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Acquisitions, Disposals and Assets Held for Sale (Notes)
6 Months Ended
Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures [Text Block] Acquisition, Disposition and Assets Held for Sale
Acquisition
In February 2019, we entered into a contract to purchase a stabilized multifamily asset located in Washington, D.C., which we intend to use as a replacement property in a 1031 like-kind exchange for the expected proceeds from the sale of other planned dispositions.
Disposition
The following is a summary of disposition activity for the six months ended June 30, 2019:
Date Disposed
 
Assets
 
Segment
 
Location
 
Total Square Feet
 
Gross Sales Price
 
Cash Proceeds from Sale
 
Gain on Sale of Real Estate
 
 
 
 
 
 
 
 
 
 
(In thousands)
February 4, 2019
 
Commerce Executive / Commerce Metro Land (1) (2)
 
Commercial / Other
 
Reston, Virginia
 
388,562

 
$
114,950

 
$
117,676

 
$
39,033

______________
(1) 
The sale also included approximately 894,000 square feet of estimated potential development density. The sale was part of a reverse 1031 like-kind exchange. See Note 5 for additional information.
(2) 
Cash proceeds include the reimbursement of $4.0 million of tenant improvement costs and leasing commissions paid by us prior to the closing.

Assets Held for Sale

As of June 30, 2019 and December 31, 2018, we had certain real estate properties that were classified as held for sale. The amounts included in "Assets held for sale" in our balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale:
Assets
 
Segment
 
Location
 
Total Square Feet
 
Assets Held for Sale
 
Liabilities Related to Assets Held for Sale
 
 
 
 
 
 
 
(In thousands)
June 30, 2019
 
 
 
 
 
 
 
 
 
 
Pen Place (1)
 
Other
 
Arlington, Virginia
 

 
$
73,888

 
$

Metropolitan 6, 7 and 8 (1)
 
Other
 
Arlington, Virginia
 

 
94,543

 

 
 
 
 
 
 

 
$
168,431

 
$

 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
Commerce Executive /
Commerce Metro Land (2)
 
Commercial
 
Reston, Virginia
 
388,562

 
$
78,981

 
$
3,717

_______________
(1) 
In March 2019, we entered into agreements for the sale of Pen Place and Metropolitan 6, 7 and 8, future development assets having an aggregate estimated potential development density of up to approximately 4.1 million square feet, for approximately $293.9 million, subject to customary closing conditions.
(2) 
As noted above, we sold Commerce Executive/Commerce Metro Land in February 2019.