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Disposals of Operating Properties and Impairment Charges
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Disposals of Operating Properties and Impairment Charges Disposals of Operating Properties and Impairment Charges
There were no operating properties sold during the year ended December 31, 2020. The Company sold one redevelopment property during the year ended December 31, 2020 for gross proceeds of $14.0 million and a net gain of $3.1 million.

During the year ended December 31, 2019, we sold 23 operating properties for aggregate gross proceeds of $543.8 million as part of a program designed to improve the Company's portfolio quality, reduce its leverage, and focus operations on markets where the Company believes it can gain scale and generate attractive risk-adjusted returns.

The following summarizes our 2019 operating property dispositions:
Property NameMSADisposition Date
Whitehall PikeBloomington, INMarch 2019
Beechwood PromenadeAthens, GAApril 2019
Village at Bay ParkGreen Bay, WIMay 2019
Lakewood PromenadeJacksonville, FLMay 2019
Palm Coast LandingPalm Coast, FLMay 2019
Lowe's - Perimeter WoodsCharlotte, NCMay 2019
Cannery CornerLas Vegas, NVJune 2019
Temple TerraceTampa, FLJune 2019
University Town CenterOklahoma City, OKJune 2019
Gainesville PlazaGainesville, FLJuly 2019
Bolton PlazaJacksonville, FLJuly 2019
Eastgate PlazaLas Vegas, NVJuly 2019
Burnt StorePunta Gorda, FLJuly 2019
Landstown CommonsVirginia Beach, VAAugust 2019
Lima MarketplaceFort Wayne, IN September 2019
Hitchcock PlazaAiken, SCSeptember 2019
Merrimack Village CenterManchester, NHSeptember 2019
Publix at AcworthAtlanta, GAOctober 2019
The Centre at PanolaAtlanta, GAOctober 2019
Beacon HillCrown Point, INOctober 2019
Bell Oaks CentreEvansville, INNovember 2019
South Elgin CommonsChicago, ILDecember 2019
Boulevard CrossingKokomo, INDecember 2019

The Company recorded a net gain of $39.0 million as a result of the 2019 disposal activity.

During 2019, in connection with the preparation and review of the financial statements for the applicable periods, we evaluated a total of seven operating properties for impairment and recorded a cumulative $37.7 million impairment charge due
to changes in facts and circumstances underlying the Company's expected future hold period of these properties. A shortening of the expected future hold period is considered an impairment indicator under applicable accounting rules, and this indicator caused us to further evaluate the carrying value of these properties. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of these assets given the new holding period, leading to the charge. We estimated the fair value using the market approach by utilizing recent sales offers without adjustment. We compared the estimate aggregate fair value of $176 million to the carrying values, which resulted in the recording of the non-cash impairment charge of $37.7 million for the year ended December 31, 2019.

During the year ended December 31, 2018, we sold six operating properties for aggregate gross proceeds of $122.2 million. The following summarizes our 2018 operating property dispositions:
Property NameMSADisposition Date
Trussville PromenadeBirmingham, ALFebruary 2018
Memorial CommonsGoldsboro, NCMarch 2018
Lake Lofts at DeerwoodJacksonville, FLNovember 2018
Hamilton CrossingKnoxville, TNNovember 2018
Fox Lake CrossingChicago, ILDecember 2018
Lowe's PlazaLas Vegas, NVDecember 2018

In addition, we entered into a joint venture with TH Real Estate by selling an 80% interest in three operating assets for an agreed upon value of $99.8 million. The properties sold to the joint venture were the following:

Property NameMSADisposition Date
Livingston Shopping CenterNew York/Northern New JerseyJune 2018
Plaza VolenteAustin, TXJune 2018
Tamiami CrossingNaples, FLJune 2018

The Company recorded a net gain of $3.4 million as a result of the 2018 disposal activity.

During 2018, in connection with the preparation and review of the financial statements for the applicable periods, we evaluated a total of seven operating properties and land previously held for development for impairment and recorded a cumulative $70.4 million impairment charge due to changes in facts and circumstances underlying the Company's expected future hold period of these properties and decision to not move forward with development of the land. A shortening of an expected future hold period is considered an impairment indicator under applicable accounting rules, and this indicator caused us to further evaluate the carrying value of these properties. We concluded the estimated undiscounted cash flows over the expected holding period did not exceed the carrying value of these assets given the new holding period, leading to the charge. We estimated the fair value using the market approach by utilizing recent sales offers without adjustment. We compared the estimated aggregate fair value of $130.2 million to the carrying values, which resulted in the recording of the non-cash impairment charges totaling $70.4 million for the year ended December 31, 2018.

The results of all the operating properties sold in 2020, 2019, and 2018 are not included in discontinued operations in the accompanying statements of operations as none of the operating properties individually, nor in the aggregate, represent a strategic shift that has had or will have a material effect on our operations or financial results.