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Real Estate Agreements
9 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
16. Real estate agreements

In February 2017, Real Estate entered into an agreement with a qualified intermediary regarding a potential 1031 Exchange related to the sale of a portion of our Chelsea, New York location.  The qualified intermediary formed an LLC to facilitate the reverse exchange portion of the 1031 Exchange, which was determined to be a VIE.  Real Estate was deemed to be the primary beneficiary of this VIE as it has the ability to direct the activities that most significantly impact its economic performance and has all of the risks and rewards of ownership.  Accordingly, Real Estate consolidated this VIE. 

On October 10, 2017, the sale of a portion of our Chelsea, New York property into the 1031 Exchange was completed and the net sales proceeds of $194.2 million were transferred to the qualified intermediary.  The qualified intermediary closed on the reverse exchange and transferred $95.1 million to Real Estate.  The sole membership interest in each property held within the VIE was assigned to Real Estate in satisfaction of the outstanding loan. As of December 31, 2017, $9.4 million remained in deposit with the qualified intermediary. In January 2018, the acquisitions of the remaining properties to complete the exchange were closed.

Real Estate recorded a gain of $190.7 million (sales proceeds price of $200.3 million less $9.6 million book value and associated costs) in the third quarter of fiscal 2018.