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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2016
Real Estate Properties [Line Items] |
Gross Carrying Value Of Properties | As of September 30, 2016 and December 31, 2015, the gross carrying value of the Properties were as follows (in thousands):
| September 30, |  |  | December 31, |
| 2016 |  |  | 2015 |
Land | $ | 488,580 |  |  | $ | 513,268 |
Building and improvements |  | 2,561,976 |  |  |  | 2,719,780 |
Tenant improvements |  | 635,783 |  |  |  | 459,952 |
Operating properties |  | 3,686,339 |  |  |  | 3,693,000 |
Assets held for sale - real estate investments |  | 16,916 |  |  |  | 794,588 |
Total | $ | 3,703,255 |  |  | $ | 4,487,588 |
Dispositions | The Company sold the following office properties during the nine-month period ended September 30, 2016 (dollars in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Properties |  | Rentable Square Feet |  |  | Sales Price |  |  | Net Proceeds on Sale |  |  | Gain (Loss) on Sale (a) |  |
September 1, 2016 |  | 1120 Executive Plaza |  | Mt. Laurel, NJ |  | 1 |  |  | 95,183 |  |  | $ | 9,500 |  |  | $ | 9,241 |  |  | $ | (18 | ) | (b)
August 2, 2016 |  | 50 East Clementon Road |  | Gibbsboro, NJ |  | 1 |  |  | 3,080 |  |  |  | 1,100 |  |  |  | 1,011 |  |  |  | (85 | ) |
May 11, 2016 |  | 196/198 Van Buren Street (Herndon Metro Plaza I&II) |  | Herndon, VA |  | 2 |  |  | 197,225 |  |  |  | 44,500 |  |  |  | 43,412 |  |  |  | (752 | ) | (c)
February 5, 2016 |  | 2970 Market Street (Cira Square) |  | Philadelphia, PA |  | 1 |  |  | 862,692 |  |  |  | 354,000 |  |  |  | 350,150 |  |  |  | 115,828 |  |
February 4, 2016 |  | Och-Ziff Portfolio |  | Various (d) |  | 58 |  |  | 3,924,783 |  |  |  | 398,100 |  |  |  | 353,971 |  |  |  | (372 | ) | (e)
Total Dispositions |  |  |  |  |  | 63 |  |  | 5,082,963 |  |  | $ | 807,200 |  |  | $ | 757,785 |  |  | $ | 114,601 |  |
(a) | Gain/(Loss) on Sale is net of closing and other transaction related costs.
(b) | As of June 30, 2016, the Company determined that the sale of the property was probable and classified this property as held for sale in accordance with applicable accounting standards for long lived assets. At such date, the carrying value of the property exceeded the fair value less the anticipated costs of sale. As a result, the Company recognized a provision for impairment totaling approximately $1.8 million during the three-month period ended June 30, 2016. The fair value measurement was based on the pricing in the purchase and sale agreement. As the pricing in the purchase and sale agreement is unobservable, the Company determined that the inputs utilized to determine fair value for this property falls within Level 3 in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, "Fair Value Measurements and Disclosures.” The loss on sale represents additional closing costs recognized at settlement.
(c) | During the three-month period ended March 31, 2016, the Company recognized a provision for impairment totaling approximately $7.4 million on the properties. See “Held for Use Impairment” section below. The loss on sale primarily relates to additional closing costs recognized at settlement.
(d) | Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on February 10, 2016 contains a complete list of the 58 properties disposed of in the transactions with Och-Ziff Capital Management Group LLC. See Note 4, "Investment in Unconsolidated Real Estate Ventures," for further details of the transactions.
(e) | During the three-month period ended December 31, 2015, the Company recognized a provision for impairment totaling approximately $45.4 million. The loss on sale represents additional closing costs recognized at settlement.
Held for Sale Properties Included in Continuing Operations [Member] |
Real Estate Properties [Line Items] |
Summary of Properties Classified as Held for Sale but Which did not Meet the Criteria to be Classified within Discontinued Operations | The following is a summary of properties classified as held for sale but which did not meet the criteria to be classified within discontinued operations at September 30, 2016 (in thousands):
| Held for Sale Properties Included in Continuing Operations |
| September 30, 2016 |
| 620, 640 and 660 Allendale Road |  |  | Oakland Lot B |  |  | Total |
ASSETS HELD FOR SALE |  |  |  |  |  |  |  |  |  |  |
Real estate investments: |  |  |  |  |  |  |  |  |  |  |
Operating properties | $ | 12,550 |  |  | $ | 4,366 |  |  | $ | 16,916 |
Accumulated depreciation |  | (4,520 | ) |  |  | (4 | ) |  |  | (4,524 | )
Operating real estate investments, net |  | 8,030 |  |  |  | 4,362 |  |  |  | 12,392 |
Construction-in-progress |  | 212 |  |  |  | - |  |  |  | 212 |
Total real estate investments, net |  | 8,242 |  |  |  | 4,362 |  |  |  | 12,604 |
Other assets |  | - |  |  |  | - |  |  |  | - |
Total assets held for sale, net | $ | 8,242 |  |  | $ | 4,362 |  |  | $ | 12,604 |
LIABILITIES HELD FOR SALE |  |  |  |  |  |  |  |  |  |  |
Other liabilities | $ | 49 |  |  | $ | - |  |  | $ | 49 |
Total liabilities held for sale | $ | 49 |  |  | $ | - |  |  | $ | 49 |

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