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Dispositions and Real Estate Held for Sale | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions and Real Estate Held for Sale | Dispositions and Real Estate Held for Sale Operating Property Dispositions 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. The total gain on the sale of the operating property sold during the six months ended June 30, 2025 was $16.6 million. Real Estate Assets Held for Sale 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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- 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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