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 |
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______________ | | (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 |
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_______________ | | (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. |
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