Assets Classified As Held for Sale (Notes)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

ASSETS CLASSIFIED AS HELD FOR SALE

As of December 31, 2021, one property aggregating 334,144 RSF was classified as held for sale in our consolidated financial statements. We ceased depreciation of this property upon its classification as held for sale. This property did not meet the criteria for classification as a discontinued operation.

Upon classification of an asset as held for sale, we recognize an impairment charge if the carrying amount of the long-lived asset exceeds its fair value less cost to sell. Subsequently, as a result of our quarterly assessment, we recognize an incremental impairment charge for any decrease in the asset’s fair value less cost to sell. Conversely, a gain is recognized for a subsequent increase in fair value less cost to sell, limited to the cumulative net loss previously recognized. Refer to the “Impairment of long-lived assets” section within Note 2 – “Summary of significant account policies” and the “Sales of real estate assets and impairment charges” section within Note 3 – “Investments in real estate” to our consolidated financial statements for information about impairment charges related to our assets held for sale recognized during the year ended December 31, 2021.

The following is a summary of net assets as of December 31, 2021 and 2020 for our real estate investments that were classified as held for sale as of each respective date (in thousands):

	December 31,
	2021		2020
Total assets	$	17,749	$	117,879
Total liabilities	(1,083)		(33,081)
Total accumulated other comprehensive loss	(1,750)		(841)
Net assets classified as held for sale	$	14,916	$	83,957