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DISPOSITIONS

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITIONS

DISPOSITIONS

The Company did not sell any properties during the three months ended March 31, 2023.

The Company closed on the following disposition during the three months ended March 31, 2022 (dollars in thousands):

Date

Property Name

MSA

Property Type

Square Footage

Sales Price

Gain

January 26, 2022

Hamilton Crossing Centre

Indianapolis

Redevelopment

—

$

6,900

$

3,168

As of March 31, 2023, the Company had entered into a contract to sell Kingwood Commons, a 158,172 square foot multi-tenant retail property located in the Houston MSA. This property qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended March 31, 2023, at which time depreciation and amortization were ceased. In addition, the assets and liabilities associated with this property are separately classified as held for sale in the accompanying consolidated balance sheet as of March 31, 2023. No properties qualified for held for sale accounting treatment as of December 31, 2022.

The following table presents the assets and liabilities associated with the investment property, Kingwood Commons, classified as held for sale as of March 31, 2023 (in thousands):

			March 31, 2023
Assets
Investment properties, at cost			$	34,856
Less: accumulated depreciation			(12,367)
Net investment properties			22,489
Tenant and other receivables			123
Deferred costs, net			104
Prepaid and other assets			11
Assets associated with investment property held for sale			$	22,727
Liabilities
Accounts payable and accrued expenses			$	277
Deferred revenue and other liabilities			662
Liabilities associated with investment property held for sale			$	939

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- References

No definition available.

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X

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=2122178

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