Dispositions and Impairment

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Impairment

Dispositions and Impairment

During the three months ended March 31, 2024, there were no dispositions. During the three months ended March 31, 2023, the Company disposed of its interest in an industrial property for a gross disposition price of $27,910, and recognized a gain on sale of property of $7,879.

The Company had three and two properties classified as held for sale at March 31, 2024 and December 31, 2023, respectively. Assets and liabilities of the held for sale properties at March 31, 2024 and December 31, 2023 consisted of the following:

	March 31, 2024		December 31, 2023
Assets:
Real estate, at cost	$	35,777	$	9,018
Real estate, intangible assets	3,536		—
Accumulated depreciation and amortization	(14,452)		—
Other	262		150
	$	25,123	$	9,168
Liabilities:
Accounts payable and other liabilities	$	43	$	5
Deferred revenue	21		53
Prepaid rent	558		359
	$	622	$	417

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.

The Company incurred no impairment charges on real estate during the three-month period ended March 31, 2024. The Company recognized an impairment charge on real estate of $3,523 during the three months ended March 31, 2023 due to a potential sale of the property.