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Dispositions and Impairment | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions and Impairment | Dispositions and Impairment The following table summarizes the Company's dispositions during the three months ended March 31, 2025. There were no dispositions during the three months ended March 31, 2024.
Sale of real estate, net (dollars in $000's) |  | Three months ended March 31, 2025
Number of buildings |  | 1 |
Building square feet |  | 241,997 |
Net proceeds from sale of real estate |  | $ | 34,118 |
Net book value |  | $ | 9,483 |
Gain on the sale of real estate |  | $ | 24,635 |
The Company had one property classified as held for sale at March 31, 2025. The Company did not have any properties classified as held for sale as of December 31, 2024. Assets and liabilities of the property held for sale as of March 31, 2025 consisted of the following:
| March 31, 2025 |  |
Assets: |  |  |
Real estate, at cost | $ | 13,199 |  |  |
Real estate, intangible assets | 2,353 |  |  |
Accumulated depreciation and amortization | (8,171) |  |  |
Deferred expenses, net | 4 |  |  |
Other | 665 |  |  |
| $ | 8,050 |  |  |
Liabilities: |  |  |
Accounts payable and other liabilities | $ | 219 |  |  |
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 prolonged 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. 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. The Company did not incur any impairment charges on real estate during the three months ended March 31, 2025 and March 31, 2024.

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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