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DISPOSITIONS AND IMPAIRMENT CHARGES | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS AND IMPAIRMENT CHARGES | DISPOSITIONS AND IMPAIRMENT CHARGES The Company closed on the following dispositions during the years ended December 31, 2023, 2022 and 2021 (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 |  |  | 23,638 |
September 11, 2023 |  | Reisterstown Road Plaza |  | Dallas/Ft. Worth |  | Multi-tenant retail & office |  | 376,683 |  |  | 48,250 |  |  | (5,773) |
October 24, 2023 |  | Eastside |  | Dallas/Ft. Worth |  | Multi-tenant retail & office |  | 43,640 |  |  | 14,425 |  |  | — |
|  |  |  |  |  |  |  | 578,495 |  |  | $ | 142,050 |  |  | $ | 22,601 |
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 |
October 27, 2022 |  | Lincoln Plaza – Lowe’s |  | Worcester, MA |  | Ground lease interest(3) |  | — |  |  | 10,000 |  |  | (57) |
|  |  |  |  |  |  |  | 100,016 |  |  | $ | 75,550 |  |  | $ | 27,069 |
October 26, 2021 |  | Westside Market |  | Dallas/Ft. Worth |  | Multi-tenant retail |  | 93,377 |  |  | $ | 24,775 |  |  | $ | 4,323 |
(1)The Company sold a portion of the redevelopment at Hamilton Crossing Centre. The total number of properties in our portfolio was not affected by this transaction. (2)Plaza Del Lago also contains 8,800 square feet of residential space comprised of 18 multifamily rental units. (3)The Company sold the ground lease interest in one tenant at Lincoln Plaza, an existing multi-tenant operating retail property. The total number of properties in our portfolio was not affected by this transaction. During the year ended December 31, 2023, the Company recorded a $0.5 million impairment charge in connection with the sale of Eastside, a 43,640 square foot multi-tenant retail property in the Dallas/Ft. Worth MSA, as a result of a change in the expected hold period. 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. Eastside was sold on October 24, 2023 for a gross sales price of $14.4 million. During the year ended December 31, 2021, the Company also sold 17 ground leases for gross proceeds of $42.0 million and a net gain on sale of $27.6 million. A portion of the proceeds was used to pay down our unsecured revolving line of credit. There were no discontinued operations for the years ended December 31, 2023, 2022 and 2021 as none of the dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

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