Disposition and Assets Held for Sale

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposition and Assets Held for Sale

3.Disposition and Assets Held for Sale

Disposition

The following is a summary of disposition activity for the three months ended March 31, 2020:

									Gain on
				Total	Gross		Cash		Sale of
				Square	Sales		Proceeds		Real
Date Disposed	Assets	Segment	Location	Feet	Price		from Sale		Estate
				(In thousands)
January 15, 2020	Metropolitan Park (1)	Other	Arlington, Virginia	2,150	$	154,952	$	154,493	$	59,477

(1) The property, which was sold to Amazon.com ("Amazon"), was part of a like-kind exchange. See Note 5 for additional information. Total square feet represents potential development density approved by Arlington County.

Assets Held for Sale

As of March 31, 2020 and December 31, 2019, we had certain real estate properties that were classified as held for sale. The amounts included in "Assets held for sale" in our balance sheets primarily represent the carrying value of real estate. The following is a summary of assets held for sale:

						Liabilities
						Related to
			Total	Assets Held		Assets Held
Assets	Segment	Location	Square Feet (1)	for Sale		for Sale
				(In thousands)
March 31, 2020
Pen Place (2)	Other	Arlington, Virginia	2,080	$	73,876	$	213
December 31, 2019
Pen Place (2)	Other	Arlington, Virginia	2,080	$	73,895	$	—
Metropolitan Park (3)	Other	Arlington, Virginia	2,150		94,517		—
			4,230	$	168,412	$	—

(1) Represents estimated or approved potential development density.

(2) In March 2019, we entered into an agreement for the sale of Pen Place for $149.9 million, subject to customary closing conditions. The sale of Pen Place to Amazon is expected to close in 2021.

(3) As noted above, we sold Metropolitan Park to Amazon in January 2020.