Disposition of Properties and Impairment Charge
|9 Months Ended
Sep. 30, 2019
|Disposition of Properties [Abstract]
|Disposition of Properties and Impairment Charge [Text Block]
|Disposition of Properties and Impairment Charge
Disposition of Properties
During the nine months ended September 30, 2019, we closed on the sale of four non-core outlet centers for total gross proceeds of $130.5 million.
The following table sets forth certain summarized information regarding properties and land outparcels sold during the nine months ended September 30, 2019:
The rental properties sold did not meet the criteria to be reported as discontinued operations.
Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate that the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value.
During the third quarter 2018, we determined that the estimated future undiscounted cash flows of our Jeffersonville, OH outlet center did not exceed the property's carrying value due to a decline in operating results at the center likely resulting from increased competition from the Company's center in Columbus, OH and slower than expected improvement from remerchandising activities. Therefore, we recorded a $49.7 million non-cash impairment charge in our consolidated statement of operations which equaled the excess of the property's carrying value over its estimated fair value.