Held for Sale/Disposed Assets

6 Months Ended

Jun. 30, 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 June 30, 2020, the Company had entered into an agreement with a third-party purchaser to sell one property located in the Miami, Florida market for a sales price of approximately $22.2 million (net book value of approximately $11.8 million). The sale of the property is subject to various closing conditions.

The following summarizes the condensed results of operations of the property held for sale as of June 30, 2020 for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020		2019		2020		2019
Revenues	$	370	$	243	$	740	$	554

Property operating expenses	(117)		(99)		(210)		(200)
Depreciation and amortization	(102)		(105)		(204)		(209)
Income from operations	$	151	$	39	$	326	$	145

During the six months ended June 30, 2020, the Company sold three properties located in the Washington, D.C. market for a total aggregate sales price of approximately $51.3 million, resulting in a gain of approximately $17.8 million.

During the six months ended June 30, 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.