Investments in Real Estate

3 Months Ended

Mar. 31, 2018

Investments in Real Estate

Acquisitions

We had no acquisitions during the three months ended March 31, 2018.

Held for Sale

As of March 31, 2018, we have identified four properties that met the criteria to be classified as held for sale. As of March 31, 2018, the four properties had an aggregate carrying value of $41.7 million within total assets and $1.8 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the condensed consolidated balance sheet, respectively. As of December 31, 2017, we had identified eight properties that met the criteria to be classified as held for sale. As of December 31, 2017, the eight properties had an aggregate carrying value of $139.5 million within total assets and $5.0 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the consolidated balance sheet, respectively. The properties are not representative of a significant component of our portfolio, nor do the potential sales represent a significant shift in our strategy.

Dispositions

We sold the following real estate properties during the three months ended March 31, 2018:



Location	Metro Area	Date Sold	Gross Proceeds (in millions)		Gain (loss) on sale (in millions)
200 Quannapowitt Parkway	Boston	January 25, 2018	$	15.0	$	(0.4	)
34551 Ardenwood Boulevard	Silicon Valley	February 9, 2018	73.3		25.3
3065 Gold Camp Drive	Sacramento	March 14, 2018	14.2		5.4
11085 Sun Center Drive	Sacramento	March 14, 2018	36.8		9.1
			$	139.3	$	39.4

On April 19, 2018, the Company closed on the sale of a three-property portfolio in Austin, Texas for approximately $48.0 million. The Company expects to recognize a gain on the sale of approximately $12 million in the second quarter of 2018. The properties were classified as held for sale as of March 31, 2018.