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Assets classified as held for sale
9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Assets classified as held for sale ASSETS CLASSIFIED AS HELD FOR SALE
As of September 30, 2021, two properties aggregating 413,151 RSF and an option to purchase a land parcel in our SoMa submarket for the development of an office property were classified as held for sale in our unaudited consolidated financial statements, none of which met the criteria for classification as discontinued operations. Accordingly, we ceased depreciation of the two properties upon their classification as held for sale.

Upon classification of an asset as held for sale, we recognize an impairment charge if the carrying amount of the long-lived asset exceeds its fair value less cost to sell. Subsequently, as a result of our quarterly assessment, we recognize an incremental impairment charge for any decrease in the asset’s fair value less cost to sell. Conversely, a gain is recognized for a subsequent increase in fair value less cost to sell, limited to the cumulative net loss previously recognized. Refer to the “Impairment of long-lived assets” section within Note 2 – “Summary of significant accounting policies” and “Real estate impairment charges” section within Note 3 – “Investments in real estate” to our unaudited consolidated financial statements for information about impairment charges related to our assets held for sale recognized during the nine months ended September 30, 2021.

The following is a summary of net assets as of September 30, 2021, and December 31, 2020, for our assets that were classified as held for sale as of each respective date (in thousands):
September 30, 2021December 31, 2020
Total assets$28,174 $117,879 
Total liabilities(1,085)(33,081)
Total accumulated other comprehensive loss(1,276)(841)
Net assets classified as held for sale$25,813 $83,957