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Real Estate Assets | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
Real Estate Assets | Real Estate Assets Acquisitions During the second quarter of 2022, we acquired land in Charlotte for an aggregate purchase price, including capitalized acquisition costs, of $27.0 million. Dispositions During the second quarter of 2022, we sold office buildings and land in Atlanta, Greensboro and Tampa for an aggregate sales price of $100.7 million (before closing credits to buyers of $1.1 million) and recorded aggregate gains on disposition of property of $50.0 million. During the first quarter of 2022, we sold land in Tampa for a sales price of $9.6 million and recorded a gain on disposition of property of $4.1 million. Impairments As more fully described in Note 15, we have entered the Dallas market through the formation of two 50/50 joint ventures to develop Class AA assets in two Dallas submarkets. We plan to fund our entry into Dallas, including our share of the two developments, by exiting the Pittsburgh market. Our Pittsburgh assets, which consist of 2,155,000 square feet of office that were 92.9% occupied as of June 30, 2022, represent approximately 6% of our overall net operating income. Because we classified all of our assets in Pittsburgh as non-core, net income in the second quarter of 2022 included an impairment charge of $35.0 million to lower the carrying amount of EQT Plaza (including accrued straight-line rents receivable and deferred leasing costs) to its estimated fair value less costs to sell. EQT Plaza is a 616,000 square foot office building located in the heart of Pittsburgh’s CBD. EQT Corporation’s lease of 317,000 square feet at EQT Plaza is scheduled to expire in September 2024.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522 + Details
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