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ACQUISITIONS AND DISPOSITIONS | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS The fair value of real estate acquired is recorded to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. 2020 Transactions—There were no acquisitions and dispositions during the three months ended March 31, 2020. 2019 Transactions—There were no acquisitions during the three months ended March 31, 2019. We sold 100% fee-simple interests in the following properties to unrelated third-parties during the three months ended March 31, 2019. Transaction costs related to these sales were expensed as incurred.
Property |  | Asset Type |  | Date of Sale |  | Square Feet |  | Sales Price |  | Transaction Costs |  | Gain on Sale
|  |  |  |  |  |  |  | (in thousands)
March Oakland Properties, Oakland, CA (1) |  | Office / Parking Garage |  | March 1, 2019 |  | 975,596 |  |  | $ | 512,016 |  |  | $ | 8,971 |  |  | $ | 289,779 |
830 1st Street, Washington, D.C. |  | Office |  | March 1, 2019 |  | 247,337 |  |  | 116,550 |  |  | 2,438 |  |  | 45,710 |
260 Townsend Street, San Francisco, CA |  | Office |  | March 14, 2019 |  | 66,682 |  |  | 66,000 |  |  | 2,539 |  |  | 42,092 |
|  |  |  |  |  |  |  | $ | 694,566 |  |  | $ | 13,948 |  |  | $ | 377,581 |
(1) | The "March Oakland Properties" consist of 1901 Harrison Street, 2100 Franklin Street, 2101 Webster Street, and 2353 Webster Street Parking Garage.
The results of operations of the properties we sold have been included in the consolidated statements of operations through each property's respective disposition date. The following is the detail of the carrying amounts of assets and liabilities at the time of the sales of the properties that occurred during the three months ended March 31, 2019:
|  | (in thousands)
Assets |  |
Investments in real estate, net |  | $ | 270,910 |
Deferred rent receivable and charges, net |  | 32,284 |
Other intangible assets, net |  | 316 |
Total assets |  | $ | 303,510 |
Liabilities |  |
Debt, net (1) (2) |  | $ | 278,777 |
Total liabilities |  | $ | 278,777 |
(1) | Debt, net is presented net of deferred loan costs of $1,417,000 and accumulated amortization of $494,000.
(2) | A mortgage loan with an outstanding principal balance of $28,200,000 was assumed by the buyer in connection with the sale of our property in San Francisco, California. A mortgage loan with an outstanding principal balance of $46,000,000 was prepaid in connection with the sale in March 2019 of our property in Washington, D.C. that was collateral for the loan. Mortgage loans with an aggregate outstanding principal balance of $205,500,000 were legally defeased in connection with the sale of the March Oakland Properties that were collateral for the loans.
In connection with our negotiation of an agreement with an unrelated third-party for the sale of 100% fee-simple interests in two office properties and one development site located in Washington, D.C., which sale was consummated in July 2019, we determined the book value of such properties exceeded their estimated fair value and recognized an impairment charge of $66,200,000 during the three months ended March 31, 2019 under the held-and-used impairment model. Following our signing of the agreement for the sale of the aforementioned properties and our receipt of a non-refundable deposit in respect of their sale in June 2019, such properties were classified as held for sale as of June 30, 2019 and we recognized an additional impairment charge of $2,800,000 under the held-for-sale impairment model. Our determination of the fair values of these properties was based on negotiations with the third-party buyer and the contract sales price.

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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. + References Reference 1: 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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