Dispositions and Impairment

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

For the years ended December 31, 2019, 2018 and 2017, the Company disposed of its interests in certain properties generating aggregate net proceeds of $504,118, $898,514 and $223,853, respectively, which resulted in gains on sales of $250,889, $252,913 and $63,428, respectively, including, in 2018, the disposition of 21 office assets to a newly-formed joint venture, NNN Office JV L.P. (“NNN JV”), with an unaffiliated third-party. See note 7. For the years ended December 31, 2019, 2018 and 2017, the Company recognized net debt satisfaction gains (charges) relating to properties sold of $(4,415), $(1,698) and $5,938, respectively. The Company had no properties classified as held for sale at December 31, 2019 and two properties classified as held for sale at December 31, 2018.

Assets and liabilities of the held for sale properties as of December 31, 2018 consisted of the following:



	December 31, 2018
Assets:
Real estate, at cost	$	63,639
Real estate, intangible assets	14,498
Accumulated depreciation and amortization	(16,873		)
Rent receivable - deferred	2,439
Other	165
	$	63,868
Liabilities:
Other	$	386
	$	386

The Company assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of an asset and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered. During 2019, 2018 and 2017, the Company recognized aggregate impairment charges on real estate properties of $5,329, $95,813 and $39,702, respectively. Included in the impairment charges recognized during 2019 are impairment charges of $2,106 recognized on a vacant retail property in Watertown, New York, which was sold in 2019, $249 recognized on a vacant retail property in Albany, Georgia, which was sold in August 2019 and a held for use impairment of $2,974 recognized on an office property in Baton Rouge, Louisiana due to a reduction of the anticipated holding period and leasing prospects. During 2018, $36,620 of the impairment charges of $95,813 were recognized on properties held at December 31, 2018, including an aggregate of $23,496 of impairment charges recognized on the Company's office assets in Overland Park, Kansas and Kansas City, Missouri due to a reduction in the anticipated holding period and leasing prospects. During 2017, $18,023 of the impairment charges of $39,702 were recognized on properties held at December 31, 2017. The Company's office asset in Florence, South Carolina and industrial asset in Memphis, Tennessee incurred an aggregate $15,008 of the impairment charges due to a reduction in anticipated holding period.

In February 2017, the Company recognized a $5,294 loan loss on the assignment of a loan receivable secured by a hospital in Kennewick, Washington.