Real Estate Activities (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Investments in Real Estate

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

Impairment of Assets

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.

Summary of Capitalized Construction and Development Information

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

Summary of Assets and Liabilities Held for Sale

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	)