Investments in real estate as of September 30, 2022 and December 31, 2021 were comprised of the following:


(in thousands of dollars)	September 30, 2022			December 31, 2021
Buildings, improvements and construction in progress	$	2,625,825		$	2,762,675
Land, including land held for development		398,414			443,686
Total investments in real estate		3,024,239			3,206,361
Accumulated depreciation		(1,407,395	)		(1,405,260	)
Net investments in real estate	$	1,616,844		$	1,801,101

In March 2022, we executed a purchase and sale agreement for Exton Square Mall for a total sale price of $28.8 million. The agreement was subsequently terminated. Exton Square Mall was classified as held for sale as of September 30, 2022.

In September 2022, we made the determination to reduce the holding period for Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania, as a result of our expectation to sell the property. This was a triggering event that led us to conduct an impairment analysis, which resulted in an impairment loss of $37.4 million during the third quarter ended September 30, 2022.

In September 2022, we executed a purchase and sale agreement for Cumberland Mall in Vineland, New Jersey. This was identified as a triggering event as a result of our determination to reduce the holding period of the property. As of September 30, 2022, we classified the property as an asset held for sale and recorded an impairment loss of $4.8 million during the third quarter ended September 30, 2022. In October 2022, we sold Cumberland Mall for $44.6 million, the proceeds of which were used to pay down debt as disclosed in Note 4.

During the three months ended September 30, 2021, we recorded an impairment loss of $0.3 million in connection with the purchase and sale agreement of Monroe Marketplace, in which there was an excess of carrying value over the sale price. During the nine months ended September 30, 2021, we recorded an impairment loss of $1.3 million in connection with our classification of Valley View Center as held for sale.

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. In May 2022, we conveyed the property as a result of a foreclosure sale. As such, in May 2022, the $27.2 million mortgage liability and corresponding contract asset in relation to the Valley View Mall property were written off.

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, which funds were used to pay down our First Lien Revolving Facility and First Lien Term Loan. In connection with this transaction, we recorded a gain on sale of preferred equity of $3.7 million in the nine months ended September 30, 2022.

In June 2022, we sold a parcel of land adjacent to the Moorestown Mall in Moorestown, New Jersey for $11.8 million. We used net proceeds of $11.7 million from the sale to pay down our First Lien Revolving Facility and First Lien Term Loan. In connection with the sale, we recorded a gain of $8.8 million, which is included in gain on sales of non operating real estate in the consolidated statement of operations.

In June 2022, we sold an outparcel at the Francis Scott Key Mall in Frederick, Maryland for $2.4 million. We recorded a gain of $1.7 million in connection with the sale, which is included in gain on sale of interests in real estate in the consolidated statement of operations. We used net proceeds of $2.4 million from the sale to pay down its property mortgage.

In August 2022, we sold two outparcels at The Mall at Prince George's in Hyattsville, Maryland for $2.4 million and Magnolia Mall in Florence, South Carolina for $0.9 million. We used net proceeds of approximately $3.2 million to pay down our First Lien Term Loan in August 2022. We recorded a total gain of $2.8 million in connection with the sales, which are included in gain on sale of interests in real estate in the consolidated statement of operations.

In September 2022, we sold three outparcels at The Mall at Prince George's in Hyattsville, Maryland for $8.5 million. We used net proceeds of $8.2 million from the sale to pay down our First Lien Term Loan. We recorded a gain of $4.6 million in connection with the sale, which is included in gain on sale of interests in real estate in the consolidated statement of operations.

In September 2022, we sold an outparcel at Moorestown Mall in Moorestown, New Jersey for $3.4 million. We used net proceeds of $3.1 million from the sale to pay down our First Lien Term Loan. We recorded a gain of $1.8 million in connection with the sale, which is included in gain on sales of non operating real estate in the consolidated statement of operations.