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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
Gross Carrying Value of Operating Properties | As of June 30, 2020 and December 31, 2019, the gross carrying value of the operating properties was as follows (in thousands):
| June 30, 2020 |  | December 31, 2019
Land | $ | 435,971 |  |  | $ | 489,702 |
Building and improvements | 2,800,024 |  |  | 3,049,395 |
Tenant improvements | 414,526 |  |  | 467,362 |
Operating properties | $ | 3,650,521 |  |  | $ | 4,006,459 |
Assets held for sale - real estate investments | 327,286 |  |  | — |
Total | $ | 3,977,807 |  |  | $ | 4,006,459 |
Summary of Properties Acquired | The following table summarizes the property acquisitions during the six months ended June 30, 2020 (dollars in thousands):
Property/Portfolio Name |  | Acquisition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Purchase Price
145 King of Prussia Road |  | February 27, 2020 |  | Radnor, PA |  | Land |  | 7.75 acres |  | $ | 11,250 |
Summary of Properties Sold | The following table summarizes the property dispositions during the six months ended June 30, 2020 (dollars in thousands):
Property/Portfolio Name |  | Disposition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Sales Price |  | Gain/(Loss) on Sale (a)
52 East Swedesford Road |  | March 19, 2020 |  | Malvern, PA |  | Office |  | 131,077 |  | $ | 18,000 |  |  | $ | 2,336 |
Keith Valley |  | June 15, 2020 |  | Horsham, PA |  | Land |  | 14.0 Acres |  | $ | 4,000 |  |  | $ | 201 |
(a) | Gain/(Loss) on Sale is net of closing and other transaction related costs.
Summary of Properties Held For Sale | The following is a summary of properties classified as held for sale at June 30, 2020 (in thousands):
| Held for Sale Properties
| June 30, 2020
| Philadelphia - Office (a) |  | Other - Land (b) |  | Total
ASSETS HELD FOR SALE |  |  |  |  |
Real estate investments: |  |  |  |  |
Operating properties | $ | 327,286 |  |  | $ | — |  |  | $ | 327,286 |
Accumulated depreciation | (59,519 | ) |  | — |  |  | (59,519 | )
Operating real estate investments, net | 267,767 |  |  | — |  |  | 267,767 |
Construction-in-progress | 1,881 |  |  | — |  |  | 1,881 |
Land held for development, net | — |  |  | 7,349 |  |  | 7,349 |
Total real estate investments, net | 269,648 |  |  | 7,349 |  |  | 276,997 |
Deferred costs, net | 10,888 |  |  | — |  |  | 10,888 |
Intangible assets, net | 12,497 |  |  | — |  |  | 12,497 |
Other assets | 101 |  |  | — |  |  | 101 |
Total assets held for sale, net | $ | 293,134 |  |  | $ | 7,349 |  |  | $ | 300,483 |
LIABILITIES HELD FOR SALE |  |  |  |  |
Mortgage notes payable, net | $ | 220,720 |  |  | $ | — |  |  | $ | 220,720 |
Deferred income, gains and rent | 4,119 |  |  | — |  |  | 4,119 |
Intangible liabilities, net | 613 |  |  | — |  |  | 613 |
Other liabilities | 541 |  |  | — |  |  | 541 |
Total liabilities held for sale, net | $ | 225,993 |  |  | $ | — |  |  | $ | 225,993 |
(a) | As of June 30, 2020, the Company determined that the sale of One Commerce Square and Two Commerce Square in the Philadelphia CBD segment, through a real estate venture transaction, was probable and classified these properties as held for sale. The fair value less the anticipated costs of sale of the properties exceeded the carrying values. The fair value of the properties is based on the pricing in the purchase and contribution agreement. See Note 15, ''Subsequent Events" for further information.
(b) As of June 30, 2020, the Company determined that the sale of two parcels of land within the Other segment totaling 35.2 acres was probable and classified these properties as held for sale. As of June 30, 2020, the fair value less the anticipated costs of sale of the properties exceeded the carrying values. The fair value of the properties is based on the pricing in the purchase and sale agreement.

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + Details
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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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