Acquisition, Dispositions and Assets Held for Sale

9 Months Ended

Sep. 30, 2023

Acquisition, Dispositions and Assets Held for Sale

Acquisition, Dispositions and Assets Held for Sale

3.Acquisition, Dispositions and Assets Held for Sale

Acquisition

During the nine months ended September 30, 2023, we paid the deferred purchase price of $19.6 million related to the 2020 acquisition of a development parcel, formerly the Americana hotel.

Dispositions

The following is a summary of activity for the nine months ended September 30, 2023:

									Gain (Loss)
					Gross		Cash		on the Sale
				Total	Sales		Proceeds		of Real
Date Disposed	Assets	Segment	Location	Units	Price		from Sale		Estate
				(In thousands)
March 17, 2023	Development Parcel	Other	Arlington, Virginia	—	$	5,500	$	4,954	$	(53)
March 23, 2023	4747 Bethesda Avenue (1)	Commercial	Bethesda, Maryland							40,053
September 20, 2023	Falkland Chase-South & West and Falkland Chase-North	Multifamily	Silver Spring, Maryland	438		95,000		93,094		1,208
	Other (2)									398
									$	41,606

(1) We sold an 80.0% interest in the asset for a gross sales price of $196.0 million, representing a gross valuation of $245.0 million. See Note 4 for additional information.

(2) Related to prior period dispositions.

Assets Held for Sale

The following is a summary of assets held for sale as of September 30, 2023. There were no assets held for sale as of December 31, 2022.

			Total	Assets Held
Assets	Segment	Location	Square Feet	for Sale
			(In thousands)
5 M Street Southwest (1)	Other	Washington, D.C.	665	$	28,336

(1) Sold on October 4, 2023 for $29.5 million. Total square feet represent estimated potential development density.