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REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Gross Carrying Value of Operating Properties | As of December 31, 2020 and 2019, the gross carrying value of the operating properties was as follows (in thousands):
| December 31, 2020 |  | December 31, 2019
Land | $ | 407,514 |  |  | $ | 489,702 |
Building and improvements | 2,665,232 |  |  | 3,049,395 |
Tenant improvements | 401,363 |  |  | 467,362 |
Total | $ | 3,474,109 |  |  | $ | 4,006,459 |
Capitalized Construction Costs | The following table shows the amount of compensation costs (including bonuses and benefits) capitalized for the years presented (in thousands):
| December 31,
| 2020 |  | 2019 |  | 2018
Development | $ | 4,802 |  |  | $ | 3,047 |  |  | $ | 3,185 |
Redevelopment | 543 |  |  | 775 |  |  | 968 |
Tenant Improvements | 3,021 |  |  | 3,609 |  |  | 2,811 |
Total | $ | 8,366 |  |  | $ | 7,431 |  |  | $ | 6,964 |
Schedule of Acquisitions | The following table summarizes the property acquisitions during the year ended December 31, 2020 (dollars in thousands):
Property/Portfolio Name |  | Acquisition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Purchase Price (a)
145 King of Prussia Road |  | February 27, 2020 |  | Radnor, PA |  | Land |  | 7.75 acres |  | $ | 11,250 |
1505-11 Race Street |  | November 5, 2020 |  | Philadelphia, PA |  | Office |  | 119,763 |  |  | $ | 9,700 |
250 King of Prussia Road (b) |  | November 30, 2020 |  | Radnor, PA |  | Office |  | 169,843 |  |  | $ | 20,250 |
(a)Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties. (b)This property was placed into redevelopment and is therefore included within Construction-in-progress on the consolidated balance sheets.
Schedule of Asset Acquisition | The acquisition values have been allocated as follows (in thousands):
| 1505-11 Race Street |
Building, land and improvements | $ | 9,723 |  |
Intangible assets acquired | 2,422 |  |
Below market lease liabilities assumed | (2,193) |  |
Total unencumbered acquisition value | 9,952 |  |
Amortization period of intangible assets | 1.5 years |
Amortization period of below market liabilities assumed | 1.5 years |
Schedule of Purchase Price Allocation | The acquisition values have been allocated as follows (in thousands):
| Quarry Lake II |  | Austin Venture Portfolio |  | Four Tower Bridge
Acquisition Date | 12/19/2018 |  | 12/11/2018 |  | 1/5/2018
Building, land and improvements | $ | 35,120 |  |  | $ | 457,390 |  |  | $ | 20,734 |
Intangible assets acquired | 5,809 |  |  | 76,925 |  |  | 3,144 |
Below market lease liabilities assumed | (1,524) |  |  | (13,769) |  |  | (182) |
Deferred gain (a) | — |  |  | 14,594 |  |  | — |
Total unencumbered acquisition value | $ | 39,405 |  |  | $ | 535,140 |  |  | $ | 23,696 |
Mortgage debt assumed - at fair value (b) | — |  |  | — |  |  | (9,940) |
Total encumbered acquisition value | $ | 39,405 |  |  | $ | 535,140 |  |  | $ | 13,756 |
Total unencumbered acquisition value | 39,405 |  |  | 535,140 |  |  | 23,696 |
Mortgage debt assumed - at fair value (b) | — |  |  | — |  |  | (9,940) |
Mortgage debt repaid at settlement (c) | — |  |  | (115,461) |  |  | — |
Investment in unconsolidated real estate ventures | — |  |  | (14,594) |  |  | (3,502) |
Gain on promoted interest in unconsolidated real estate venture | — |  |  | (28,283) |  |  | — |
Gain on real estate venture transactions | — |  |  | (103,847) |  |  | (11,633) |
Purchase price reduction for note receivable (d) | — |  |  | (130,742) |  |  | — |
Net working capital assumed | (368) |  |  | (24,865) |  |  | 1,379 |
Total cash payment at settlement | $ | 39,037 |  |  | $ | 117,348 |  |  | $ | — |
Weighted average amortization period of intangible assets | 0 |  | 5.5 years |  | 4.1 years
Weighted average amortization period of below market liabilities assumed | 3.0 years |  | 4.6 years |  | 4.8 years
(a)Represents a deferred gain recognized at settlement, which resulted in a reduction of the acquisition value. (b)The outstanding principal balance on mortgage debt for Four Tower Bridge, assumed on January 5, 2018, was $9.7 million. (c)On December 11, 2018, the Company assumed $115.5 million of mortgage debt which was repaid in full at settlement. (d)Represents a note receivable due from the DRA Austin Venture that represents a purchase price reduction.
Schedule of Pro Forma Information | The unaudited pro forma information below summarizes the Company’s combined results of operations for the years ended December 31, 2018 and December 31, 2017, respectively, as though the acquisition of the Austin Venture Portfolio was completed on January 1, 2017. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands).
| December 31,
| 2018 |  | 2017
Pro forma revenue | $ | 602,713 |  |  | $ | 582,244 |
Pro forma net income | 134,142 |  |  | 115,475 |
Pro forma net income available to common shareholders | 134,142 |  |  | 115,475 |
Summary of Gain on Sale for Each Land Parcel | The following table summarizes the property dispositions during the years ended December 31, 2020, 2019 and 2018 (dollars in thousands):
Property/Portfolio Name |  | Disposition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Sales Price |  | Gain/(Loss) on Sale (a)
Mid-Atlantic Office Portfolio (b) (g) |  | December 21, 2020 |  | Various |  | Office |  | 1,128,645 |  |  | $ | 192,943 |  |  | $ | 15,164 |
One and Two Commerce Square (c) |  | July 21, 2020 |  | Philadelphia, PA |  | Office |  | 1,896,142 |  |  | $ | 115,000 |  |  | $ | 271,905 |
Keith Valley |  | June 15, 2020 |  | Horsham, PA |  | Land |  | 14.0 Acres |  | $ | 4,000 |  |  | $ | 201 |
52 East Swedesford Road |  | March 19, 2020 |  | Malvern, PA |  | Office |  | 131,077 |  |  | $ | 18,000 |  |  | $ | 2,336 |
1900 Gallows Rd |  | September 11, 2019 |  | Vienna, VA |  | Office |  | 210,632 |  |  | $ | 36,400 |  |  | $ | (367) |
9 Presidential Boulevard |  | March 15, 2019 |  | Bala Cynwyd, PA |  | Land |  | 2.7 Acres |  | $ | 5,325 |  |  | $ | 751 |
Subaru National Training Center (d) |  | December 21, 2018 |  | Camden, NJ |  | Mixed-use |  | 83,000 |  |  | $ | 45,300 |  |  | $ | 2,570 |
Rockpoint Portfolio (e) |  | December 20, 2018 |  | Herndon, VA |  | Office |  | 1,293,197 |  |  | $ | 312,000 |  |  | $ | 397 |
20 East Clementon Road |  | June 21, 2018 |  | Gibbsboro, NJ |  | Office |  | 38,260 |  |  | $ | 2,000 |  |  | $ | (35) |
Garza Ranch - Office (f) |  | March 16, 2018 |  | Austin, TX |  | Land |  | 6.6 acres |  | $ | 14,571 |  |  | $ | 1,515 |
Westpark Land |  | January 10, 2018 |  | Durham, NC |  | Land |  | 13.1 acres |  | $ | 485 |  |  | $ | 22 |
(a)Gain/(Loss) on Sale is net of closing and other transaction related costs. (b)The Company sold a 60% equity interest in a portfolio of twelve suburban office properties containing an aggregate of 1.1 million square feet ("Mid-Atlantic Office Portfolio"), nine of which are located in the Pennsylvania suburbs and three of which are located in Maryland, to an unrelated third party for a gross sales price of $192.9 million. The transaction resulted in deconsolidation of the properties and formation of PA/MD NNN Office JV, LLC ("Mid-Atlantic Office JV"). The Company recorded its investment at fair value and recognized a gain of $15.2 million in "Net gain on disposition of real estate" on the Consolidated Statements of Operations. See Note 4, ''Investment in Unconsolidated Real Estate Ventures," for further information. (c)The Company sold a 30% preferred equity interest in two office buildings located in Philadelphia, Pennsylvania, to an unrelated third party for $115.0 million (the "Commerce Square Venture Transaction"), which resulted in deconsolidation of the properties and formation of Brandywine Commerce I LP and Brandywine Commerce II LP (collectively, the "Commerce Square Venture"). The transaction valued the properties at $600.0 million. The Company recorded its investment at fair value and recognized a gain of $271.9 million in "Net gain on disposition of real estate" on the Consolidated Statements of Operations. See Note 4, ''Investment in Unconsolidated Real Estate Ventures," for further information. (d)During the third quarter of 2018, the tenant, Subaru, exercised its purchase option for the Subaru National Training Center Development. The lease with Subaru was classified as a direct finance lease within "Other assets" on the consolidated balance sheets. In connection with the lease, the Company recognized $1.6 million in interest income during the twelve months ended December 31, 2018, in accordance with accounting guidance for direct finance leases under ASC 840. (e)For information related to this transaction, see the “Herndon Innovation Center Metro Portfolio Venture, LLC” section in Note 4, “Investment in Unconsolidated Real Estate Ventures.” (f)The Company had continuing involvement in this property through a completion guaranty, which required the Company, as developer, to complete certain infrastructure improvements on behalf of the buyers of the land parcel. The Company recorded the cash received at settlement as “Deferred income, gains and rent” on the consolidated balance sheet. The Company subsequently recognized the land sale and the $3.0 million gain on sale during the twelve months ended December 31, 2018 upon substantial completion of the infrastructure improvements and transfer of control to the buyer. (g)The sales price includes $4.1 million of variable consideration held in escrow that will be released to the Company over a six to nine month holdback period if certain tenants remain in compliance with certain payment terms of their lease agreements. The Company estimated the amount of the variable consideration that it deemed probable of collection and included such amount in the transaction price. The Company will continue to evaluate the probability of collection and recognize any changes to the amount deemed probable as incremental gain on sale.

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