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Real Estate | 9 Months Ended
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Sep. 30, 2022
Real Estate [Abstract] |
Real Estate | Note 3. Real Estate Investment in Unconsolidated Joint Venture On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners (the “Joint Venture”) for the construction of an approximately 258,000 square foot six-story commercial building in Washington, D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services (“DGS”) for its headquarters and approximately 18,000 square feet of street-level retail. The term of the lease with DGS is for 20 years and 10 months, to commence upon substantial completion and delivery to the DGS. The Company contributed approximately $4.8 million of capital to the Joint Venture as of September 30, 2022. T he Company sold approximately $8.0 million of development costs to the Joint Venture as part of its formation on May 5, 2021. During the third quarter of 2022, the Joint Venture was sold to the Grocery-Anchored Purchasers in connection with the Grocery-Anchored Portfolio Sale. Acquisitions On June 28, 2022, the Company acquired the 40% minority ownership percentage in the Crossroads joint venture for $1.0 million. The Company's ownership interest in Crossroads was included in the Grocery-Anchored Portfolio Sale that occurred on July 7, 2022. Dispositions The following table shows the property disposition, not including the Grocery-Anchored Portfolio Sale, during the nine months ended September 30, 2022:
|  |  |  |  |  |  | Date |  | Sales |  |  |  |
Disposition |  | Location |  | GLA |  |  | Sold |  | Price |  |  | Impairment |
Riverview Plaza |  | Philadelphia, PA |  |  | 108,902 |  |  | 5/16/2022 |  | $ | 34,000,000 |  |  | $ | (361,000 | )
Impairments of $9.4 million for the nine months ended September 30, 2022 also include those related to the Company's investment in the unconsolidated joint venture and the note receivable associated with Senator Square. T hese impairments are included in operating loss in the accompanying condensed consolidated statement of operations. Discontinued Operations On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. The Grocery-Anchored Portfolio Sale represents a strategic shift and has a material effect on the Company’s operations and financial results, and, therefore, the Company determined that it is deemed a discontinued operation. Accordingly, the portfolio of 33 grocery-anchored shopping centers have been classified as held for sale and the results of their operations have been classified as discontinued operations for all periods presented herein. The following is a summary of income from discontinued operations:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 1,396,000 |  |  | $ | 21,985,000 |  |  | $ | 45,391,000 |  |  | $ | 65,757,000 |
Other |  |  | 26,000 |  |  |  | 81,000 |  |  |  | 184,000 |  |  |  | 302,000 |
Total revenues |  |  | 1,422,000 |  |  |  | 22,066,000 |  |  |  | 45,575,000 |  |  |  | 66,059,000 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Operating, maintenance and management |  |  | 377,000 |  |  |  | 4,310,000 |  |  |  | 10,818,000 |  |  |  | 14,227,000 |
Real estate and other property-related taxes |  |  | 216,000 |  |  |  | 3,277,000 |  |  |  | 6,750,000 |  |  |  | 9,768,000 |
General and administrative |  |  | — |  |  |  | 265,000 |  |  |  | 468,000 |  |  |  | 165,000 |
Depreciation and amortization |  |  | — |  |  |  | 6,471,000 |  |  |  | 9,726,000 |  |  |  | 21,503,000 |
Total expenses |  |  | 593,000 |  |  |  | 14,323,000 |  |  |  | 27,762,000 |  |  |  | 45,663,000 |
OPERATING INCOME |  |  | 829,000 |  |  |  | 7,743,000 |  |  |  | 17,813,000 |  |  |  | 20,396,000 |
NON-OPERATING INCOME AND EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (473,000 | ) |  |  | (1,451,000 | ) |  |  | (3,511,000 | ) |  |  | (3,160,000 | )
Total non-operating income and expenses |  |  | (473,000 | ) |  |  | (1,451,000 | ) |  |  | (3,511,000 | ) |  |  | (3,160,000 | )
INCOME FROM DISCONTINUED OPERATIONS |  |  | 356,000 |  |  |  | 6,292,000 |  |  |  | 14,302,000 |  |  |  | 17,236,000 |
Impairment charges |  |  | — |  |  |  | (23,749,000 | ) |  |  | (16,629,000 | ) |  |  | (23,749,000 | )
Gain on sales |  |  | 125,500,000 |  |  |  | — |  |  |  | 125,500,000 |  |  |  | 1,047,000 |
TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS |  | $ | 125,856,000 |  |  | $ | (17,457,000 | ) |  | $ | 123,173,000 |  |  | $ | (5,466,000 | )
Net cash provided by operations from discontinued operations was $25.9 million and $34.1 million for the nine months ended September 30, 2022 and 2021, respectively. Net cash provided by (used in) investing activities from discontinued operations was $651.5 million and $(14.3) million for the nine months ended September 30, 2022 and 2021, respectively.

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2134617 + Details
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