Annual report pursuant to Section 13 and 15(d)

Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables)

v3.10.0.1
Real Estate Dispositions, Held for Sale, and Impairment Charges (Tables)
 12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Summary Properties Sold
During the year ended December 31, 2018, we sold three non-core properties, located in Arlington, Texas, Tewksbury, Massachusetts, and South Hadley, Massachusetts, respectively, and applied the proceeds towards outstanding debt and property acquisitions, which is summarized in the table below (dollars in thousands):

Aggregate Square Footage Sold
 
Aggregate Sales Price
 
Aggregate Sales Costs
 
Aggregate Gain on Sale of Real Estate, net
316,200

 
$
13,400

 
$
565

 
$
2,763

Components of Operating Income from Real Estate and Related Assets Disposed
The table below summarizes the components of operating income from the real estate and related assets disposed of during the years ended December 31, 2018, 2017, and 2016, respectively (dollars in thousands):
 
 
 
For the year ended December 31,
 
 
 
2018
 
2017
 
2016
 
Operating revenue
 
$
383


$
1,160

 
$
1,403

 
Operating expense
 
311


3,705

(2)
1,849

(3)
Other income, net
 
2,763

(1)
—

 
(158
)
 
(Expense) income from real estate and related assets sold
 
$
2,835

 
$
(2,545
)
 
$
(604
)
 
  (1) Includes $2.8 million gain on sale of real estate, net.
  (2) Includes $2.8 million impairment charge.
  (3) Includes $1.1 million impairment charge.
Components of Income from Real Estate and Related Assets Held for Sale
The table below summarizes the components of income from real estate and related assets held for sale at December 31, 2018 (dollars in thousands):
 
 
 
For the year ended December 31,
 
 
2018
 
2017
 
2016
Operating revenue
 
$
1,007

 
$
416

 
$
—

Operating expense
 
1,004


471

 
—

Other income, net
 
(334
)
 
(142
)
 
—

(Loss) income from real estate and related assets held for sale
 
$
(331
)
 
$
(197
)
 
$
—

Components of Assets and Liabilities Held for Sale
The table below summarizes the components of the assets and liabilities held for sale reflected on the accompanying consolidated balance sheet (dollars in thousands):
 
 
 
December 31, 2018
 
December 31, 2017
Assets Held for Sale
 
 
 
 
Real estate, at cost
 
$
3,173

 
$
12,997

Less: accumulated depreciation
 
218

 
3,970

Total real estate held for sale, net
 
2,955

 
9,027

Lease intangibles, net
 
1,105

 
9

Deferred rent receivable, net
 
91

 
10

Total Assets Held for Sale
 
$
4,151

 
$
9,046

Liabilities Held for Sale
 
 
 
 
Asset retirement obligation
 
$
—

 
$
114

Total Liabilities Held for Sale
 
$
—

 
$
114