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DISPOSALS OF OPERATING PROPERTIES AND IMPAIRMENT CHARGES
12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISPOSALS OF OPERATING PROPERTIES AND IMPAIRMENT CHARGES DISPOSALS OF OPERATING PROPERTIES AND IMPAIRMENT CHARGES
During the year ended December 31, 2021, the Company sold one operating property, Westside Market, for gross proceeds of $24.8 million and a net gain of $4.3 million. In addition, the Company sold 17 ground leases for gross proceeds of $42.0 million and a net gain of $27.6 million. A portion of the proceeds was used to pay down our unsecured revolving credit facility.
There were no operating properties sold during the year ended December 31, 2020. The Company sold one redevelopment property for gross proceeds of $14.0 million and a net gain of $3.1 million during the year ended December 31, 2020.
During the year ended December 31, 2019, the Company sold 23 operating properties for aggregate gross proceeds of $543.8 million and a net gain of $39.0 million.
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 estimated aggregate fair value of $176.0 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.
The results of all the operating properties sold in 2021, 2020, and 2019 are not included in discontinued operations in the accompanying consolidated statements of operations and comprehensive income 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.