Provision for Impairment of Investment Properties (Tables)

9 Months Ended

Sep. 30, 2020

Impairment or Disposal of Tangible Assets Disclosure [Abstract]

Schedule of identified impairment indicators

The following table summarizes the results of these analyses as of September 30, 2020 and 2019:

	September 30, 2020		September 30, 2019
Number of properties for which indicators of impairment were identified	3		2		(a)
Less: number of properties for which an impairment charge was recorded	1		1
Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded	—		—
Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary	2		1
Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (b)	141	%	20	%

(a)Includes one property which has subsequently been sold as of September 30, 2020.

(b)Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed.

Schedule of investment property impairment charges

The Company recorded the following investment property impairment charges during the nine months ended September 30, 2020:

Property Name	Property Type	Impairment Date	Square Footage	Provision for Impairment of Investment Properties
King Philip’s Crossing (a)	Multi-tenant retail	February 13, 2020	105,900	$	346
Streets of Yorktown (b)	Multi-tenant retail	September 30, 2020	85,200	2,279
				$	2,625
	Estimated fair value of impaired properties as of impairment date			$	14,144

(a)The Company recorded an impairment charge on December 31, 2019 based upon the terms and conditions of an executed sales contract. This property was sold on February 13, 2020, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract.

(b)The Company recorded an impairment charge as a result of a combination of factors, including expected impact on future operating results stemming from changes in lease terms related to the tenant population and a change in expected hold period.

The Company recorded the following investment property impairment charge during the nine months ended September 30, 2019:

Property Name	Property Type	Impairment Date	Square Footage	Provision for Impairment of Investment Properties
Streets of Yorktown (a)	Multi-tenant retail	September 30, 2019	85,200	$	11,177
				$	11,177
	Estimated fair value of impaired property as of impairment date			$	5,300

(a)The Company recorded an impairment charge as a result of a combination of factors, including expected impact on future operating results stemming from anticipated changes in lease terms related to the tenant population and a re-evaluation of the strategic alternatives for the property.