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Dispositions and Real Estate Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of operating property dispositions and real estate held for sale | The following table summarizes the one operating property sold during the six months ended June 30, 2025:
Property |  | Month of Disposition |  | Number of Buildings |  | Rentable Square Feet |  | Sales Price (in millions) (1)
501 Santa Monica Boulevard |  | June |  | 1 |  | 78,509 |  |  | $ | 40.0 |
___________________________ (1)Represents gross sales price before the impact of broker commissions, closing costs, and purchase price credits. During the three months ended June 30, 2025, we classified a four-building office property in Silicon Valley as Held for Sale. The property totals 663,460 square feet and is expected to close late in the third quarter for a gross sales price of $365.0 million. The major classes of assets and liabilities of the property classified as held for sale as of June 30, 2025 were as follows:
Real estate and other assets held for sale, net | (in thousands)
Land and improvements | $ | 118,514 |
Buildings and improvements | 194,357 |
Total real estate held for sale | 312,871 |
Accumulated depreciation and amortization | (72,526) |
Total real estate held for sale, net | 240,345 |
Current receivables, net | 36 |
Deferred rent receivables, net | 6,525 |
Deferred leasing costs and acquisition-related intangibles, net | 7,782 |
Prepaid expenses and other assets, net | 1,107 |
Total real estate and other assets held for sale, net | $ | 255,795 |
Liabilities related to real estate assets held for sale |
Accounts payable, accrued expenses, and other liabilities | $ | 591 |
Deferred revenue and acquisition-related intangible liabilities, net | 1,091 |
Rents received in advance and tenant security deposits | 3,205 |
Total liabilities related to real estate assets held for sale | $ | 4,887 |

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