| Real Estate and Accumulated Depreciation |
Real estate activity for 2021 and 2020 is composed of the following:
|
|
|
Years ended December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,527,478,000 |
|
|
$ |
1,515,206,000 |
|
|
Properties transferred to held for sale |
|
|
(184,639,000 |
) |
|
|
(22,512,000 |
) |
|
Outparcel dispositions |
|
|
(387,000 |
) |
|
|
(840,000 |
) |
|
Property impairments |
|
|
(83,224,000 |
) |
|
|
— |
|
|
Improvements and betterments |
|
|
29,296,000 |
|
|
|
35,624,000 |
|
|
Balance, end of the year |
|
$ |
1,288,524,000 |
|
|
$ |
1,527,478,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
Balance, beginning of the year |
|
$ |
428,569,000 |
|
|
$ |
389,861,000 |
|
|
Properties transferred held for sale |
|
|
(55,165,000 |
) |
|
|
(3,947,000 |
) |
|
Outparcel dispositions |
|
|
— |
|
|
|
(90,000 |
) |
|
Depreciation expense |
|
|
36,338,000 |
|
|
|
42,745,000 |
|
|
Balance, end of the year |
|
$ |
409,742,000 |
|
|
$ |
428,569,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
$ |
878,782,000 |
|
|
$ |
1,098,909,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Transactions Related to Properties Held for Sale/Conveyance |
Dispositions
During 2021, 2020 and 2019, the Company sold the properties listed below:
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale/ |
|
|
|
|
|
|
Date |
|
Sales |
|
|
Reversal of |
|
|
Property |
|
Location |
|
Sold |
|
Price |
|
|
Impairment |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kempsville Crossing (land parcel) |
|
Virginia Beach, VA |
|
2/24/2021 |
|
$ |
1,300,000 |
|
|
$ |
1,047,000 |
|
|
The Commons |
|
Dubois, PA |
|
5/5/2021 |
|
|
9,761,000 |
|
|
|
1,849,000 |
|
|
Camp Hill Shopping Center |
|
Camp Hill, PA |
|
6/21/2021 |
|
|
89,662,500 |
|
|
|
48,857,000 |
|
|
|
|
|
|
|
|
$ |
100,723,500 |
|
|
$ |
51,753,000 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metro Square |
|
Owings Mills, MD |
|
7/9/2020 |
|
$ |
4,288,000 |
|
|
$ |
- |
|
|
Oakland Mills outparcel building |
|
Columbia, MD |
|
9/17/2020 |
|
|
1,050,000 |
|
|
|
643,000 |
|
|
Glen Allen Shopping Center |
|
Glen Allen, VA |
|
10/8/2020 |
|
|
8,540,000 |
|
|
|
1,780,000 |
|
|
Pine Grove Plaza outparcel building |
|
Brown Mills, NJ |
|
11/2/2020 |
|
|
1,100,000 |
|
|
|
565,000 |
|
|
Suffolk Plaza |
|
Suffolk, VA |
|
12/10/2020 |
|
|
6,950,000 |
|
|
|
1,408,000 |
|
|
|
|
|
|
|
|
$ |
21,928,000 |
|
|
$ |
4,396,000 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maxatawny Marketplace |
|
Maxatawny, PA |
|
2/15/2019 |
|
$ |
10,330,000 |
|
|
$ |
101,000 |
|
|
Fort Washington Center |
|
Fort Washington, PA |
|
6/26/2019 |
|
|
9,048,000 |
|
|
|
2,841,000 |
|
|
|
|
|
|
|
|
$ |
19,378,000 |
|
|
$ |
2,942,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|