Real Estate Activities

6 Months Ended

Jun. 30, 2023

2. REAL ESTATE ACTIVITIES

Investments in real estate as of June 30, 2023 and December 31, 2022 were comprised of the following:


	June 30,			December 31,
(in thousands of dollars)	2023			2022
Buildings, improvements and construction in progress	$	2,544,072		$	2,549,731
Land, including land held for development		387,918			389,930
Total investments in real estate		2,931,990			2,939,661
Accumulated depreciation		(1,401,515	)		(1,370,065	)
Net investments in real estate	$	1,530,475		$	1,569,596

Dispositions

In June 2023, we sold a parcel of land at Woodland Mall in Grand Rapids, Michigan for $4.8 million. We used net proceeds of $3.4 million from the sale to pay down the Woodland Mall mortgage. In connection with this transaction, we recorded a gain of $1.1 million in the three and six months ended June 30, 2023.

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 Facility.

In June 2022, we sold a parcel of land adjacent to the 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 this transaction, we recorded a gain of $8.8 million in the six months ended June 30, 2022.

In June 2022, we sold an outparcel at the Francis Scott Key Mall in Frederick, Maryland for $2.4 million. We used net proceeds of $2.4 million from the sale to pay down the Francis Scott Key Mall mortgage. In connection with this transaction, we recorded a gain of $1.7 in the six months ended June 30, 2022.

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 Facility. In connection with this transaction, we recorded a gain on sale of preferred equity of $3.7 million in the six months ended June 30, 2022.

Assets Classified as Held for Sale

As of June 30, 2023 and December 31, 2022, we had assets and liabilities that have been classified as held for sale and summarized in the following table:


	June 30,			December 31,
(in thousands of dollars)	2023			2022
Assets held for sale:
Operating properties	$	32,282		$	58,562
Tenant and other receivables, net of allowance		24			226
Other assets		1,866			2,979
Total assets held for sale	$	34,172		$	61,767
Liabilities held for sale:
Accrued expenses and other liabilities	$	(1,774	)	$	(2,539	)
Total liabilities held for sale	$	(1,774	)	$	(2,539	)