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REAL ESTATE INVESTMENTS | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
REAL ESTATE INVESTMENTS | 3. REAL ESTATE INVESTMENTS As of June 30, 2023 and December 31, 2022, the gross carrying value of the operating properties was as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
Land | $ | 398,536 |  |  | $ | 403,998 |
Building and improvements | 2,725,168 |  |  | 2,760,357 |
Tenant improvements | 473,507 |  |  | 452,885 |
Operating properties | $ | 3,597,211 |  |  | $ | 3,617,240 |
Assets held for sale - real estate investments | 52,664 |  |  | — |
Total | $ | 3,649,875 |  |  | $ | 3,617,240 |
Dispositions During the first quarter of 2023, the Company deconsolidated $7.8 million recorded in “Prepaid leasehold interests in land held for development, net” on the consolidated balance sheets. This deconsolidation reflects the Company’s contribution, in January 2023, of 200,000 square feet of buildable floor to area ratio (“FAR”) to the Company’s unconsolidated real estate venture, referred to in Note 4 below as the 3151 Market Street Venture, for use by this unconsolidated real estate venture in the development of 3151 Market Street. Upon contribution at fair market value, we recognized a gain, net of transaction costs, of $0.8 million in “Net gain on sale of undepreciated real estate” on the consolidated statements of operations. Held-for-sale As of June 30, 2023, the Company was under an agreement to sell to an unaffiliated third party an office property located in the Austin, Texas segment for $53.3 million and has classified the property as held for sale on the consolidated balance sheets. As of June 30, 2023, the carrying value of the of the property was in excess of the fair value less cost to sell. As a result, an impairment loss of $4.5 million was recognized. The estimated fair value is considered Level 3 in accordance with ASC 820 and was based upon the executed agreement of sale. Consummation of the sale is subject to closing conditions and there can be no assurance that the sale will be consummated on expected terms, or at all. The following is a summary of the property classified as held for sale as of June 30, 2023 (in thousands):
| Held for Sale Properties (a)
| June 30, 2023
ASSETS HELD FOR SALE |
Real estate investments: |
Operating properties | $ | 54,701 |
Accumulated depreciation | (5,388) |
Operating real estate investments, net | 49,313 |
Construction-in-progress | 370 |
Total real estate investments, net | 49,683 |
Deferred costs, net | 339 |
Intangible assets, net | 1,755 |
Accrued Rent Receivable | 790 |
Other assets | 97 |
Total assets held for sale, net | $ | 52,664 |
LIABILITIES HELD FOR SALE |
Mortgage notes payable, net |
Deferred income, gains and rent | 383 |
Intangible liabilities, net | 658 |
Total liabilities held for sale, net | $ | 1,041 |

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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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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