7. Disposition of Properties and Assets Held for Sale

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During the three months ended June 30, 2026, the Company entered into an agreement to sell its Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million. The Company reclassified $18.0 million of its office property as an asset held for sale as of June 30, 2026, which is comprised of $24.2 million of real estate assets, net of accumulated depreciation, $0.7 million of straight-line rents receivable, and $0.8 million of deferred leasing commissions, net of accumulated amortization. The Company recorded the property at the fair value less cost to sell, which was less than the carrying value and resulted in an impairment of $7.7 million in the three months ended June 30, 2026. The reclassification is a non-cash investing activity on the statement of cash flows. The Company estimated the fair value of the property, less estimated costs to sell, using the offers to purchase the property made by third parties (Level 3 inputs, as there is no active market). The Company closed on the sale of the property on July 8, 2026.

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On April 7, 2025, Monument Circle entered into a purchase and sale agreement to sell its property located in Indianapolis, Indiana to a third party for a gross sales price of $6.0 million. The property was sold on June 6, 2025 at a total loss of $12.9 million, including an impairment loss of $13.3 million that was recorded during the three months ended March 31, 2025 and was decreased by $0.4 million for final sale adjustments during the three months ended June 30, 2025 after the sale was completed.

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The operating results for the significant properties that the Company disposed of or classified as assets held for sale are summarized below:

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