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Real Estate Dispositions, Held for Sale and Impairment Charges | 9 Months Ended
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Sep. 30, 2021
Real Estate [Abstract] |
Real Estate Dispositions, Held for Sale and Impairment Charges | Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions During the nine months ended September 30, 2021, we continued to execute our capital recycling program, whereby we sold properties outside of our core markets and redeployed proceeds to either fund property acquisitions in our target secondary growth markets, or repay outstanding debt. We expect to continue to execute our capital recycling plan and sell non-core properties as reasonable disposition opportunities become available. During the nine months ended September 30, 2021, we sold two non-core properties, located in Rancho Cordova, California and Champaign, Illinois, which are summarized in the table below (dollars in thousands):
Aggregate Square Footage Sold |  | Aggregate Sales Price |  | Aggregate Sales Costs |  |  |  | Aggregate loss on Sale of Real Estate, net
81,758 |  |  | $ | 5,473 |  |  | $ | 367 |  |  |  |  | $ | (882) |
Our dispositions during the nine months ended September 30, 2021 were not classified as discontinued operations because they did not represent a strategic shift in operations, nor will such dispositions have a major effect on our operations and financial results. Accordingly, the operating results of these properties are included within continuing operations for all periods reported. The table below summarizes the components of operating income from the real estate and related assets disposed of during the three and nine months ended September 30, 2021, and 2020 (dollars in thousands):
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating revenue |  | $ | — |  |  | $ | 319 |  |  | $ | 240 |  |  | $ | 773 |
Operating expense |  | — |  |  | 1,561 |  |  | 117 |  |  | 1,926 |
Other expense, net |  | — |  |  | (59) |  |  | (1,622) |  | (1) | (177) |
Loss from real estate and related assets sold |  | $ | — |  |  | $ | (1,301) |  |  | $ | (1,499) |  |  | $ | (1,330) |
(1)Includes a $0.9 million loss on sale of real estate, net, on two property sales. Real Estate Held for Sale As of September 30, 2021, we had one property classified as held for sale, located in Richmond, Virginia. We consider this asset to be non-core to our long term strategy. At December 31, 2020, we had three properties classified as held for sale, located in Boston Heights, Ohio, Rancho Cordova, California, and Champaign, Illinois. Two of the properties were sold during the nine months ended September 30, 2021. Our Boston Heights, Ohio property is classified as held and used as of September 30, 2021, as this property no longer meets the held for sale criteria. The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheets (dollars in thousands):
| September 30, 2021 |  | December 31, 2020
Assets Held for Sale |  |  |
Total real estate held for sale | $ | 4,005 |  |  | $ | 8,114 |
Lease intangibles, net | — |  |  | 384 |
Total Assets Held for Sale | $ | 4,005 |  |  | $ | 8,498 |
Liabilities Held for Sale |  |  |
Asset retirement obligation | 13 |  |  | — |
Total Liabilities Held for Sale | $ | 13 |  |  | $ | — |
Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the nine months ended September 30, 2021 and did not recognize an impairment charge. We recognized an aggregate impairment charge of $2.9 million during the nine months ended September 30, 2020 on three held and used assets, located in Blaine, Minnesota, Champaign, Illinois, and Rancho Cardova, California. In performing our impairment testing, the undiscounted cash flows for this asset were below the carrying value, so we impaired the asset and wrote it down to its fair value, which we determined using third party purchase offers. We continue to evaluate our properties on a quarterly basis for changes that could create the need to record impairment. Future impairment losses may result, and could be significant, should market conditions deteriorate in the markets in which we hold our assets or should we be unable to secure leases at terms that are favorable to us, which could impact the estimated cash flow of our properties over the period in which we plan to hold our properties. Additionally, changes in management’s decisions to either own and lease long-term or sell a particular asset will have an impact on this analysis.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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