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Basis of Presentation (Tables) | 9 Months Ended
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Sep. 30, 2018
Summary of Revenue Earned by Reportable Segments | The following is a summary of revenue earned by the Company’s reportable segments (see Note 12, “Segment Information,” for further information) during the three- and nine-month periods ended September 30, 2018 (in thousands):
| Three-month period ended |
| September 30, 2018 |
| Philadelphia CBD |  |  | Pennsylvania Suburbs |  |  | Metropolitan Washington, D.C. |  |  | Austin, Texas |  |  | Other |  |  | Corporate (a) |  |  | Total |
Base rent | $ | 42,289 |  |  | $ | 29,116 |  |  | $ | 20,635 |  |  | $ | 5,008 |  |  | $ | 2,035 |  |  | $ | (492 | ) |  | $ | 98,591 |
Straight-line rent |  | 1,912 |  |  |  | 1,202 |  |  |  | (492 | ) |  |  | (43 | ) |  |  | 65 |  |  |  | (110 | ) |  |  | 2,534 |
Point of sale |  | 5,905 |  |  |  | 73 |  |  |  | 287 |  |  |  | 134 |  |  |  | 56 |  |  |  | - |  |  |  | 6,455 |
Total rents |  | 50,106 |  |  |  | 30,391 |  |  |  | 20,430 |  |  |  | 5,099 |  |  |  | 2,156 |  |  |  | (602 | ) |  |  | 107,580 |
Tenant reimbursements |  | 13,087 |  |  |  | 3,704 |  |  |  | 902 |  |  |  | 2,286 |  |  |  | 698 |  |  |  | (120 | ) |  |  | 20,557 |
Termination fees |  | 37 |  |  |  | 461 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 498 |
Third party management fees, labor reimbursement and leasing |  | 203 |  |  |  | 6 |  |  |  | 1,279 |  |  |  | 1,223 |  |  |  | 846 |  |  |  | 1,387 |  |  |  | 4,944 |
Other income |  | 919 |  |  |  | 183 |  |  |  | 143 |  |  |  | 33 |  |  |  | 7 |  |  |  | 134 |  |  |  | 1,419 |
Total revenue | $ | 64,352 |  |  | $ | 34,745 |  |  | $ | 22,754 |  |  | $ | 8,641 |  |  | $ | 3,707 |  |  | $ | 799 |  |  | $ | 134,998 |
| Nine-month period ended |
| September 30, 2018 |
| Philadelphia CBD |  |  | Pennsylvania Suburbs |  |  | Metropolitan Washington, D.C. |  |  | Austin, Texas |  |  | Other |  |  | Corporate (a) |  |  | Total |
Base rent | $ | 121,940 |  |  | $ | 88,929 |  |  | $ | 61,575 |  |  | $ | 14,442 |  |  | $ | 6,340 |  |  | $ | (1,464 | ) |  | $ | 291,762 |
Straight-line rent |  | 9,194 |  |  |  | 2,208 |  |  |  | (645 | ) |  |  | 164 |  |  |  | 189 |  |  |  | (345 | ) |  |  | 10,765 |
Point of sale |  | 17,526 |  |  |  | 201 |  |  |  | 783 |  |  |  | 385 |  |  |  | 175 |  |  |  | - |  |  |  | 19,070 |
Total rents |  | 148,660 |  |  |  | 91,338 |  |  |  | 61,713 |  |  |  | 14,991 |  |  |  | 6,704 |  |  |  | (1,809 | ) |  |  | 321,597 |
Tenant reimbursements |  | 37,585 |  |  |  | 10,795 |  |  |  | 2,687 |  |  |  | 6,258 |  |  |  | 2,124 |  |  |  | (355 | ) |  |  | 59,094 |
Termination fees |  | 192 |  |  |  | 1,300 |  |  |  | 138 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,630 |
Third party management fees, labor reimbursement and leasing |  | 632 |  |  |  | 18 |  |  |  | 4,130 |  |  |  | 4,155 |  |  |  | 4,345 |  |  |  | 4,251 |  |  |  | 17,531 |
Other income |  | 3,409 |  |  |  | 509 |  |  |  | 344 |  |  |  | 70 |  |  |  | 14 |  |  |  | 944 |  |  |  | 5,290 |
Total revenue | $ | 190,478 |  |  | $ | 103,960 |  |  | $ | 69,012 |  |  | $ | 25,474 |  |  | $ | 13,187 |  |  | $ | 3,031 |  |  | $ | 405,142 |
| (a) | Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals.
Summary of Gain on Sale for Each Land Parcel | The Company sold the following office property during the nine-month period ended September 30, 2018 (dollars in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Type |  | Number of Properties |  | Rentable Square Feet |  |  | Sales Price |  |  | Net Proceeds on Sale |  |  | Loss on Sale |  |
June 21, 2018 |  | 20 East Clementon Road |  | Gibbsboro, NJ |  | Office |  | 1 |  |  | 38,260 |  |  | $ | 2,000 |  |  | $ | 1,850 |  |  | $ | (35 | ) |
Total Dispositions |  |  |  |  |  |  |  | 1 |  |  | 38,260 |  |  | $ | 2,000 |  |  | $ | 1,850 |  |  | $ | (35 | ) |
The Company sold the following land parcels during the nine-month period ended September 30, 2018 (dollars in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Parcels |  |  | Acres |  |  | Sales Price |  |  | Net Proceeds on Sale |  |  | Gain on Sale |  |
March 16, 2018 |  | Garza Ranch - Office |  | Austin, TX |  |  | 1 |  |  |  | 6.6 |  |  | $ | 14,571 |  |  | $ | 14,509 |  |  | $ | 1,424 |  | (a)
January 10, 2018 |  | Westpark Land |  | Durham, NC |  |  | 1 |  |  |  | 13.1 |  |  |  | 485 |  |  |  | 412 |  |  |  | 22 |  |
Total Dispositions |  |  |  |  |  |  | 2 |  |  |  | 19.7 |  |  | $ | 15,056 |  |  | $ | 14,921 |  |  | $ | 1,446 |  |
(a) | As of March 31, 2018, the Company had not transferred control to the buyer of this land parcel, or two other parcels at this site which were sold during 2017, because of a completion guarantee which required the Company, as developer, to complete certain infrastructure improvements on behalf of the buyers of the land parcels. The cash received at settlement was recorded as “Deferred income, gains and rent” on the Company’s consolidated balance sheets. During the three months ended June 30, 2018, the infrastructure improvements were substantially completed, at which time the Company transferred control of the land parcels. As a result, the Company then recognized the sale. See Note 2, “Basis of Presentation,” for further discussion of the infrastructure improvements and related revenue recognition.
Land and Sale [Member] |
Summary of Gain on Sale for Each Land Parcel | There was no activity or gain recognized during the three-month period ended September 30, 2018. The following table details the gain on sale for each land parcel, as of September 30, 2018 (dollars, in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Parcels |  |  | Acres |  |  | Sales Price |  |  | Net Proceeds on Sale |  |  | Gain on Sale |
March 16, 2018 |  | Garza Ranch - Office |  | Austin, TX |  |  | 1 |  |  |  | 6.6 |  |  | $ | 14,571 |  |  | $ | 14,509 |  |  | $ | 1,424 |
April 28, 2017 |  | Garza Ranch - Multifamily |  | Austin, TX |  |  | 1 |  |  |  | 8.4 |  |  |  | 11,800 |  |  |  | 11,560 |  |  |  | 1,233 |
January 30, 2017 |  | Garza Ranch - Hotel |  | Austin, TX |  |  | 1 |  |  |  | 1.7 |  |  |  | 3,500 |  |  |  | 3,277 |  |  |  | 180 |
Total Dispositions |  |  |  |  |  |  | 3 |  |  |  | 16.7 |  |  | $ | 29,871 |  |  | $ | 29,346 |  |  | $ | 2,837 |

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