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Held for Sale/Disposed Assets
9 Months Ended
Sep. 30, 2020
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 September 30, 2020, the Company had no properties held for sale.
During the nine months ended September 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 and one property located in the Miami market for a sales price of approximately $22.2 million, resulting in a gain of approximately $9.0 million.
During the nine months ended September 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 and one property located in the Miami market for a sales price of approximately $14.0 million, resulting in a gain of $1.8 million.