Investments in real estate as of December 31, 2022 and 2021 were comprised of the following:


	December 31,
(in thousands of dollars)	2022			2021
Buildings, improvements and construction in progress	$	2,549,731		$	2,762,675
Land, including land held for development		389,930			443,686
Total investments in real estate		2,939,661			3,206,361
Accumulated depreciation		(1,370,065	)		(1,405,260	)
Net investments in real estate	$	1,569,596		$	1,801,101

During the year ended December 31, 2022, we recorded asset impairment losses of $44.1 million, which are recorded in “Impairment of assets” in the consolidated statements of operations. During the year ended December 31, 2021, we recorded asset impairment losses of $9.9 million, which are recorded in “Impairment of assets” in the consolidated statements of operations. The assets that incurred impairment losses and the amount of such losses are as follows:


	For the Year Ended December 31,
(in thousands of dollars)	2022		2021
Plymouth Meeting Mall	$	39,256	$	—
Cumberland Mall		4,845		—
Exton Square Mall		—		8,374
Valley View Center		—		1,302
Monroe Marketplace		—		262
Total impairment of assets	$	44,101	$	9,938

Plymouth Meeting Mall

During the year ended December 31, 2022, we recorded a loss on impairment of assets on Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania for a total of $39.3 million. We made the determination to reduce the holding period for Plymouth Meeting Mall as a result of our expectation to sell the property. This was a triggering event that led us to conduct an impairment analysis, which determined the fair value of the property to be below its carrying value.

During the year ended December 31, 2021, we recorded a loss on impairment of assets on Exton Square Mall in Exton, Pennsylvania of approximately $8.4 million. Subsequently, on March 14, 2022, we executed a purchase and sale agreement for Exton Square Mall for a total sales price of $28.8 million which was subsequently terminated. Exton Square Mall was classified as held for sale as of December 31, 2022.

In September 2022, we executed a purchase and sale agreement for Cumberland Mall in Vineland, New Jersey. This was identified as a triggering event as a result of our determination to reduce the holding period of the property. We classified the property as an asset held for sale and recorded an impairment loss of $4.8 million during the year ended December 31, 2022. In October 2022, we sold Cumberland Mall for $44.6 million, the proceeds of which were used to pay down debt as disclosed in Note 4.

In August 2020, a court order assigned a receiver to operate Valley View Mall in La Crosse, Wisconsin on behalf of the lender of the mortgage loan secured by the property. In May 2022, we conveyed the property as a result of a foreclosure sale. As such, in May 2022, the $27.2 million mortgage liability and corresponding contract asset in relation to the Valley View Mall property were written off.

A parcel of land located adjacent to Monroe Marketplace, a retail property that we used to own, which was classified as held for sale as of September 30, 2021, was sold in November 2021 for $1.0 million. As a result of a reduced holding period assumption, we recorded an impairment loss of $0.3 million on the land parcel due to excess carrying value over the sale price as of September 30, 2021.

Valley View Center was a retail property we owned and is located adjacent to Valley View Mall in La Crosse, Wisconsin. In August 2021, the Company closed on the sale of Valley View Center for $3.5 million, which we had classified as held for sale as of June 30, 2021. As a result of a reduced holding period assumption, we recorded an impairment loss of $1.3 million on Valley View Center due to excess carrying value over the sale price as of June 30, 2021.

In May 2021, the Company closed on the sale of a parcel of property at Moorestown Mall for $10.1 million. In connection with the sale, the Company paid a $9.0 million lease termination fee for a portion of the property that was under a lease agreement. The Company recorded a loss on sale of real estate of $1.0 million in connection with the sale. The Company used the net proceeds of $0.8 million from the sale to pay down its First Lien Term Loan, which is described in more detail in Note 4.

In February 2022, we completed the redemption of preferred equity issued as part of a previous sale of our New Garden land parcel. In connection with this settlement, we received approximately $2.5 million, which funds were used to pay down our First Lien Revolving Facility and First Lien Term Loan. In connection with this transaction, we recorded a gain on sale of preferred equity of $3.7 million for the year ended December 31, 2022.

In June 2022, we sold a parcel of land adjacent to Moorestown Mall in Moorestown, New Jersey for $11.8 million. We used net proceeds of $11.7 million from the sale to pay down our First Lien Revolving Facility and First Lien Term Loan. In connection with the sale, we recorded a gain of $8.8 million, which is included in gain on sales of non operating real estate in the consolidated statement of operations.

In June 2022, we sold an outparcel at Francis Scott Key Mall in Frederick, Maryland for $2.4 million. We recorded a gain of $1.7 million in connection with the sale, which is included in gain on sale of interests in real estate in the consolidated statement of operations. We used net proceeds of $2.4 million from the sale to pay down its property mortgage.

In August 2022, we sold two outparcels at The Mall at Prince George's in Hyattsville, Maryland for $2.4 million and Magnolia Mall in Florence, South Carolina for $0.9 million. We used net proceeds of approximately $3.2 million to pay down our First Lien Term Loan in August 2022. We recorded a total gain of $2.8 million in connection with the sales, which are included in gain on sale of interests in real estate in the consolidated statement of operations.

In September 2022, we sold three outparcels at The Mall at Prince George's in Hyattsville, Maryland for $8.5 million. We used net proceeds of $8.2 million from the sale to pay down our First Lien Term Loan. We recorded a gain of $4.6 million in connection with the sale, which is included in gain on sale of interests in real estate in the consolidated statement of operations.

In September 2022, we sold an outparcel at Moorestown Mall in Moorestown, New Jersey for $3.4 million. We used net proceeds of $3.1 million from the sale to pay down our First Lien Term Loan. We recorded a gain of $1.8 million in connection with the sale, which is included in gain on sales of non operating real estate in the consolidated statement of operations.

In December 2022, we sold a retail space at Valley View Mall in La Crosse, Wisconsin for $2.6 million. We used net proceeds of $2.4 million from the sale to pay down our First Lien Term Loan and to pay down our revolver. We recorded a gain of $1.6 million in connection with the sale, which is included in gain on sales of operating real estate in the consolidated statement of operations.

In February 2023, we sold a retail space at Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania for $27.0 million. We used net proceeds of $26.3 million from the sale to pay down our First Lien Term Loan.

As of December 31, 2022 and 2021, we had capitalized amounts related to construction and development activities. The following table summarizes certain capitalized construction and development information for our consolidated properties as of December 31, 2022 and 2021:


	December 31,
(in thousands of dollars)	2022		2021
Construction in progress	$	42,659	$	45,828
Land held for development		2,058		4,339
Deferred costs and other assets		7,862		6,058
Total capitalized construction and development activities	$	52,579	$	56,225

As of December 31, 2022, we had assets and liabilities of properties that have been classified as held for sale. The following table summarizes the assets and liabilities held for sale as of December 31, 2022:


	December 31,
(in thousands of dollars)	2022
Assets held for sale:
Operating properties	$	58,562
Tenant and other receivables, net of allowance		226
Other assets		2,979
Total assets held for sale	$	61,767
Liabilities held for sale:
Accrued expenses and other liabilities	$	(2,539	)
Total liabilities held for sale	$	(2,539	)