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Real Estate Dispositions, Held for Sale and Impairment Charges | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
Real Estate Dispositions, Held for Sale and Impairment Charges | Real Estate Dispositions, Held for Sale and Impairment Charges Real Estate Dispositions We sold two properties during the six months ended June 30, 2023. We did not sell any properties during the six months ended June 30, 2022. During the six months ended June 30, 2023, we continued to execute our capital recycling program, whereby we sold non-core properties 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, and use the sales proceeds to acquire properties in our target, secondary growth markets or pay down outstanding debt. During the six months ended June 30, 2023, we sold two non-core properties, located in Baytown, Texas and Birmingham, Alabama, 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
42,868 |  |  | $ | 4,650 |  |  | $ | 233 |  |  |  |  | $ | (451) |
Our dispositions during the six months ended June 30, 2023 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 real estate and related assets disposed of during the three and six months ended June 30, 2023 and 2022 (dollars in thousands):
|  | For the three months ended June 30, |  | For the six months ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating revenue |  | $ | 105 |  |  | $ | 137 |  |  | $ | 235 |  |  | $ | 275 |
Operating expense |  | 34 |  |  | 124 |  |  | 171 |  |  | 246 |
Other income (expense), net |  | (451) |  | (1) | — |  |  | (451) |  | (1) | — |
Income from real estate and related assets sold |  | $ | (380) |  |  | $ | 13 |  |  | $ | (387) |  |  | $ | 29 |
(1)Includes a $(0.5) million loss on sale of real estate, net, on two property sales. Real Estate Held for Sale At June 30, 2023, we had six properties classified as held for sale, located in Columbia, South Carolina; Richardson, Texas; Taylorsville, Utah; Pittsburgh, Pennsylvania; Eatontown, New Jersey; and Blaine, Minnesota. We consider these assets to be non-core to our long term strategy. At December 31, 2022, we had one property classified as held for sale, located in Columbia, South Carolina. The table below summarizes the components of the assets and liabilities held for sale at June 30, 2023 and December 31, 2022 reflected on the accompanying condensed consolidated balance sheets (dollars in thousands):
|  | June 30, 2023 |  | December 31, 2022
Assets Held for Sale |  |  |  |
Total real estate held for sale |  | $ | 36,220 |  |  | $ | 3,293 |
Lease intangibles, net |  | 546 |  |  | — |
Total Assets Held for Sale |  | $ | 36,766 |  |  | $ | 3,293 |
Liabilities Held for Sale |  |  |  |
Deferred rent liability, net |  | $ | 873 |  |  | $ | — |
Asset retirement obligation |  | 60 |  |  | — |
Total Liabilities Held for Sale |  | $ | 933 |  |  | $ | — |
Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the six months ended June 30, 2023 and identified two held for sale assets, located in Richardson, Texas and Taylorsville, Utah, and one held and used asset, located in Columbus, Ohio, which were impaired by $6.8 million. In performing our held for sale assessment, the carrying value of these assets were above the fair value, less costs of sale. As a result, we impaired these properties to equal the fair market value less costs of sale. We recognized an impairment charge of $1.4 million during the six months ended June 30, 2022 on one held for sale asset, located in Parsippany, New Jersey. In performing our held for sale assessment, the carrying value of this asset was above the fair value, less costs of sale. As a result, we impaired this property to equal the fair market value less costs of sale.

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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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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