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DISPOSITIONS AND IMPAIRMENT CHARGES | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS AND IMPAIRMENT CHARGES | DISPOSITIONS AND IMPAIRMENT CHARGES The Company closed on the following dispositions during the six months ended June 30, 2025 (dollars in thousands):
Date |  | Property Name |  | MSA |  | Property Type |  | Square Footage |  | Sales Price |  | Gain (Loss)
April 4, 2025 |  | Stoney Creek Commons |  | Indianapolis |  | Multi-tenant retail |  | 84,094 |  |  | $ | 9,500 |  |  | $ | 4,802 |
June 25, 2025 |  | Fullerton Metrocenter |  | Los Angeles |  | Multi-tenant retail |  | 241,027 |  |  | 118,500 |  |  | 20,295 |
June 27, 2025 |  | Denton Crossing(1) |  | Dallas/Ft. Worth |  | Multi-tenant retail |  | 343,345 |  |  | 81,593 |  |  | 35,636 |
June 27, 2025 |  | Parkway Towne Crossing(1) |  | Dallas/Ft. Worth |  | Multi-tenant retail |  | 180,736 |  |  | 57,653 |  |  | 18,133 |
June 27, 2025 |  | The Landing at Tradition(1) |  | Port St. Lucie, FL |  | Multi-tenant retail |  | 397,199 |  |  | 93,754 |  |  | 23,710 |
|  |  |  |  |  |  |  | 1,246,401 |  |  | $ | 361,000 |  |  | $ | 102,576 |
(1)The Company has retained a 52% noncontrolling interest in this property. During the three months ended June 30, 2025, the Company contributed three previously wholly owned properties, Denton Crossing, Parkway Towne Crossing, and The Landing at Tradition, valued at $233.0 million in the aggregate to a newly formed joint venture with GIC (the “GIC Portfolio Joint Venture”) (see Note 5 to the accompanying consolidated financial statements for further details), and received $112.1 million in gross proceeds for the 48% interest in the joint venture acquired by GIC. The Company calculated the gain on sale in accordance with ASC 606, Revenue from Contracts with Customers, and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, which requires full gain recognition upon deconsolidation of a nonfinancial asset. The gain on sale was calculated as the fair value of each of the three properties (based upon the sales price for the 48% interest acquired by GIC) less the aggregate carrying value. The Company’s retained 52% equity method investment was recorded at fair value as of the transaction date, which equaled $120.9 million. The Company closed on the following disposition during the six months ended June 30, 2024 (dollars in thousands):
Date |  | Property Name |  | MSA |  | Property Type |  | Square Footage |  | Sales Price |  | Gain (Loss)
May 31, 2024 |  | Ashland & Roosevelt |  | Chicago |  | Multi-tenant retail |  | 104,176 |  |  | $ | 30,600 |  |  | $ | (1,230) |
As of June 30, 2025, the Company had entered into a contract to sell Humblewood Shopping Center, an 85,682 square foot multi-tenant retail property in the Houston MSA. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended June 30, 2025, 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 June 30, 2025. Humblewood Shopping Center was sold on July 21, 2025 for a gross sales price of $18.3 million with an anticipated gain on sale. The proceeds from the sale are restricted for 180 days related to a potential Code Section 1031 tax-deferred exchange (“1031 Exchange”). We have also classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale since June 30, 2024 as the Company has and remains committed to a plan to sell this asset although the sale has not been completed within one year. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of June 30, 2024, at which time depreciation and amortization were ceased, and continues to meet the GAAP criteria for held-for-sale accounting treatment as of June 30, 2025. In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024. As of June 30, 2024, in connection with the preparation and review of the second quarter 2024 financial statements and in conjunction with classifying City Center as held for sale, we evaluated City Center for impairment and recorded a $66.2 million impairment charge due to changes in the facts and circumstances underlying the Company’s expected future hold period of the property. A shortening of the expected future hold period is considered an impairment indicator; therefore, we assessed the recoverability of City Center by comparing the carrying value of long-lived assets of $135.1 million as of June 30, 2024 to its estimated fair value of $69.6 million, which was determined using the income approach, less estimated selling costs of $0.7 million. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated hold period to a present value at a risk-adjusted rate. We used capitalization rates as a significant assumption in the valuation model, which are considered to be Level 3 inputs within the fair value hierarchy. We applied capitalization rates ranging from 6.0% to 15.0% to property income streams based upon the risk profile of the respective tenants and market rent of the leasable space. Based on this analysis, we recorded a $66.2 million non-cash impairment charge on City Center during the three months ended June 30, 2024. The following table presents the assets and liabilities associated with Humblewood Shopping Center and City Center, the investment properties classified as held for sale as of June 30, 2025. In addition, City Center was classified as held for sale as of December 31, 2024 (in thousands):
| June 30, 2025 |  | December 31, 2024
Assets |  |  |
Net investment properties | $ | 81,841 |  |  | $ | 68,991 |
Tenant and other receivables | 2,471 |  |  | 1,760 |
Restricted cash and escrow deposits | 225 |  |  | 225 |
Deferred costs, net | 3,071 |  |  | 2,634 |
Prepaid and other assets | 300 |  |  | 181 |
Assets associated with investment properties held for sale | $ | 87,908 |  |  | $ | 73,791 |
Liabilities |  |  |
Accounts payable and accrued expenses | $ | 868 |  |  | $ | 544 |
Deferred revenue and other liabilities | 4,081 |  |  | 3,465 |
Liabilities associated with investment properties held for sale | $ | 4,949 |  |  | $ | 4,009 |
There were no discontinued operations for the six months ended June 30, 2025 and 2024 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

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