Real Estate Disposition Activities

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

The following real estate sales occurred during the six months ended June 30, 2023 (dollars in thousands):


Community name	Location	Period of sale	Apartment homes	Gross sales price		Gain on disposition (1)
eaves Daly City	Daly City, CA	Q223	195	$	67,000	$	54,618
Avalon at Newton Highlands	Newton, MA	Q223	294	$	170,000	$	132,723

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(1) Gain on disposition was reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

At June 30, 2023, the Company had one real estate asset that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the three and six months ended June 30, 2023, the Company sold three and four residential condominiums at The Park Loggia for gross proceeds of $15,435,000 and $19,342,000, respectively, resulting in a gain in accordance with GAAP of $382,000 and $410,000, respectively. During the three and six months ended June 30, 2022, the Company sold 13 and 28 residential condominiums at The Park Loggia for gross proceeds of $41,002,000 and $81,338,000, respectively, resulting in a gain in accordance with GAAP of $467,000 and $1,469,000, respectively. The Company incurred marketing, operating and administrative costs of $97,000 and $538,000 for the three months ended June 30, 2023 and 2022, respectively, and $299,000 and $1,304,000 for the six months ended June 30, 2023 and 2022, respectively. All amounts are included in other real estate activity on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of June 30, 2023, there were five residential condominiums remaining to be sold. As of June 30, 2023 and December 31, 2022, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $15,336,000 and $32,532,000, respectively, presented in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.