Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of property acquired

The Company accounted for this transaction as an acquisition of an asset and the following table summarizes the allocation of the purchase price of this property (in thousands):

	The RailYard
Tangible assets:
Operating properties	$	201,153
Tangible assets	201,153
Intangible assets:
In-place leases	8,850
Above market leases	439
Intangible assets	9,289
Intangible liabilities:
Below market leases	(9,129)
Intangible liabilities	(9,129)
Total net assets acquired	$	201,313

The Company accounted for these transactions as an acquisition of assets and the following table summarizes the allocation of the purchase price of these properties (in thousands):

	1200 Peachtree		Terminus
Tangible assets:
Building and improvements	$	62,836	$	410,826
Land and improvements	19,495		49,345
Tangible assets	82,331		460,171
Intangible assets:
In-place leases	9,969		24,674
Above market leases	—		7,193
Intangible assets	9,969		31,867
Intangible liabilities:
Below market leases	—		(4,745)
Intangible liabilities	—		(4,745)
Total net assets acquired	$	92,300	$	487,293

Properties sold that qualify as discontinued operations

The Company had two dispositions of consolidated operating properties during the year ended December 31, 2020 and had no dispositions during the year ended December 31, 2019. The Company sold the following properties in 2020 ($ in thousands):

Property	Property Type	Location	Square Feet	Sales Price
Hearst Tower	Office	Charlotte, NC	966,000	$	455,500
Woodcrest	Office	Cherry Hill, NJ	386,000	$	25,300

Schedule of assets and liabilities of properties held for sale

The major classes of assets and liabilities of these properties held for sale were as follows (in thousands):

	December 31,
Real estate assets and other assets held for sale	2020		2019
Operating properties, net of accumulated depreciation of $8,123 and $44,478 in 2020 and 2019, respectively	$	106,864	$	340,171
Notes and accounts receivable	439		5,520
Deferred rents receivable	2,480		5,745
Intangible assets, net of accumulated amortization of $6,065 and $16,615 in 2020 and 2019, respectively	15,830		8,657
Other assets	133		489
Total real estate assets and other assets held for sale	$	125,746	$	360,582
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses	$	7,399	$	12,497
Deferred income	44		2,638
Intangible liabilities, net of accumulated amortization of $1,205 and $7,771 in 2020 and 2019, respectively	3,014		5,471
Other liabilities	2,149		625
Total liabilities of real estate assets held for sale	$	12,606	$	21,231