Investments in real estate as of September 30, 2023 and December 31, 2022 were comprised of the following:


	September 30,			December 31,
(in thousands of dollars)	2023			2022
Buildings, improvements and construction in progress	$	2,550,186		$	2,549,731
Land, including land held for development		389,411			389,930
Total investments in real estate		2,939,597			2,939,661
Accumulated depreciation		(1,422,088	)		(1,370,065	)
Net investments in real estate	$	1,517,509		$	1,569,596

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 led to an impairment analysis, which resulted in an impairment of assets of $37.4 million during the three months ended September 30, 2022. Also in September 2022, we made the determination to reduce the holding period of Cumberland Mall in Vineland, New Jersey upon execution of a purchase and sale agreement and the classification of the property as an asset held for sale as of September 30, 2022. During the three months ended September 30, 2022, we recorded an impairment of assets of $4.8 million in connection with the reduced holding period of Cumberland Mall.

In June 2023, we sold a parcel of land at Woodland Mall in Grand Rapids, Michigan for $4.8 million. We used net proceeds of $3.4 million from the sale to pay down the Woodland Mall mortgage. In connection with this transaction, we recorded a gain on sales of interests in non operating real estate in the consolidated statement of operations of $1.1 million in the nine months ended September 30, 2023.

In February 2023, we sold a retail space at Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania for $27.0 million. We used net proceeds of $26.3 million from the sale to pay down our First Lien Term Loan Facility.

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 sales of interests in real estate in the consolidated statement of operations in the three and nine months ended September 30, 2022.

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 interests in non operating real estate in the consolidated statement of operations in the three and nine months ended September 30, 2022.

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 sales of interests in real estate in the consolidated statement of operations in the three and 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 this transaction, we recorded a gain on sales of interests in non operating real estate in the consolidated statement of operations of $8.8 million in the nine months ended September 30, 2022.

In June 2022, we sold an outparcel at the Francis Scott Key Mall in Frederick, Maryland for $2.4 million. We used net proceeds of $2.4 million from the sale to pay down the Francis Scott Key Mall mortgage. In connection with this transaction, we recorded a gain on sales of interests in real estate in the consolidated statement of operations of $1.7 million in the nine months ended September 30, 2022.

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 Facility. In connection with this transaction, we recorded a gain on sale of preferred equity interest of $3.7 million in the nine months ended September 30, 2022.

As of September 30, 2023 and December 31, 2022, we had assets and liabilities that have been classified as held for sale and summarized in the following table:


	September 30,			December 31,
(in thousands of dollars)	2023			2022
Assets held for sale:
Operating properties	$	30,822		$	58,562
Tenant and other receivables, net of allowance		226			226
Other assets		2,221			2,979
Total assets held for sale	$	33,269		$	61,767
Liabilities held for sale:
Accrued expenses and other liabilities	$	(1,780	)	$	(2,539	)
Total liabilities held for sale	$	(1,780	)	$	(2,539	)