Held for Sale/Disposed Assets

12 Months Ended

Dec. 31, 2019

Held For Sale/Disposed Assets [Abstract]

Held for Sale/Disposed Assets

Held for Sale/Disposed Assets

The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant, and Equipment. Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. As of December 31, 2019, the Company did not have any properties held for sale.

During the year ended December 31, 2019, the Company sold one property in the Los Angeles market for a sales price of approximately $12.4 million, resulting in a gain of approximately $4.5 million, one redevelopment property in the Miami market for a sales price of approximately $14.0 million, resulting in a gain of approximately $1.8 million, and two properties located in the Washington, D.C. market for an aggregate sales price of approximately $22.5 million, resulting in an aggregate gain of approximately $3.1 million. During the year ended December 31, 2018, the Company sold one property located in the

Los Angeles market for a sales price of approximately $33.2 million, resulting in a gain of approximately $12.2 million, two properties in the Miami market for an aggregate sales price of approximately $28.6 million, resulting in an aggregate gain of approximately $13.1 million and one property in the Washington, D.C. market for a sales price of approximately $20.3 million, resulting in a gain of approximately $3.3 million.