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Disposition of Properties

9 Months Ended

Sep. 30, 2022

Dispositions of property

Dispositions of properties

9. Disposition of Properties

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In furtherance of the Company’s strategy adopted in 2021 to dispose of certain properties where it believed its valuation objective has been met, the Company sold two office properties located in Broomfield, Colorado on August 31, 2022 for an aggregate sales price of $102.5 million, at a net gain of approximately $24.1 million. In 2021, the Company sold three office properties located in Atlanta, Georgia on May 27, 2021 for an aggregate sales price of approximately $219.5 million, at a net gain of approximately $22.7 million. The Company sold an office property in Dulles, Virginia on June 29, 2021 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.

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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.

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The operating results for the properties that the Company disposed of during the three and nine months ended September 30, 2022 and 2021, respectively, are summarized below:

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​	​	​	​	​	​	​	​	​	​	​	​	​
​		For the Three Months Ended					​	For the Nine Months Ended
​	​	September 30,					​	September 30,
(in thousands)		2022			2021			2022			2021
Rental revenue	​	$	2,078	​	$	5,959	​	$	8,581	​	$	30,598
Rental operating expenses	​		(580)	​		(1,558)	​		(2,460)	​		(8,779)
Real estate taxes and insurance	​		(569)	​		(742)	​		(2,145)	​		(5,440)
Depreciation and amortization	​		(783)	​		(1,951)	​		(3,139)	​		(9,595)
Income from dispositions	​	$	146	​	$	1,708	​	$	837	​	$	6,784

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- References

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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 https://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
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