Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $287,424,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):


Community name	Location	Period of sale	Apartment homes	Gross sales price		Net cash proceeds		Commercial square feet
eaves Daly City	Daly City, CA	Q2 2023	195	$	67,000	$	66,646	—
Avalon at Newton Highlands	Newton, MA	Q2 2023	294	170,000		167,665		—
Avalon Columbia Pike	Arlington, VA	Q3 2023	269	105,000		103,032		27,000
Avalon Mamaroneck	Mamaroneck, NY	Q4 2023	229	104,000		102,230		—
Other real estate	multiple	2023	N/A	—		636		—

Total of 2023 asset sales			987	$	446,000	$	440,209	27,000

Total of 2022 asset sales			2,062	$	953,135	$	934,117	—

Total of 2021 asset sales			2,404	$	875,058	$	850,230	30,000

As of December 31, 2023, the Company had no real estate assets that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. The Company sold six, 40 and 53 residential condominiums at The Park Loggia, for gross proceeds of $25,387,000, $126,848,000 and $135,458,000 resulting in a loss in accordance with GAAP of $73,000 and gain in accordance with GAAP of $2,217,000 and $3,110,000 during the years ended December 31, 2023, 2022 and 2021, respectively. The Company incurred $389,000, $2,129,000 and $4,087,000 during the years ended December 31, 2023, 2022 and 2021, respectively, in marketing, operating and administrative costs. All amounts are included in other real estate activity on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2023, there were two residential condominiums remaining to be sold. As of December 31, 2023 and 2022, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $6,603,000 and $32,532,000, respectively, presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.