Dispositions and Impairment

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Impairment

Dispositions and Impairment

During the nine months ended September 30, 2023 and 2022, the Company disposed of its interests in various properties for an aggregate gross disposition price of $75,980 and $147,345, respectively, and recognized aggregate gains on sales of properties of $15,033 and $52,951, respectively.

The Company had three properties classified as held for sale at September 30, 2023 and December 31, 2022, respectively. Assets and liabilities of the held for sale properties at September 30, 2023 and December 31, 2022 consisted of the following:

	September 30, 2023		December 31, 2022
Assets:
Real estate, at cost	$	12,277	$	131,557
Real estate, intangible assets	7,872		9,942
Accumulated depreciation and amortization	(9,325)		(76,205)
Right-of-use assets	508		—
Other	359		1,140
	$	11,691	$	66,434
Liabilities:
Accounts payable and other liabilities	$	36	$	637
Operating lease liabilities	515		—
Deferred revenue	84		143
Prepaid rent	448		370
	$	1,083	$	1,150

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 nine months ended September 30, 2023, the Company recognized aggregate impairment charges of $16,490 due to potential property sales. The Company recognized an impairment charge on real estate of $2,457 during the nine months ended September 30, 2022 due to vacancy at the property.