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Dispositions
12 Months Ended
Dec. 31, 2021
Assets Of Disposal Group Including Discontinued Operation [Abstract]  
Dispositions

NOTE 4 – DISPOSITIONS

 

In connection with the Strategic Plan, the Company completed the sale of 12 properties during 2019, generating cash proceeds of $14,872. The Company recognized a gain of $3,279, reflected in gain on sale of investment properties on the consolidated statement of operations and comprehensive loss.

 

The Company also had three additional properties that met the criteria to be classified as held for sale on the consolidated balance sheet at December 31, 2019. The criteria was met for these properties because, amongst other criteria, the Company had collected non-refundable earnest money from the seller. For these properties, an impairment charge of $4,420, reflected in provision for asset impairment on the consolidated statement of operations and comprehensive loss during the year ended December 31, 2019. The Company completed the sale of the three properties in January 2020, generating proceeds of $37,255 net of selling costs.