ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2020

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES

Property Acquisitions

The Company did not acquire any real estate properties during the year ended December 31, 2020.

In the year ended December 31, 2019, the Company purchased its partner's 20% interest in Parkway Grande Apartments located in San Marcos, TX for $1,608,000.

Property Dispositions

The Company did not dispose of any real estate properties during the year ended December 31, 2020.

The tables below provide information regarding the Company's disposition of real estate properties during the year ended December 31, 2019 (dollars in thousands):


Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-Controlling Partner's Share of Gain on Sale
Houston, TX (two properties)	7/11/2019	384	$	33,200	$	9,938	$	894
New York, NY (1)	12/16/2019	1	832		680		—


		385	$	34,032	$	10,618	$	894

(1) Reflects the sale of a cooperative apartment unit.

Impairment Charges

The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable.

The Company measures and records impairment charges, and reduces the carrying value of owned properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. For its unconsolidated joint venture investments, the Company measures and records impairment losses, and reduces the carrying value of the equity investment when indicators of impairment are present and the expected discounted cash flows related to the investment is less than the carrying value.

In cases where the Company does not expect to recover its carrying value on properties held for use, the Company reduces its carrying value to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell.

In the quarter ended September 30, 2020, indicators of impairment were present on its 8.7 acre vacant land parcel located in South Daytona Beach, Florida. The Company had entered into a contract to sell this property at a sales price less than its carrying value and accordingly, the Company took an impairment charge related to this asset of $3,642,000 representing the excess of the carrying value over the fair value. During the year ended December 31, 2019, no impairment charges were recorded.