Held for Sale/Disposed Assets

3 Months Ended

Mar. 31, 2020

Held For Sale/Disposed Assets [Abstract]

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 March 31, 2020, the Company had entered into an agreement with a third-party purchaser to sell three properties located in the Washington, D.C. market for a sales price of approximately $54.0 million (net book value of approximately $31.8 million). The sale of the properties is subject to various closing conditions.

The following summarizes the condensed results of operations of the properties held for sale as of March 31, 2020 for the three months ended 2020 and 2019 (dollars in thousands):


	For the Three Months Ended March 31,
	2020		2019
Revenues	$	1,093	$	1,134

Property operating expenses	(285)		(395)
Depreciation and amortization	(210)		(317)
Income from operations	$	598	$	422

During the three months ended March 31, 2019, the Company sold one property located in the Los Angeles market for a sales price of approximately $12.4 million, resulting in a gain of approximately $4.5 million. The Company did not sell any property during the three months ended March 31, 2020.