Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).

Date of Sale	Number of Properties	Location	Square Feet	Gross  Sale Price (1)		Gain (Loss) on Sale of Real Estate			Loss on Impairment of Real Estate
February 2019	34	Northern Virginia and Maryland	1,635,868	$	198,500	$	—		$	732
March 2019	1	Washington, D.C.	129,035	70,000		22,075			—
May 2019	1	Buffalo, NY	121,711	16,900		—			5,137
May 2019	1	Maynard, MA	287,037	5,000		(227		)	—
June 2019	1	Kapolei, HI	416,956	7,100		—			—
July 2019	1	San Jose, CA	71,750	14,000		(270		)	—
July 2019	1	Nashua, NH	321,800	25,000		8,401			—
August 2019	1	Arlington, TX	182,630	14,900		187			—
August 2019	1	Rochester, NY	94,800	4,765		(104		)	—
August 2019	1	Hanover, PA	502,300	5,500		(417		)	—
August 2019	1	San Antonio, TX	618,017	198,000		3,869			—
September 2019	1	Topeka, KS	143,934	15,600		36			—
September 2019	1	Falling Waters, WV	40,348	650		—			2,179
September 2019	1	San Diego, CA	43,918	8,950		3,062			—
October 2019	3	Columbia, SC	180,703	10,750		—			3,581
November 2019	3	Metro DC - MD	372,605	61,938		1,177			—
December 2019	1	San Diego, CA	148,488	23,750		6,823			—
December 2019	1	Phoenix, AZ	122,646	12,850		860			—
December 2019	1	Houston, TX	497,477	130,000		59,992			—
December 2019	1	Kansas City, KS	170,817	11,700		—			1,172
December 2019	1	San Jose, CA	75,621	13,000		(333		)	—
	58		6,178,461	$	848,853	$	105,131		$	12,801

(1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs.

As of December 31, 2019, we had six properties with an aggregate undepreciated carrying value of $61,900 under agreements to sell, as presented in the following table. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2019.

Date of Sale Agreement	Number of Properties	Location	Square Feet	Gross Sale Price (1)
October 2019 (2)	2	Stafford, VA	64,656	$	14,063
October 2019	1	Fairfax, VA	83,130	22,200
October 2019 (2)	1	Windsor, CT	97,256	7,000
November 2019 (3)	1	Trenton, NJ	267,025	30,100
November 2019	1	Lincolnshire, IL	222,717	12,000
	6		734,784	$	85,363

(1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs.

(2) The sale of these properties was completed in January 2020.

(3)

We recorded a $9,454 loss on impairment of real estate during the year ended December 31, 2019 to adjust the carrying value of this property to its estimated fair value less costs to sell.

As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).

Date of Sale	Number of Properties	Location	Square Feet	Gross  Sale Price (1)		Gain on Sale of Real Estate		Loss on Impairment of Real Estate
March 2018	1	Minneapolis, MN	193,594	$	20,000	$	—	$	640
May 2018	1	New York, NY	187,060	118,500		17,249		—
May 2018	1	Sacramento, CA	110,500	10,755		—		3,029
November 2018	1	Golden, CO	43,231	4,000		54		—
December 2018	15	Southern Virginia	1,640,252	167,000		3,358		—
	19		2,174,637	$	320,255	$	20,661	$	3,669

(1)

Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs.

Summarized income statement information for this property is as follows:

Statements of Income (Loss)

	Year Ended
	December 31, 2017
Rental income	$	17
Real estate taxes	(88		)
Utility expenses	(97		)
Other operating expenses	(202		)
General and administrative	(76		)
Increase in carrying value of property included in discontinued operations	619
Income from discontinued operations	$	173

The following table presents the components of income from discontinued operations for the years ended December 31, 2019, 2018 and 2017:

	Year Ended December 31,
	2019		2018			2017
Equity in earnings of Select Income REIT	$	—	$	24,358		$	21,584
Net gain on issuance of shares by Select Income REIT	—		29			72
Loss on sale of Select Income REIT shares	—		(18,665		)	—
Income from property discontinued operations	—		—			173
Income from discontinued operations	$	—	$	5,722		$	21,829