Investments in real estate as of December 31, 2021 and 2020 were comprised of the following:


	December 31,
(in thousands of dollars)	2021			2020
Buildings, improvements and construction in progress	$	2,762,675		$	2,757,234
Land, including land held for development		443,686			463,103
Total investments in real estate		3,206,361			3,220,337
Accumulated depreciation		(1,405,260	)		(1,308,427	)
Net investments in real estate	$	1,801,101		$	1,911,910

During the year ended December 31, 2021, we recorded asset impairment losses of $9.9 million, which are recorded in “Impairment of assets” in the consolidated statements of operations. We did not record any asset impairment losses during the year ended December 31, 2020. The assets that incurred impairment losses and the amount of such losses are as follows:


	For the Year Ended
(in thousands of dollars)	December 31, 2021
Exton Square Mall	$	8,374
Valley View Center		1,302
Monroe Marketplace		262
Total Impairment of Assets	$	9,938

During the year ended December 31, 2021, we recorded a loss on impairment of assets on Exton Square Mall in Exton, Pennsylvania of approximately $8.4 million. In conjunction with the preparation of our annual financial statements, we identified a triggering event as a result of our determination to decrease the holding period of the property. This led us to conduct an analysis of possible impairment at the property. Based on a third party valuation for best and highest use of the property being a redevelopment mixed use project, the fair value of the property was determined to be below its carrying value. Subsequently, on March 14, 2022, we executed a purchase and sale agreement for Exton Square Mall for $27.5 million, which includes an initial amount of $8.0 million towards the residential land parcel that is under contract.

A parcel of land located adjacent to Monroe Marketplace, a retail property that we used to own, which was classified as held for sale as of September 30, 2021, was sold in November 2021 for $1.0 million. As a result of a reduced holding period assumption, we recorded an impairment loss of $0.3 million on the land parcel due to excess carrying value over the sale price as of September 30, 2021.

Valley View Center was a retail property we owned and is located adjacent to Valley View Mall in La Crosse, Wisconsin. In August 2021, the Company closed on the sale of Valley View Center for $3.5 million, which we had classified as held for sale as of June 30, 2021. As a result of a reduced holding period assumption, we recorded an impairment loss of $1.3 million on Valley View Center due to excess carrying value over the sale price as of June 30, 2021.

In May 2021, the Company closed on the sale of a parcel of property at Moorestown Mall for $10.1 million. In connection with the sale, the Company paid a $9.0 million lease termination fee for a portion of the property that was under a lease agreement. The Company recorded a loss on sale of real estate of $1.0 million in connection with the sale. The Company used the net proceeds of $0.8 million from the sale to pay down its First Lien Term Loan, which is described in more detail in Note 4.

In August 2020, a court order assigned a receiver to operate Valley View Mall in La Crosse, Wisconsin on behalf of the lender of the mortgage loan secured by the property. Although we have not yet conveyed the property because foreclosure proceedings are ongoing, we no longer control or operate the property as a result of court order assigning the receiver. In September 2020, a court order was issued to conduct a foreclosure sale of the property and as a result we have no further operating liabilities from the property. As a result of our loss of control of the property, we derecognized the property and recorded an offsetting contract asset and recognized a gain on derecognition of property of $8.1 million in the consolidated statement of operations for the year ended December 31, 2020. The contract asset is included in deferred costs and

other assets, net in the consolidated balance sheet as of December 31, 2021 and 2020. The mortgage principal balance was $27.2 million at December 31, 2020, which we will continue to recognize until the foreclosure process is completed. The derecognition of Valley View Mall and its related assets were a non-cash conversion of assets, which had no impact on the Company’s cash flows.

During 2020, we entered into agreements of sale for five land parcels for anticipated multifamily development for an estimated total consideration of $87.2 million and one land parcel for anticipated hotel development for an estimated total consideration of $2.5 million. These agreements are subject to certain conditions and final closing of these sales transactions cannot be assured.

In December 2020, we completed the sale of land, Sunrise Outparcel, LLC, for consideration of $0.6 million. In connection with the sale we recorded a gain on sale of $0.2 million.

In February 2022, we completed the redemption of preferred equity issued as part of a previous sale of our New Garden land parcel. In connection with this settlement, we received approximately $2.5 million. The funds were used to pay down our revolver and 1st Lien Term Loan.

As of December 31, 2021 and 2020, we had capitalized amounts related to construction and development activities. The following table summarizes certain capitalized construction and development information for our consolidated properties as of December 31, 2021 and 2020:


	December 31,
(in thousands of dollars)	2021		2020
Construction in progress	$	45,828	$	46,285
Land held for development		4,339		5,516
Deferred costs and other assets		6,058		4,197
Total capitalized construction and development activities	$	56,225	$	55,998