)	Location	GLA	Impairment Charge
Albany Plaza(2)	Albany, GA	114,169	$	1,467
Erie Canal Centre	DeWitt, NY	123,404	431
		237,573	$	1,898

(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program.

(2)The Company disposed of this property during the six months ended June 30, 2021.

The Company recognized the following impairments during the three months ended June 30, 2020:


Three Months Ended June 30, 2020
Property Name(1)	Location	GLA	Impairment Charge


30th Street Plaza(2)	Canton, OH	145,935	$	4,449

Chamberlain Plaza(2)	Meriden, CT	54,302	1,513


		200,237	$	5,962

(2)The Company disposed of this property during the year ended December 31, 2020.

The Company recognized the following impairments during the six months ended June 30, 2020:


Six Months Ended June 30, 2020
Property Name(1)	Location	GLA	Impairment Charge

Spring Mall	Greenfield, WI	45,920	$	4,584
30th Street Plaza(2)	Canton, OH	145,935	4,449

Chamberlain Plaza(2)	Meriden, CT	54,302	1,513

Parcel at Lakes Crossing(3)	Muskegon, MI	4,990	14
		251,147	$	10,560

(2)The Company disposed of this property during the year ended December 31, 2020.

(3)The Company disposed of this partial property during the year ended December 31, 2020.

The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired.