REAL ESTATE INVESTMENTS

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of March 31, 2022 and December 31, 2021, the gross carrying value of the operating properties was as follows (in thousands):

	March 31, 2022		December 31, 2021
Land	$	410,103	$	410,144
Building and improvements	2,696,233		2,653,492
Tenant improvements	411,659		408,966
Total	$	3,517,995	$	3,472,602

Acquisitions

The following table summarizes the property acquisitions during the three months ended March 31, 2022 (dollars in thousands):

Property/Portfolio Name	Acquisition Date	Location	Property Type	Rentable Square Feet/Acres	Purchase Price
631 Park Avenue	January 21, 2022	King of Prussia, PA	Land	3.3 acres	$	3,650

Dispositions

The following table summarizes the property dispositions during the three months ended March 31, 2022 (dollars in thousands):

Property/Portfolio Name	Disposition Date	Location	Property Type	Rentable Square Feet/Acres	Sales Price		Gain/(Loss) on Sale (a)
Gateway G & H	January 20, 2022	Richmond, VA	Land	10.0 acres	$	1,600	$	897

(a)Gain/(Loss) on Sale is net of closing and other transaction related costs.

One Uptown Venture

On December 1, 2021, the Company entered into two joint venture agreements with affiliates of Canyon Partners Real Estate to commence development of One Uptown, a $328.4 million mixed-used project in Austin, Texas. One Uptown has been designed to deliver 348,000 square feet of Class-A workspace and 15,000 square feet of street-level retail space (through the "office" joint venture) and 341 apartment residences and a public park (through the "multifamily" joint venture) and a six-story parking garage to be shared by the two joint ventures. The Company's partner in each of the two joint ventures has agreed, subject to customary funding conditions, including closing of the applicable construction loan, to fund approximately $57.5 million of the combined project costs in exchange for a 50% preferred equity interest in each of the two joint ventures, with the Company retaining a 50% common equity interest in each. The Company is in the process of securing a construction loan for each of the two joint ventures that would total approximately $213.4 million, representing 65% of the combined project costs. Under the terms of each of the joint venture agreements, the joint venture partner has no obligation to fund any portion of the applicable

project costs until the closing of the applicable construction loan. This right prevents the Company from meeting the sale recognition criteria of ASC 606 until the applicable closings of the construction loans.

Held for Sale

As of March 31, 2022, the Company determined that the sale of one parcel of land within the Metropolitan Washington, D.C. segment totaling 0.8 acres was probable and classified the property as held for sale. As such, $25.2 million was classified as “Assets held for sale, net” on the consolidated balance sheet. The Company closed on the sale of the parcel of land on April 14, 2022 for an aggregate sales price of $29.7 million.