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Dispositions and Impairment | 6 Months Ended
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Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions and Impairment | Dispositions and Impairment During the six months ended June 30, 2020 and 2019, the Company disposed of its interests in various properties for an aggregate gross disposition price of $74,064 and $120,328, respectively, and recognized aggregate gains on sales of properties of $20,998 and $36,201, respectively. Included in the 2020 dispositions is an office property in Charleston, South Carolina which was conveyed to the lender in forgiveness of the mortgage loan encumbering the property. The balance of the non-recourse mortgage loan was in excess of the value of the property collateral, resulting in a debt satisfaction gain of $1,393. As of June 30, 2020, the Company had one property classified as held for sale because the property met the criteria included under the held for sale accounting guidance and a sale to a third party within the next 12 months was deemed probable. As of December 31, 2019, the Company had no properties that met the held for sale criteria. Assets and liabilities of the held for sale property as of June 30, 2020 consisted of the following:
| June 30, 2020
Assets: |
Real estate, at cost | $ | 9,204 |
Real estate, intangible assets | 4,808 |
Accumulated depreciation and amortization | (6,994) |
Rent receivable - deferred | 772 |
Other | 2,027 |
| $ | 9,817 |
Liabilities: |
Accounts payable and other liabilities | $ | 1,716 |
The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of the asset, the potential sale or transfer of the property in the near future and changes in economic conditions such as the recent economic downturn primarily caused by the COVID-19 outbreak. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered. During the six months ended June 30, 2020, the Company recognized one impairment charge of $1,617 on a vacant office property located in Houston, Texas. During the six months ended June 30, 2019, the Company recognized aggregate impairment charges on real estate properties of $1,682. Included in the impairment charges recognized during the six months ended June 30, 2019, are impairment charges of $1,433 and $249 on unencumbered and vacant retail properties in Watertown, New York and Albany, Georgia, respectively. Both of these properties were sold during 2019.

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- 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 http://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 http://asc.fasb.org/subtopic&trid=2122178 + Details
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