Held for Sale/Disposed Assets

6 Months Ended

Jun. 30, 2019

Held For Sale/Disposed Assets [Abstract]

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 June 30, 2019, the Company has entered into an agreement with a third-party purchaser to sell one property located in the Miami market for a sales price of approximately $14.0 million (net book value of approximately $11.6 million). The sale of the property is subject to various closing conditions. The property is currently under redevelopment and its carrying amount is included as a component of construction in progress in the accompanying consolidated balance sheets.

The following summarizes the condensed results of operations of the property held for sale as of June 30, 2019 for the three and six months ended June 30, 2019 and 2018 (dollars in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Revenues	$	—		$	20		$	32		$	248
Property operating expenses	(34		)	(13		)	(32		)	(50		)
Depreciation and amortization	—			(6		)	—			(39		)
Income from operations	$	(34	)	$	1		$	—		$	159

During the six months ended June 30, 2019, the Company sold one property located in the Los Angeles market for a sales price of approximately $12.4 million, resulting in a gain of approximately $4.5 million.

During the six months ended June 30, 2018, the Company sold one property located in the Washington, D.C. market for a sales price of approximately $20.3 million, resulting in a gain of approximately $3.3 million, and one property located in the Miami market for a sales price of approximately $24.3 million, resulting in a gain of approximately $11.7 million.