Dispositions and Impairment

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

For the years ended December 31, 2020, 2019 and 2018, the Company disposed of its interests in various properties for an aggregate gross disposition price of $432,843, $504,118 and $898,514, respectively, which resulted in gains on sales of $139,039, $250,889 and $252,913, 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.

Included in the 2020 dispositions are three properties which were conveyed to the lenders in forgiveness of the mortgage loan encumbering each property. The balances of the non-recourse mortgage loans were in excess of the value of the property collateral, resulting in aggregate debt satisfaction gains, net of $34,450. For the years ended December 31, 2020, 2019 and 2018, the Company recognized net debt satisfaction charges relating to properties sold of $2,879, $4,415 and $1,698, respectively.

The Company had two properties classified as held for sale at December 31, 2020 and no properties classified as held for sale at December 31, 2019. Assets and liabilities of the held for sale properties as of December 31, 2020 consisted of the following:


	December 31, 2020
Assets:
Real estate, at cost	$	32,629
Real estate, intangible assets	7,941
Accumulated depreciation and amortization	(24,312)
Rent receivable - deferred	79
Other	193
	$	16,530
Liabilities:

Other	$	790
	$	790

The Company assesses on a regular basis whether there are any indicators that the carrying value of its 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 the asset, the potential sale or transfer of the property in the near future and changes in economic conditions. 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 2020, 2019 and 2018, the Company recognized aggregate impairment charges on real estate properties of $14,460, $5,329 and $95,813, respectively. During 2020, the aggregate impairment charges were recognized on four properties that were primarily impaired due to a reduction in the anticipated holding period for those properties. During 2019, aggregate impairment charges of $2,106 were recognized on two vacant retail properties, which were sold in 2019, and a held for use impairment of $2,974 was recognized on an office property 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 impairment charges recognized on two of the Company's office assets due to a reduction in the anticipated holding period and leasing prospects.