Note 5. Held for Sale Assets

The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant, and Equipment. Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. As of March 31, 2015, the Company has entered into agreements with third-party purchasers to sell one property located in the Washington, D.C./Baltimore market and one property located in the San Francisco Bay Area market for an aggregate sales price of approximately $24.6 million (net book value of approximately $13.0 million). The sales of the properties are subject to the purchaser’s completion of satisfactory due diligence and various closing conditions.

The following summarizes the condensed results of operations of the properties held for sale as of March 31, 2015, for the three months ended March 31, 2015 and 2014 (dollars in thousands):


	For the Three Months Ended March 31,
		2015		2014

Rental revenues	$	414	$	387
Tenant expense reimbursements		106		99
Property operating expenses		(109)		(111)
Depreciation and amortization		(73)		(155)
Income from operations	$	338	$	220