Disposition and Assets Held for Sale

6 Months Ended

Jun. 30, 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 six months ended June 30, 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, was part of a like-kind exchange. See Note 5 for additional information. Total square feet represents potential development density approved by Arlington County.

In June 2020, we recognized a loss of $3.0 million from the sale of 11333 Woodglen Drive/NoBe II Land/Woodglen ("Woodglen") by our unconsolidated real estate venture with Landmark. See Note 4 for additional information.

Assets Held for Sale

As of June 30, 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:

			Total	Assets Held
Assets	Segment	Location	Square Feet (1)	for Sale
				(In thousands)
June 30, 2020
Pen Place (2)	Other	Arlington, Virginia	2,080	$	73,876
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.