Company CEO Craig Macnab plans to announce new property developments in the coming months at the same time the REIT will be unloading some of the dogs from its 111-property, 11.9 million-sf portfolio in 19 states, according to the SEC filing.

"We plan to divest the company of certain assets that are no longer consistent with our strategy, or have limited or declining growth characteristics," Macnab says in the filing. "We believe there are buyers with corporate strategies that may provide a better fit for these types of assets."

Macnab didn't identify the size or location of the properties. "Many of these assets have been written down to their expected market values and are included in the impairment charges taken in the fourth quarter," he says.