Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

The following comprise the Company’s real estate investments:


	Successor		Predecessor
	December 31, 2022		December 31, 2021
Buildings and improvements	$	3,592,688	$	2,341,257
Land	1,921,093		763,961
Development in progress	181,230		—
Land held for development	—		78,991
Investments in real estate	5,695,011		3,184,209
Accumulated depreciation	(138,216)		(1,178,341)
Investments in real estate, net	$	5,556,795	$	2,005,868

Schedule of Asset Acquisition

The following table summarizes the Company’s acquisition activity:


	Successor		Predecessor
	Period from July 20, 2022 through December 31, 2022		Period from January 1, 2022 through July 19, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Operating properties acquired	—		—		8		2
Square feet	—		—		859,000		320,000
Total purchase price	$	—	$	—	$	148,868	$	60,095

The purchase price of the above acquisition, including the associated transaction costs, was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the acquisition date, and are summarized below:


	Successor		Predecessor
	2022 Acquisitions		2022 Acquisitions		2021 Acquisitions		2020 Acquisitions
Building	$	—	$	—	$	111,412	$	24,868
Site improvements	—		—		8,670		1,075

Land	—		—		22,591		30,261
Tenant improvements	—		—		3,629		1,225




Other	—		—		1,400		2,590
Allocated purchase price	$	—	$	—	$	147,702	$	60,019

Schedule of Disposition of Real Estate

The following table summarizes the Company’s dispositions:


	Successor		Predecessor
	Period from July 20, 2022 through December 31, 2022		Period from January 1, 2022 through July 19, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Number of buildings	168		40		22		3
Number of land parcels	—		1		—		—
Net proceeds1	$	1,295,217	$	236,362	$	400,993	$	40,711
Gain on sale of real estate, net	$	—	$	157,022	$	359,875	$	27,273

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Schedule of Real Estate Placed Into Service

The Company completed the construction and placed into service the following buildings:


	Successor		Predecessor
	Period from July 20, 2022 through December 31, 2022		Period from January 1, 2022 through July 19, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Buildings placed into service	—		—		1		—
Square feet	—		—		83,000		—
Total costs incurred1	$	—	$	—	$	8,062	$	—

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¹ Total costs incurred represent the Company’s cumulative spend on development activity relating to the properties placed into service in the above periods, including any allocation of purchase price resulting from acquisition of properties under development.

Real Estate Investment Financial Statements, Disclosure

The following table is a summary of the assets and liabilities of the Company’s zero and 12 properties classified as held for sale as of December 31, 2022 and December 31, 2021, respectively:


	Successor		Predecessor
	December 31, 2022		December 31, 2021
Assets:
Investments in real estate, net	$	—	$	33,607





Prepaid expenses and other assets	—		2

Total assets held for sale	$	—	$	33,609

PS BUSINESS PARKS, INC./MD 10-K