DISPOSITIONS AND IMPAIRMENT CHARGES

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

The Company closed on the following dispositions during the nine months ended September 30, 2023 (dollars in thousands):


Date	Property Name	MSA	Property Type	Square Footage	Sales Price		Gain (Loss)
May 8, 2023	Kingwood Commons	Houston	Multi-tenant retail	158,172	$	27,350	$	4,736
June 8, 2023	Pan Am Plaza & Garage	Indianapolis	Land & garage	—	52,025		23,635
September 11, 2023	Reisterstown Road Plaza	Dallas	Multi-tenant retail	376,683	48,250		(5,903)
				534,855	$	127,625	$	22,468

The Company closed on the following dispositions during the nine months ended September 30, 2022 (dollars in thousands):


Date	Property Name	MSA	Property Type	Square Footage	Sales Price		Gain
January 26, 2022	Hamilton Crossing Centre	Indianapolis	Redevelopment(1)	—	$	6,900	$	3,168
June 16, 2022	Plaza Del Lago	Chicago	Multi-tenant retail(2)	100,016	58,650		23,958
				100,016	$	65,550	$	27,126

(1)We sold a portion of the redevelopment at Hamilton Crossing Centre.

(2)Plaza Del Lago also contains 8,800 square feet of residential space comprised of 18 multifamily rental units.

As of September 30, 2023, the Company had entered into a contract to sell Eastside, a 43,640 square foot multi-tenant retail property located in the Dallas MSA. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended September 30, 2023, at which time depreciation and amortization 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 September 30, 2023. No properties qualified for held-for-sale accounting treatment as of December 31, 2022.

As of September 30, 2023, in conjunction with classifying Eastside as held for sale, the Company recorded the asset at the lower of cost or fair value less estimated costs to sell, which was approximately $14.1 million. The estimated fair value of Eastside was based upon the expected sales price from an executed sales contract and determined to be a Level 3 input within the fair value hierarchy. As a result, we recorded a $0.5 million impairment charge during the three months ended September 30, 2023. Eastside was sold on October 24, 2023 for a gross sales price of $14.4 million.

The following table presents the assets and liabilities associated with the investment property, Eastside, classified as held for sale as of September 30, 2023 (in thousands):


	September 30, 2023
Assets
Investment properties, at cost	$	15,016
Less: accumulated depreciation	(1,218)
Net investment properties	13,798

Tenant and other receivables	100
Deferred costs, net	411

Assets associated with investment property held for sale	$	14,309

Liabilities

Accounts payable and accrued expenses	$	398
Deferred revenue and other liabilities	188
Liabilities associated with investment property held for sale	$	586

There were no discontinued operations for the nine months ended September 30, 2023 and 2022 as none of the dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.