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Dispositions

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions

Operating Property Dispositions

The following table summarizes the operating properties sold during the years ended December 31, 2021, 2020 and 2019:

Location						Month of Disposition						Number of Buildings						Rentable Square Feet (unaudited)						Sales Price (in millions) (1)
2021 Dispositions
1800 Owens Street, San Francisco, CA (The Exchange on 16th)						March						1						750,370						$	1,081.5
13280 & 13290 Evening Creek Drive South, San Diego, CA						December						2						102,376						37.0
Total 2021 Dispositions												3						852,746						$	1,118.5
2020 Dispositions
331 Fairchild Drive, Mountain View, CA						December						1						87,147						$	75.9
Total 2020 Dispositions												1						87,147						$	75.9
2019 Dispositions
2829 Townsgate Road, Thousand Oaks, CA						May						1						84,098						$	18.3
2211 Michelson Drive, Irvine, CA						October						1						271,556						115.5
Total 2019 Dispositions												2						355,654						$	133.8

____________________

(1)Represents gross sales price before broker commissions and closing costs.

The total gains on the sales of the operating properties sold during the years ended December 31, 2021, 2020 and 2019 were $463.1 million, $35.5 million and $36.8 million, respectively.

Restricted Cash Related to Dispositions

As of December 31, 2020, approximately $74.9 million of net proceeds related to the operating property disposition during the year ended December 31, 2020 were temporarily being held at a qualified intermediary at our direction, for the purpose of facilitating a Section 1031 Exchange, and included in restricted cash on our consolidated balance sheets. During January 2021, the Section 1031 Exchange was terminated and the cash proceeds were released from the qualified intermediary. There was no cash held at qualified intermediaries as of December 31, 2021.

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- References

No definition available.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2122178

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