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Acquisition, Dispositions and Assets Held for Sale

9 Months Ended

Sep. 30, 2021

Acquisition, Dispositions and Assets Held for Sale

Acquisition, Dispositions and Assets Held for Sale

3.Acquisition, Dispositions and Assets Held for Sale

Acquisition

We have agreed, subject to customary closing conditions, to acquire The Batley, a 432-unit multifamily asset in the Union Market submarket of Washington, D.C., for a purchase price of approximately $205 million. The building was 90.7% occupied as of September 30, 2021. We expect the acquisition to close in 2021. We intend to use The Batley as a replacement property in a like-kind exchange for the proceeds from the sale of Pen Place to Amazon, which is expected to close during the second quarter of 2022.

Dispositions

In April 2021, we invested cash in and contributed land to two real estate ventures and recognized an $11.3 million gain, which is included in "Gain on sale of real estate" in our statements of operations for the nine months ended September 30, 2021. See Note 4 for additional information.

During the three and nine months ended September 30, 2021, we recognized our proportionate share of the gain from the sale of various assets by our unconsolidated real estate ventures, which is included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations. See Note 4 for additional information.

Assets Held for Sale

The amounts included in "Assets held for sale" in our balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale:

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Total	​	Assets Held
Assets		Segment		Location		Square Feet (1)		for Sale
​	​	​	​	​	​	(In thousands)
September 30, 2021	​	​	​	​	​	​	​	​	​
Pen Place (2)	​	Other	​	Arlington, Virginia	​	2,082	​	$	74,174
December 31, 2020	​	​	​	​	​	​	​	​	​
Pen Place (2)	​	Other	​	Arlington, Virginia	​	2,082	​	$	73,876

(1) Represents estimated or approved potential development density.

(2) In March 2019, we entered into an agreement for the sale of Pen Place to Amazon, which we expect to close during the second quarter of 2022.

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- Definition

The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.

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-Publisher FASB
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