Property Dispositions

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

Property Dispositions

We implemented the Office Sale Program in September 2023, which is substantially completed (Note 1).

All property dispositions are also discussed in Note 4 and Note 5.

2024 — During the three and six months ended June 30, 2024, we sold 12 and 165 properties, respectively, for total proceeds, net of selling costs, of $133.7 million and $1.0 billion, respectively, and recognized a net gain on these sales totaling $39.4 million and $54.8 million, respectively (inclusive of income taxes totaling less than $0.1 million and $3.1 million, respectively, recognized upon sale). One of the properties sold during the second quarter of 2024 was a hotel operating property.

This disposition activity for the three and six months ended June 30, 2024 includes the sale of three and 75 properties, respectively, under the Office Sale Program for total proceeds, net of selling costs, of $61.9 million and $451.9 million, respectively, resulting in a net (loss) gain on these sales totaling $(1.7) million and $0.4 million, respectively.

2023 — During the three and six months ended June 30, 2023, we sold three and eight properties, respectively, for total proceeds, net of selling costs, of $3.1 million and $44.1 million, respectively, and recognized a net gain on these sales totaling $1.8 million and $3.4 million, respectively.