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Real Estate | 12 Months Ended
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Dec. 31, 2022
Real Estate [Abstract] |
REAL ESTATE | REAL ESTATE Acquisitions During 2021, the Company acquired three office properties. The following table summarizes these transactions and the resulting purchase price allocations ($ in thousands):
| 300 Colorado (1) |  | Heights Union |  | 725 Ponce |
Gross Purchase Price | $ | 162,500 |  |  | $ | 144,800 |  |  | $ | 300,200 |  |
Acquisition Date | December 2021 |  | October 2021 |  | July 2021 |
Square Feet | 369,000 |  |  | 294,000 |  |  | 372,000 |  |
Market | Austin |  | Tampa |  | Atlanta |
Purchase Price Allocation |  |  |  |  |  |
Tangible assets |  |  |  |  |  |
Operating properties | $ | 297,259 |  |  | $ | 133,489 |  |  | $ | 292,946 |  |
| 297,259 |  |  | 133,489 |  |  | 292,946 |  |
Intangible assets |  |  |  |  |  |
In-place leases | 13,974 |  |  | 5,894 |  |  | 12,788 |  |
Below market ground lease | 840 |  |  | — |  |  | — |  |
Above market leases | 21 |  |  | 1,322 |  |  | 1,770 |  |
| 14,835 |  |  | 7,216 |  |  | 14,558 |  |
Intangible liabilities |  |  |  |  |  |
Below market leases | (10,369) |  |  | (2,501) |  |  | (6,739) |  |
| (10,369) |  |  | (2,501) |  |  | (6,739) |  |
Total net assets (2) | $ | 301,725 |  |  | $ | 138,204 |  |  | $ | 300,765 |  |
(1) Purchase price represents cost of acquiring partners' 50% interest in 300 Colorado Project LP, resulting in consolidation of this previously unconsolidated property (see note 6 for more information on this transaction). (2) Represents amounts, including acquisition costs, assigned to the net assets consolidated in the balance sheet upon acquisition. During 2021, the Company acquired two land parcels. The following table summarizes these transactions ($ in thousands):
| Market |  | Acres |  | Gross Purchase Price |
887 West Peachtree | Atlanta |  | 0.7 |  | $ | 10,000 |  |
3354/3356 Peachtree | Atlanta |  | 0.2 |  | $ | 8,000 |  |
Dispositions During 2021, the Company sold three office properties. The following table summarizes these transactions ($ in thousands):
Property |  | Location |  | Date |  | Square Feet |  | Sales Price |  | Gain on Sale, Net |
816 Congress |  | Austin |  | December 2021 |  | 435,000 |  |  | $ | 174,000 |  |  | $ | 77,200 |  |
One South at the Plaza |  | Charlotte |  | July 2021 |  | 891,000 |  |  | $ | 271,500 |  |  | $ | 12,700 |  |
Burnett Plaza |  | Fort Worth |  | April 2021 |  | 1,000,000 |  |  | $ | 137,500 |  |  | $ | 200 |  |
The Company sold the properties noted above as part of its ongoing investment strategy, using these proceeds to fund new investment activity. The Company recorded a gain of $90.1 million from the 2021 sales. In July 2021, the Company sold 0.7 acres of land in Phoenix, adjacent to our 100 Mill development, to a hotel developer for $6.4 million. Net proceeds approximated our book value. Impairment The Company tests 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. During the fourth quarter of 2020, the Company decided to accept an offer, with conditions, on Burnett Plaza. Based on the status of this offer as of December 31, 2020, the Company concluded the sale was probable within one year and, therefore, transferred the assets and liabilities of the building to held for sale. Because the carrying value of the building exceeded the expected net sale proceeds (including selling costs), the Company recorded a $14.8 million impairment charge in the accompanying statement of operations. The net proceeds were based on the third-party offer to purchase (a Level 2 input under authoritative guidance for fair value measurements). The Company may record additional impairment charges 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 https://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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2134617 + Details
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