| Properties, Net |
Properties, Net
Operating properties, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022 |
|
December 31, 2021 |
| Land |
$ |
584,878 |
|
|
$ |
572,900 |
|
| Buildings and improvements |
3,830,427 |
|
|
3,670,133 |
|
| Less: Accumulated depreciation |
(1,245,313) |
|
|
(1,152,523) |
|
| Operating properties, net |
$ |
3,169,992 |
|
|
$ |
3,090,510 |
|
2022 Dispositions and Discontinued Operations
On January 25, 2022, we sold 9651 Hornbaker Road in Manassas, Virginia, our sole wholesale data center investment, for $222.5 million, resulting in a gain on sale of $28.6 million. This property, a separate reportable segment, is reported herein as discontinued operations. The table below sets forth the components of the property’s assets classified as held for sale on our consolidated balance sheet as of December 31, 2021 (in thousands):
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|
|
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|
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|
|
|
|
|
|
| Properties, net |
|
|
$ |
191,857 |
|
| Deferred rent receivable |
|
|
462 |
|
| Intangible assets on property acquisitions, net |
|
|
73 |
|
| Deferred leasing costs, net |
|
|
307 |
|
|
|
|
|
| Assets held for sale, net |
|
|
$ |
192,699 |
|
The table below sets forth the property’s results of operations included in discontinued operations on our consolidated statements of operations and its operating and investing cash flows included on our consolidated statements of cash flows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
| |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
| |
(in thousands) |
| Revenues from real estate operations |
$ |
— |
|
|
$ |
7,717 |
|
|
$ |
1,980 |
|
|
$ |
22,255 |
|
|
|
| Property operating expenses |
— |
|
|
(4,462) |
|
|
(971) |
|
|
(11,862) |
|
|
|
| Depreciation and amortization associated with real estate operations |
— |
|
|
(2,804) |
|
|
— |
|
|
(8,448) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on sale of real estate |
— |
|
|
— |
|
|
28,564 |
|
|
— |
|
|
|
| Discontinued operations |
$ |
— |
|
|
$ |
451 |
|
|
$ |
29,573 |
|
|
$ |
1,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
$ |
5,759 |
|
|
$ |
11,593 |
|
|
|
| Cash flows from investing activities |
|
|
|
|
$ |
220,566 |
|
|
$ |
(882) |
|
|
|
|