Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.20.2
Real Estate (Tables)
9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]  
Schedule of investment properties
Investment properties consist of the following (in thousands):
September 30, 2020 December 31, 2019
  (unaudited)  
Land and land improvements $ 96,934  $ 100,599 
Buildings and improvements 353,943  366,082 
Investment properties at cost 450,877  466,681 
Less accumulated depreciation (56,499) (50,466)
    Investment properties, net $ 394,378  $ 416,215 
Impairment Expenses The impairment expenses during the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
(unaudited)
Columbia Fire Station $ —  $ —  $ 600  $ — 
St. Matthews —  400  —  400 
Perimeter Square —  —  —  1,147 
Total $ —  $ 400  $ 600  $ 1,547 
Schedule of dispositions
As of September 30, 2020 and December 31, 2019, assets held for sale and associated liabilities consisted of the following (in thousands):
September 30, 2020 December 31, 2019
(unaudited)
Investment properties, net $ 14,695  $ 1,651 
Rents and other tenant receivables, net 45  77 
Above market leases, net 152  — 
Deferred costs and other assets, net 172 
Total assets held for sale $ 15,064  $ 1,737 

September 30, 2020 December 31, 2019
(unaudited)
Loans payable $ 14,620  $ 1,974 
Below market leases, net 24  — 
Accounts payable, accrued expenses and other liabilities 268  52 
Total liabilities associated with assets held for sale $ 14,912  $ 2,026 

The following properties were sold during the nine months ended September 30, 2020 and 2019:
Disposal Date Property Contract Price Gain (loss) Net Proceeds
(in thousands, unaudited)
January 21, 2020 St. Matthews $ 1,775  $ (26) $ 1,665 
July 12, 2019 Perimeter Square 7,200  (81) — 
March 18, 2019 Graystone Crossing 6,000  1,452  1,744 
February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550  —  19 
January 11, 2019 Jenks Plaza 2,200  387  1,840