XML 73 R23.htm IDEA: XBRL DOCUMENT v3.24.3

Subsequent events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Real estate acquisition and disposition in October 2024 In October 2024, we completed the sale of one property aggregating 248,186 RSF at 14225 Newbrook Drive in our Northern Virginia submarket for a sales price of $80.5 million and recognized a gain on sale of real estate of $37.1 million. In October 2024, we completed the acquisition of one property at 428 Westlake Avenue North in our Lake Union submarket for a purchase price of $47.6 million. Real estate impairment charges in October 2024 In October 2024, four properties located in our Greater Boston market met the criteria for classification as held for sale. We expect to complete the sale of these properties for a sales price of $369.4 million during the fourth quarter of 2024 to the current tenant of the properties. These properties are currently 100% leased for a weighted-average remaining lease term of 18 years to a single tenant with whom we have a long-established relationship. The important tenant relationship and strategic nature of these properties resulted in a limited pool of buyers we would be willing to sell this asset to and, as a result, the likelihood of selling this asset was not probable until the buyer committed in October 2024 to acquire these properties. As a result, in October 2024, we recognized an impairment charge aggregating $40.9 million to reduce the carrying amounts of these properties to the expected sales price less costs to sell. In October 2024, five operating properties aggregating 203,223 RSF and land parcels aggregating 1.5 million SF in our Sorrento Mesa and University Town Center submarkets met the criteria for classification as held for sale. We expect to complete the sale of these assets to buyers that are expected to develop residential properties on these sites for an aggregate sales price of approximately $314.0 million during the fourth quarter of 2024. In October 2024, upon management obtaining the authority to sell these assets and agreeing to acceptable terms, we recognized impairment charges aggregating $65.9 million to reduce the carrying amounts of these properties to the expected aggregate sales price less costs to sell.

X

- References

No definition available.

+ Details

Name:	us-gaap_SubsequentEventsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/855/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2

+ Details

Name:	us-gaap_SubsequentEventsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration