Assets Held for Sale (Notes)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets classified as held for sale

In December 2019, we decided to sell two of our real estate investments aggregating 123,862 RSF located in non-cluster markets to allow for reinvestment of this capital into our highly leased value-creation pipeline. We evaluated these assets under the held for sale impairment model and determined that these investments met the criteria for classification as held for sale but did not meet the criteria for classification as discontinued operations in our consolidated financial statements. Upon classification as held for sale, we recognized impairment charges aggregating $12.3 million to lower the carrying amounts to their respective estimated fair values less cost to sell. The fair value considered in the impairment of each investment was determined based on several factors, including significant other observable inputs such as the consideration of fair values of comparable assets in the market, and discounted cash flow analyses.

As of December 31, 2019, four properties aggregating 526,006 RSF were classified as held for sale and did not meet the criteria for classification as discontinued operations in our consolidated financial statements.

The following is a summary of net assets as of December 31, 2019 and 2018, for our real estate investments that were classified as held for sale as of each respective date (in thousands):

	December 31,
	2019			2018
Total assets	$	59,412		$	31,260
Total liabilities	(2,860		)	(2,476		)
Total accumulated other comprehensive loss	536			768
Net assets classified as held for sale	$	57,088		$	29,552