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Assets Held For Sale

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

NOTE 10. — ASSETS HELD FOR SALE

We evaluate the held for sale classification of our real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. As of June 30, 2023, three properties met the criteria to be classified as held for sale.

Real estate held for sale consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023			December 31, 2022
Land	$	1,505		$	2,707
Buildings and improvements		1,423			2,103
		2,928			4,810
Accumulated depreciation and amortization		(374	)		(1,053	)
Real estate held for sale, net	$	2,554		$	3,757

During the six months ended June 30, 2023, we sold three properties, resulting in an aggregate gain of $587,000, which is included in gains on dispositions of real estate in our consolidated statements of operations. In addition, during the six months ended June 30, 2023,we realized a gain of $316,000 related to to the termination of one of our leases where we were the lessee and lessor. As such, we have derecognized the assets and liabilities associated with this lease. There were no termination payments received upon the assignment.