Quarterly report pursuant to Section 13 or 15(d)

Real Estate

v3.21.1
Real Estate
3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Real Estate REAL ESTATE
Development/Redevelopment

We have properties under development/redevelopment and held for current or future development. As of March 31, 2021, we have invested $28.9 million, including the cost of acquired land, in a multifamily development adjacent to Riverside Apartments. In addition, in our multifamily and office segments, we continue to capitalize qualifying costs on several other projects with minor development activity necessary to ready each project for its intended use. We placed the remainder of the Trove development costs into service during the 2021 Quarter.

Properties Sold and Held for Sale

We intend to hold our properties for investment with a view to long-term appreciation, to engage in the business of acquiring, developing and owning our properties and to make occasional sales of properties that no longer meet our long-term strategy or return objectives and where market conditions for sale are favorable. The proceeds from the sales may be reinvested into other properties, used to fund development operations or to support other corporate needs or distributed to our shareholders. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale.

We did not sell or classify any properties as held for sale during the 2021 Quarter. We sold our interests in the following properties during 2020:
Disposition Date Property Name Property Type Rentable Square Feet Contract Sales Price
(in thousands)
(Loss) Gain on Sale
(in thousands)
April 21, 2020 John Marshall II Office 223,000 $ 57,000  $ (6,855)
December 2, 2020 Monument II Office 207,000 53,000  (8,595)
December 17, 2020 1227 25th Street NW Office 135,000 53,500  1,125 
Total 2020 565,000 $ 163,500  $ (14,325)

We have fully transferred control of the assets associated with these disposed properties and do not have continuing involvement in their operations.

As of March 31, 2021, we assessed certain properties for impairment and did not recognize any impairment charges during the 2021 Quarter. We applied reasonable estimates and judgments in evaluating each of the properties as of March 31, 2021. Should external or internal circumstances change requiring the need to shorten holding periods or adjust future estimated cash flows from our properties, we could be required to record impairment charges in the future.