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Real Estate Investments | 9 Months Ended
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Sep. 30, 2019
Real Estate [Abstract] |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS As of September 30, 2019 and December 31, 2018, the gross carrying value of the operating properties was as follows (in thousands):
| September 30, 2019 |  | December 31, 2018
Land | $ | 489,744 |  |  | $ | 487,301 |
Building and improvements | 3,049,606 |  |  | 3,048,889 |
Tenant improvements | 455,878 |  |  | 415,529 |
Total | $ | 3,995,228 |  |  | $ | 3,951,719 |
Dispositions On September 11, 2019, the Company sold an office property in Vienna, Virginia known as 1900 Gallows Rd., which included 210,632 square feet of rentable space, for a total sales price of $36.4 million resulting in a loss on sale of $0.4 million after closing and other transaction related costs. During the three months ended September 30, 2019, the Company also received additional proceeds from a sale that closed in a prior year resulting in $0.7 million of additional gain on sale. The Company sold the following land parcel and recognized a gain on a property sold in a prior year during the nine months ended September 30, 2019 (dollars in thousands):
Disposition Date |  | Property/Portfolio Name |  | Location |  | Number of Parcels |  | Acres |  | Sales Price |  | Net Proceeds on Sale |  | Gain on Sale |  |
March 15, 2019 |  | 9 Presidential Boulevard |  | Bala Cynwyd, PA |  | 1 |  |  | 2.7 |  |  | $ | 5,325 |  |  | $ | 5,023 |  |  | $ | 751 |  |  |
January 8, 2015 |  | Libertyview |  | Cherry Hill, NJ |  | — |  |  | — |  |  | — |  |  | — |  |  | 750 |  |  | (a)
Total Dispositions |  |  |  |  |  | 1 |  |  | 2.7 |  |  | $ | 5,325 |  |  | $ | 5,023 |  |  | $ | 1,501 |  |  |
(a) | As of January 2019, the Company expects to receive an additional $1.0 million of contingent consideration. The Company will recognize this consideration on a cash basis due to uncertainty of collectability. The $1.0 million consideration is payable to the Company in twelve equal installments, of which $0.8 million has been received during the nine months ended September 30, 2019.
Held for Sale As of September 30, 2019, the Company determined that the sale of two parcels of land totaling 35.2 acres in the Other segment was probable and classified these properties as held for sale in accordance with applicable accounting standards for long-lived assets. As of September 30, 2019, $7.3 million was reclassified from “Land held for development” to “Assets held for sale, net” on the consolidated balance sheets. As of September 30, 2019, the fair value less the anticipated costs of sale of the properties exceeded the carrying values. As a result, the Company expects to record gains on sale. The fair value of the properties is based on the pricing in the purchase and sale agreement.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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