Real Estate Investments

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Real Estate Investments

Real Estate Investments

The Company did not acquire or dispose of any properties during the six months ended June 30, 2024.

Other Real Estate Transactions

During the six months ended June 30, 2024, the Company recognized impairment of real estate of $1.5 million and wrote off development costs of $5.5 million related to undeveloped land under predevelopment, which reflects the excess of the book value of the property's assets over the estimated fair value of the property. The Company also recognized an income tax benefit of $1.6 million as a result of the recognized impairment and the development costs. On June 25, 2024, the Company entered into a non-binding letter of intent to sell the property to an unrelated third party for $4.8 million, which was used as an approximation of fair value as a level 3 input in the fair value hierarchy. The Company anticipates completing the transaction in 2025, subject to customary closing conditions. The land parcel did not meet the criteria to be classified as held-for-sale as of June 30, 2024.