Dispositions and Impairment

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

During the six months ended June 30, 2021 and 2020, the Company disposed of its interests in various properties for an aggregate gross disposition price of $183,427 and $74,064, respectively, and recognized aggregate gains on sales of properties of $88,645 and $20,998, respectively. Included in the 2020 dispositions is one office property located in Charleston, South Carolina which was conveyed to the lender in forgiveness of the mortgage loan encumbering the property. The balance of the non-recourse mortgage loan was in excess of the value of the property collateral, resulting in a debt satisfaction gain, net of $1,393.

As of June 30, 2021, the Company had three properties classified as held for sale because the properties met the criteria included under the held for sale accounting guidance and a sale to a third party within the next 12 months was deemed probable. As of December 31, 2020, the Company had two properties that met the held for sale criteria.

Assets and liabilities of the held for sale properties as of June 30, 2021 and December 31, 2020 consisted of the following:


	June 30, 2021		December 31, 2020
Assets:
Real estate, at cost	$	26,915	$	32,629
Real estate, intangible assets	2,535		7,941
Accumulated depreciation and amortization	(14,286)		(24,312)
Rent receivable - deferred	3,720		79
Other	1,387		193
	$	20,271	$	16,530

Liabilities:

Accounts payable and other liabilities	$	1,271	$	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 the six months ended June 30, 2020, the Company recognized one impairment charge of $1,617 on a vacant office property located in Houston, Texas. The property was sold in 2020. There were no impairment charges recorded during the six months ended June 30, 2021.