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Sale and Leaseback Transaction
9 Months Ended
Sep. 30, 2020
Sale and Leaseback Transaction [Abstract]  
Sale and Leaseback Transaction
NOTE L – Sale and Leaseback Transaction

On May 18, 2020, Havertys completed a sale and leaseback transaction of three properties.  The Coppell, Texas location has approximately 394,000 distribution square feet used to serve our western stores, 44,000 retail square feet, and 20,000 square feet of office space for call center and general management purposes. The Lakeland, Florida facility has approximately 335,000 distribution square feet, and the Colonial Heights, Virginia facility has approximately 129,000 distribution square feet.

The total purchase price for the three properties, excluding costs and taxes, was $70.0 million and the net book value was $37.9 million.  We recorded a gain of $31.6 million in May 2020 which is included in other income.

The three properties were leased back to Havertys under 15-year operating lease agreements with renewal options.