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Impairment Charges
12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Impairment Charges Impairment Charges
An asset is impaired when undiscounted cash flows expected to be generated by the asset are less than the carrying value of the asset. The Company must assess the potential for impairment of its long-lived assets, including real estate properties, whenever events occur or there is a change in circumstances, such as the sale of a property or the decision to sell a property, that indicate that the recorded value might not be fully recoverable.
The Company recorded impairment charges on 12 properties sold and three additional properties associated with completed or planned disposition activity for the year ended December 31, 2022 totaling $54.4 million. The Company
recorded impairment charges on five properties sold and one property being redeveloped for a total of $17.1 million in 2021. Both level 1 and level 3 fair value techniques were used to derive these impairment charges.