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Real Estate | 3 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
REAL ESTATE | REAL ESTATE Acquisitions On March 12, 2021, the Company acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8 million which is held in a 95% owned consolidated joint venture. Dispositions The Company had two dispositions of consolidated operating properties during the quarter ended March 31, 2020. The Company sold the following properties in 2020 ($ in thousands):
Property |  | Property Type |  | Location |  | Square Feet |  | Sales Price
Hearst Tower |  | Office |  | Charlotte, NC |  | 966,000 |  |  | $ | 455,500 |
Woodcrest |  | Office |  | Cherry Hill, NJ |  | 386,000 |  |  | $ | 25,300 |
The Company sold the properties noted above as part of its ongoing investment strategy, using the proceeds from the dispositions to fund new investment activity. The gain of $90.3 million from the sale of these properties is net of $380,000 of estimated state income tax. The Company's Burnett Plaza property was classified as held for sale as of March 31, 2021 and December 31, 2020. The major classes of assets and liabilities of this property held for sale were as follows (in thousands):
|  | March 31, 2021 |  | December 31, 2020
Real estate assets and other assets held for sale |  |  |  |
Operating property, net of accumulated depreciation of $8,123 in 2021 and 2020 |  | $ | 114,603 |  |  | $ | 106,864 |
Notes and accounts receivable |  | 696 |  |  | 439 |
Deferred rents receivable |  | 2,742 |  |  | 2,480 |
Intangible assets, net of accumulated amortization of $5,912 and $6,065 in 2021 and 2020, respectively |  | 15,978 |  |  | 15,830 |
Other assets |  | 165 |  |  | 133 |
Total real estate assets and other assets held for sale |  | $ | 134,184 |  |  | $ | 125,746 |
Liabilities of real estate assets held for sale |  |  |  |
Accounts payable and accrued expenses |  | $ | 4,895 |  |  | $ | 7,399 |
Deferred income |  | 54 |  |  | 44 |
Intangible liabilities, net of accumulated amortization of $1,106 and $1,205 in 2021 and 2020, respectively |  | 3,114 |  |  | 3,014 |
Other liabilities |  | 2,381 |  |  | 2,149 |
Total liabilities of real estate assets held for sale |  | $ | 10,444 |  |  | $ | 12,606 |
Subsequent to quarter end, on April 7, 2021, the Company sold Burnett Plaza for a gross purchase price of $137.5 million and recorded a gain of $364,000. Impairment The Company tests buildings held for investment for impairment whenever changes in circumstances indicate a building’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held for investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s buildings were impaired during any periods presented while under the held for investments classification. The Company may record additional impairment charges in future periods if operating results of individual buildings are materially different from our forecasts, the economy and the office industry weakens, or we shorten our contemplated holding period for additional buildings

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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