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Subsequent Events | 9 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Valleybrooke Disposition On October 24, 2014, the Company sold its Valleybrooke office portfolio for a sale price of $37.9 million. (See Note 3 for discussion of impairment) The loss on sale, including closing costs of $1.8 million, approximated the impairment loss recorded as of September 30, 2014. 1919 Market Street Venture On October 21, 2014, the Company formed a joint venture named 1919 Market Street Ventures ("1919 Ventures") with LCOR/CalSTRS ("LCOR"), a fully integrated commercial real estate company unaffiliated with the Company. Each of the Company and LCOR owns a 50% interest in 1919 Ventures which, through wholly-owned subsidiaries, owns a one acre parcel of land in Philadelphia, Pennsylvania. The Company and LCOR valued the land and improvements at $16.4 million and LCOR acquired its 50% interest in 1919 Ventures from the Company for $8.2 million. After giving effect to cash contributions, distributions and credit to the Company for its pre-existing interest in the assets of 1919 Ventures, each of the Company and LCOR had made, as of the formation date, an additional $5.2 million capital contribution to 1919 Ventures for closing costs and development. River Place Acquisition On October 17, 2014, the Austin Venture acquired River Place, comprised of seven Class A office buildings containing 591,000 rentable square feet located in Austin, Texas for $128.1 million. The transaction was funded through a combination of an $88.0 million short-term loan, secured by a mortgage, made by the Company to the Austin Venture and cash capital contributions of $20.0 million from each of DRA and the Company the Austin Venture. The short-term financing was provided by the Company and the Austin Venture is currently seeking permanent financing. The debt agreement for the short-term loan provides financing through March 2015 at the following tiered interest rates; (i) 4.0% through December 31, 2014 (ii) 5.0% from January 1, 2015 through January 31, 2015, (iii) 7.0% from February 1, 2015 through February 28, 2015 and (iv) 9.0% from March 1, 2015 through March 31, 2015. The Austin Venture may repay the short-term loan at any time without penalty. Guaranteed Notes Redemption On October 16, 2014, in connection with the aforementioned offering, the Company redeemed for $143.5 million of its 5.40% Guaranteed Notes due November 1, 2014, and $114.9 million of its 7.50% Guaranteed Notes due May 15, 2015. The Company funded $270.3 million from net proceeds of the registered offering, as well as available cash balances, with the Company recognizing a $4.9 million loss on the early extinguishment of debt. The Company has evaluated subsequent events through the date the financial statements were issued.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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