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Real Estate Dispositions, Held for Sale and Impairment Charges | 3 Months Ended
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Mar. 31, 2024
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 three properties during the three months ended March 31, 2024 and no properties during the three months ended March 31, 2023. During the three months ended March 31, 2024, we continued to execute our capital recycling program, whereby we sold non-core properties. 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 three months ended March 31, 2024, we sold three non-core properties, located in Columbus, Ohio; Draper, Utah; and Richardson, Texas, which are summarized in the table below (dollars in thousands):
Aggregate Square Footage Sold |  | Aggregate Sales Price |  | Aggregate Sales Costs |  | Aggregate Impairment Charge for the Three Months Ended March 31, 2024 |  | Aggregate Gain on Sale of Real Estate, net
357,179 |  |  | $ | 19,523 |  |  | $ | 898 |  |  | $ | 493 |  |  | $ | 283 |
Our dispositions during the three months ended March 31, 2024 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 months ended March 31, 2024 and 2023 (dollars in thousands):
|  | For the three months ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Operating revenue |  | $ | 17 |  |  | $ | 1,701 |  |  |  |  |
Operating expense |  | 768 |  | (1) | 1,474 |  |  |  |  |
Other income (expense), net |  | 357 |  | (2) | (208) |  |  |  |  |
Income (expense) from real estate and related assets sold |  | $ | (394) |  |  | $ | 19 |  |  |  |  |
(1)Includes a $0.5 million impairment charge on one property. (2)Includes a $0.3 million gain on sale of real estate, net, on the sale of three properties and a $0.3 million gain on debt extinguishment, net, on the sale of two of those properties. Real Estate Held for Sale At March 31, 2024, we had two properties classified as held for sale, located in Tifton, Georgia and Egg Harbor, New Jersey. We consider these assets to be non-core to our long term strategy. At December 31, 2023, we had three properties classified as held for sale, located in Richardson, Texas; Columbus, Ohio; and Tifton, Georgia. The table below summarizes the components of the assets and liabilities held for sale at March 31, 2024 and December 31, 2023 reflected on the accompanying condensed consolidated balance sheets (dollars in thousands):
|  | March 31, 2024 |  | December 31, 2023
Assets Held for Sale |  |  |  |
Total real estate held for sale |  | $ | 17,029 |  |  | $ | 27,496 |
Lease intangibles, net |  | 1,268 |  |  | 1,284 |
Deferred rent receivable, net |  | — |  |  | 7 |
Total Assets Held for Sale |  | $ | 18,297 |  |  | $ | 28,787 |
Liabilities Held for Sale |  |  |  |
Deferred rent liability, net |  | $ | 676 |  |  | $ | 676 |
Total Liabilities Held for Sale |  | $ | 676 |  |  | $ | 676 |
Impairment Charges We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the three months ended March 31, 2024 and did not recognize an impairment charge. We recognized an impairment charge of $0.5 million on one held for sale asset, located in Richardson, Texas during the three months ended March 31, 2024. 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. We did not recognize an impairment charge during the three months ended March 31, 2023.

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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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