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Dispositions of Properties | 9 Months Ended
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Sep. 30, 2021
Dispositions of property |
Dispositions of properties | 9. Dispositions of properties ​ In 2021, the Company determined that further debt reduction would provide greater financial flexibility and potentially increase shareholder value. Accordingly, the Company adopted a strategy to dispose of certain properties in 2021 where it believes its valuation objective has been met. The Company sold three office properties located in Atlanta, Georgia on May 27, 2021 with an aggregate sales price of approximately $219.5 million, at a net gain of approximately $22.8 million. The Company sold an office property in Dulles, Virginia on June 29, 2021 with a sales price of approximately $17.3 million, at a loss of $2.1 million. The Company sold an office property located in Indianapolis, Indiana on August 31, 2021 with a sales price of approximately $35 million, at a loss of approximately $1.7 million. The Company sold two office properties located in Chesterfield, Missouri on September 23, 2021 with an aggregate sales price of approximately $67 million, at a gain of approximately $10.3 million. The Company used the proceeds of the dispositions principally to repay outstanding indebtedness. ​ The Company reports the results of operations of its properties in its consolidated statements of operations, which includes rental income, rental operating expenses, real estate taxes and insurance and depreciation and amortization. ​ The operating results for the properties that the Company disposed of are summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Rental revenue | ​ | $ | 2,820 | ​ | $ | 10,759 | ​ | $ | 20,813 | ​ | $ | 31,365
Rental operating expenses | ​ |  | (801) | ​ |  | (3,465) | ​ |  | (6,292) | ​ |  | (9,778)
Real estate taxes and insurance | ​ |  | 136 | ​ |  | (1,632) | ​ |  | (2,814) | ​ |  | (4,980)
Depreciation and amortization | ​ |  | (769) | ​ |  | (4,050) | ​ |  | (6,047) | ​ |  | (12,181)
Income from dispositions | ​ | $ | 1,386 | ​ | $ | 1,612 | ​ | $ | 5,660 | ​ | $ | 4,426
​

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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