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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2015
Real Estate [Abstract] |
Gross Carrying Value Of Company's Properties | As of September 30, 2015 and December 31, 2014, the gross carrying value of the Company’s Properties was as follows (in thousands):
| September 30, 2015 |  | December 31, 2014
Land | $ | 658,280 |  |  | $ | 669,635 |
Building and improvements | 3,438,563 |  |  | 3,409,303 |
Tenant improvements | 532,380 |  |  | 524,754 |
| 4,629,223 |  |  | 4,603,692 |
Assets held for sale - real estate investments (a) | 74,706 |  |  | 27,436 |
Total | $ | 4,703,929 |  |  | $ | 4,631,128 |
(a) | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale.
Schedule of Purchase Price Allocation | The purchase price has been allocated as follows (in thousands):
| June 22, 2015
Building, land and improvements | $ | 163,271 |
Land inventory | 6,045 |
Intangible assets acquired (a) | 50,637 |
Below market lease liabilities assumed (b) | (8,600 | )
| $ | 211,353 |
Return of existing equity method investment | (67,261 | )
Net working capital assumed | (271 | )
Total cash payment at settlement | $ | 143,821 |
(a) | Weighted average amortization period of 4.0 years.
(b) | Weighted average amortization period of 1.5 years.
Schedule of Pro Forma Information | The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands except for per share amounts).
|  | Three-month periods ended |  | Nine-month periods ended
|  | September 30, |  | September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Pro forma revenue |  | $ | 152,585 |  |  | $ | 149,951 |  |  | $ | 455,141 |  |  | $ | 459,722 |
Pro forma income from continuing operations |  | 20,308 |  |  | 11,525 |  |  | 35,954 |  |  | 15,914 |
Pro forma net income available to common shareholders |  | 18,346 |  |  | 9,607 |  |  | 30,305 |  |  | 11,332 |
Earnings per common share from continuing operations: |  |  |  |  |  |  |  |
Basic -- as reported |  | $ | 0.11 |  |  | $ | 0.05 |  |  | $ | 0.18 |  |  | $ | 0.05 |
Basic -- as pro forma |  | $ | 0.11 |  |  | $ | 0.07 |  |  | $ | 0.20 |  |  | $ | 0.10 |
Diluted -- as reported |  | $ | 0.11 |  |  | $ | 0.05 |  |  | $ | 0.18 |  |  | $ | 0.05 |
Diluted -- as pro forma |  | $ | 0.11 |  |  | $ | 0.07 |  |  | $ | 0.20 |  |  | $ | 0.10 |
Earnings per common share: |  |  |  |  |  |  |  |
Basic -- as reported |  | $ | 0.10 |  |  | $ | 0.04 |  |  | $ | 0.15 |  |  | $ | 0.02 |
Basic -- as pro forma |  | $ | 0.10 |  |  | $ | 0.06 |  |  | $ | 0.17 |  |  | $ | 0.07 |
Diluted -- as reported |  | $ | 0.10 |  |  | $ | 0.04 |  |  | $ | 0.15 |  |  | $ | 0.02 |
Diluted -- as pro forma |  | $ | 0.10 |  |  | $ | 0.06 |  |  | $ | 0.17 |  |  | $ | 0.07 |
Dispositions | The Company sold the following office properties during the nine-month period ended September 30, 2015 (dollars in thousands).
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Properties |  | Rentable Square Feet |  | Sale Price |  | Gain/(Loss) On Sale (a) |
September 29, 2015 |  | 1000 Howard Boulevard |  | Mt. Laurel, NJ |  | 1 |  |  | 105,312 |  |  | $ | 16,500 |  |  | $ | 4,823 |  |
August 13, 2015 |  | Bay Colony |  | Wayne, PA |  | 4 |  |  | 247,294 |  |  | 37,500 |  |  | 288 |  |
August 11, 2015 |  | 741 First Avenue |  | King of Prussia, PA |  | 1 |  |  | 77,184 |  |  | 4,900 |  |  | 372 |  |
June 10, 2015 |  | 100 Gateway Centre Parkway |  | Richmond, VA |  | 1 |  |  | 74,991 |  |  | 4,100 |  |  | — |  | (b)
April 24, 2015 |  | Christina / Delaware Corporate Centers |  | Newark, DE / Wilmington, DE |  | 5 |  |  | 485,182 |  |  | 50,125 |  |  | 1,797 |  |
April 9, 2015 |  | Lake Merritt Tower |  | Oakland, CA |  | 1 |  |  | 204,336 |  |  | 65,000 |  |  | — |  | (c)
January 8, 2015 |  | Atrium I / Libertyview |  | Mt. Laurel, NJ / Cherry Hill, NJ |  | 2 |  |  | 221,405 |  |  | 28,300 |  |  | 9,040 |  |
Total Dispositions |  |  |  |  |  | 15 |  |  | 1,415,704 |  |  | $ | 206,425 |  |  | $ | 16,320 |  | (d)
(a) | Gain/(Loss) on Sale is net of closing and other transaction related costs.
(b) | The Company recorded an impairment loss of $0.8 million for 100 Gateway Centre Parkway during the second quarter of 2015. As such, there was no gain/(loss) at disposition for this property.
(c) | The Company recorded an impairment loss of $1.7 million for Lake Merritt Tower at March 31, 2015. As such, there was no gain/(loss) at disposition for this property. Sales proceeds were deposited in escrow under Section 1031 of the Internal Revenue Code and applied to purchase the Broadmoor Austin portfolio. Refer to Broadmoor Austin Associates acquisition summary, above, for further details.
(d) | Total gain/(loss) on sale does not include a deferred gain of $0.5 million related to a prior sale and $0.1 million in losses associated with prior sales.
The Company sold the following land parcels during the nine-month period ended September 30, 2015 (dollars in thousands).
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Parcels |  | Acres |  | Sale Price |  | Gain/(Loss) on Sale |
September 1, 2015 |  | 7000 Midlantic |  | Mt. Laurel, NJ |  | 1 |  |  | 3.5 |  |  | $ | 2,200 |  |  | $ | (169 | ) |
August 31, 2015 |  | Four Points |  | Austin, TX |  | 1 |  |  | 8.6 |  |  | 2,500 |  |  | 71 |  |
August 25, 2015 |  | Two Kaiser Plaza |  | Oakland, CA |  | 1 |  |  | 1.0 |  |  | 11,100 |  |  | 3,117 |  |
Total Dispositions |  |  |  |  |  | 3 |  |  | 13.1 |  |  | $ | 15,800 |  |  | $ | 3,019 |  |

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