Real Estate Disposition Activities

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

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


Community name	Location	Period of sale	Apartment homes	Gross sales price		Gain on disposition (1)		Commercial square feet
eaves Daly City	Daly City, CA	Q2 2023	195	$	67,000	$	54,618	—
Avalon at Newton Highlands	Newton, MA	Q2 2023	294	$	170,000	$	132,723	—
Avalon Columbia Pike	Arlington, VA	Q3 2023	269	$	105,000	$	22,345	27,000

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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 September 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 nine months ended September 30, 2023, the Company sold four residential condominiums at The Park Loggia for gross proceeds of $19,397,000, resulting in a gain in accordance with GAAP of $461,000. During the three and nine months ended September 30, 2022, the Company sold 10 and 38 residential condominiums at The Park Loggia for gross proceeds of $38,991,000 and $120,328,000, respectively, resulting in a gain in accordance with GAAP of $644,000 and $2,113,000, respectively. The Company recognized net marketing, operating and administrative recoveries of $27,000 and incurred marketing, operating and administrative costs of $340,000 for the three months ended September 30, 2023 and 2022, respectively, and incurred marketing, operating and administrative costs of $272,000 and $1,644,000 for the nine months ended September 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 September 30, 2023, there were four residential condominiums remaining to be sold. As of September 30, 2023 and December 31, 2022, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $12,657,000 and $32,532,000, respectively, presented in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.