XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.3
Dispositions and Held for Sale
9 Months Ended
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions and Held for Sale

Note 7 – Dispositions and Held for Sale

Dispositions

Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income (loss) for all periods presented, as applicable.

2023 Dispositions

During the three and nine months ended September 30, 2023, the Company deconsolidated WestGate Mall, which resulted in $19,728 of gain on deconsolidation. WestGate Mall was included in Malls for purposes of segment reporting. See Note 8 for more information.

During the nine months ended September 30, 2023, the Company deconsolidated Alamance Crossing East, which resulted in $28,151 of gain on deconsolidation. Alamance Crossing East was included in Malls for purposes of segment reporting. See Note 8 for more information.

During the three months ended September 30, 2023, the Company realized a gain of $3,414, primarily related to the sale of two land parcels. During the nine months ended September 30, 2023, the Company realized a gain of $4,896, primarily related to the sale of seven land parcels. Gross proceeds from sales of real estate assets were $9,625 for the nine months ended September 30, 2023.

2022 Dispositions

During the nine months ended September 30, 2022, the Company deconsolidated Greenbrier Mall. For the three and nine months ended September 30, 2022 the Company realized a gain of $3,528 and $3,547, respectively, primarily related to the sale of three outparcels. During the nine months ended September 30, 2022 the Company sold an outparcel that resulted in a loss on sale. See Note 5 for more information.

Held for Sale

During the nine months ended September 30, 2023 and 2022, the Company determined that there were no properties that met the criteria to be classified as held for sale.