5. Real Estate Held for Sale and Impairment Charges

Real Estate Held for Sale

As of September 30, 2015, we classified five of our properties, which are located in Columbus, Ohio; Dayton, Ohio; Hialeah, Florida; Columbia, Missouri; and Birmingham, Alabama, as held for sale under the provisions of ASC 360-10, “Property, Plant, and Equipment,” which requires that the assets and liabilities of any such properties, be presented separately in our condensed consolidated balance sheet in the current period presented. In each case, we either executed a purchase and sale agreement with a third party purchaser, or we have currently listed the property for sale with a third party broker. We anticipate all sales to close during the fourth quarter of 2015. With the exception of the Dayton, Ohio property, the respective agreed upon purchase price, net of expected costs to sell, is in excess of the carrying values of each property as of September 30, 2015, and thus the properties were measured at their carrying value in our condensed consolidated balance sheet as of September 30, 2015 in accordance with ASC 360-10. The Dayton, Ohio property was determined to be impaired as of September 30, 2015, with further discussion below.

The table below summarizes the components of income from real estate and related assets held for sale (dollars in thousands):

The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying condensed consolidated balance sheet (dollars in thousands):

Impairment Charges

We determined that our Dayton, Ohio property should be classified as held for sale during the third quarter of 2015. In determining a market value for this particular property we used the sales comparison approach. Subsequently, we identified that the fair value for this particular property was below the carrying value of this property as of September 30, 2015. Accordingly, we reduced the carrying value of this property to its estimated fair value, less cost to sell, and we recognized an impairment loss of $0.6 million during the quarter ended September 30, 2015. We performed an analysis of our planned real estate dispositions and impaired property for the quarter ended September 30, 2015 and determined that these properties should not be classified as discontinued operations as neither constituted a strategic shift in our operations in accordance with ASU 2014-08. We continue to monitor our portfolio for any other indicators of impairment.