Real Estate Dispositions, Held for Sale and Impairment Charges |
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| Real Estate Dispositions, Held for Sale and Impairment Charges |
Real Estate Dispositions, Held for Sale and Impairment Charges
Real Estate Dispositions
During the three months ended March 31, 2020, we continued to execute our capital recycling program, whereby we sell properties outside of our core markets and redeploy proceeds to either fund property acquisitions in our target secondary growth markets, or repay outstanding debt. We expect to continue to execute our capital recycling plan and sell non-core properties as reasonable disposition opportunities become available. On February 20, 2020, we sold one non-core property, located in Charlotte, North Carolina, which is detailed in the table below (dollars in thousands):
Our disposition during the three months ended March 31, 2020 was not classified as a discontinued operation because it did not represent a strategic shift in operations, nor will it have a major effect on our operations and financial results. Accordingly, the operating results of this property is included within continuing operations for all periods reported.
The table below summarizes the components of operating income from the real estate and related assets disposed of during the three months ended March 31, 2020, and 2019 (dollars in thousands):
Real Estate Held for Sale
As of March 31, 2020, we did not have any properties classified as held for sale. At December 31, 2019, we had one property classified as held for sale, located in Charlotte, North Carolina. This property was sold during the three months ended March 31, 2020.
The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheets (dollars in thousands):
Impairment Charges
We evaluated our portfolio for triggering events to determine if any of our held and used assets were impaired during the three months ended March 31, 2020 and did not identify any held and used assets which were impaired. We also did not recognize an impairment charge during the three months ended March 31, 2019.
We continue to evaluate our properties on a quarterly basis for changes that could create the need to record impairment. Future impairment losses may result, and could be significant, should market conditions deteriorate in the markets in which we hold our assets or should we be unable to secure leases at terms that are favorable to us, which could impact the estimated cash flow of our properties over the period in which we plan to hold our properties. Additionally, changes in management’s decisions to either own and lease long-term or sell a particular asset will have an impact on this analysis.
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