Real Estate Properties (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Summary of Properties Held-for-sale

Summarized balance sheet information for the Georgetown-Green and Harris Buildings is as follows (in thousands):

	March 31, 2020
Real estate properties	$	52,819
Rents receivable	749
Other assets, net	2,373
Assets held for sale	$	55,941
Accounts payable and accrued expenses	$	68
Rent collected in advance	13
Liabilities related to properties held for sale	$	81

Summary of Properties Sold and Income Statement Information for Properties Disposed of

During the three months ended March 31, 2020, we sold the following properties, which did not represent strategic shifts under ASC Topic 205 (dollars in thousands):

Property	Date Sold	Number of Properties	Number of Buildings	Square Footage	Gross Sale Price(1)		Gain on Sale
109 Brookline Avenue	February 2020	1	1	285,556	$	270,000	$	225,190
333 108th Avenue NE(2)	March 2020	1	1	435,406	401,500		194,424
		2	2	720,962	$	671,500	$	419,614

(1)Gross sale price is before credits, primarily for contractual lease costs, and transfer taxes.

(2)The sale represents an individually significant disposition. The operating results of this property are included in continuing operations for all periods presented through the date of sale. Net income related to this property was $193.1 million (of which $194.4 million related to the gain on sale) and $3.6 million for the three months ended March 31, 2020 and 2019, respectively.

During the three months ended March 31, 2019, we sold the following property, which did not represent a strategic shift under ASC Topic 205 (dollars in thousands):

Property	Date Sold	Number of Properties	Number of Buildings	Square Footage	Gross Sale Price(1)		Gain on Sale
1735 Market Street (2)	March 2019	1	1	1,286,936	$	451,600	$	192,985

(1)Gross sale price is before credits for capital costs, contractual lease costs and rent abatements.

(2)Certain of our subsidiaries sold 100.0% of the equity interests in the fee simple owner of this property. The sale represents an individually significant disposition. The operating results of this property are included in continuing operations for all periods presented through the date of sale. Net income related to this property was $197.1 million (of which $193.0 million related to the gain on sale) for the three months ended March 31, 2019.

Schedule of Rental Revenue

Rental revenue consists of the following (in thousands):

	Three Months Ended March 31,
	2020		2019
Lease payments	$	11,770	$	27,905
Variable lease payments	5,373		10,985
Rental revenue	$	17,143	$	38,890