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Real Estate Investments | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
REAL ESTATE INVESTMENTS | 3. REAL ESTATE INVESTMENTS 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 |
Acquisitions 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 |
Dispositions 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.
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.
As of December 31, 2019, 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 such, $7.3 million was classified as “Assets held for sale, net” on the consolidated balance sheets.

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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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