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Real Estate Investments | 9 Months Ended
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Sep. 30, 2021
Real Estate [Abstract] |
REAL ESTATE INVESTMENTS | 3. REAL ESTATE INVESTMENTS As of September 30, 2021 and December 31, 2020, the gross carrying value of the operating properties was as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
Land | $ | 391,261 |  |  | $ | 407,514 |
Building and improvements | 2,640,229 |  |  | 2,665,232 |
Tenant improvements | 405,584 |  |  | 401,363 |
Total | $ | 3,437,074 |  |  | $ | 3,474,109 |
Dispositions The following table summarizes the property dispositions during the nine months ended September 30, 2021 (dollars in thousands):
Property/Portfolio Name |  | Disposition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Sales Price |  | Gain/(Loss) on Sale (a)
2100-2200 Lenox Drive |  | July 6, 2021 |  | Lawrenceville, NJ |  | Land |  | 35.2 acres |  | $ | 8,900 |  |  | $ | 842 |
1100 Lenox Drive |  | September 8, 2021 |  | Lawrenceville, NJ |  | Land |  | 5.0 acres |  | $ | 2,575 |  |  | $ | 68 |
(a)Gain/(Loss) on Sale is net of closing and other transaction related costs. In addition, on February 2, 2021, the Company contributed its investment in a 99-year prepaid leasehold interest in a one-acre land parcel held for development at 3025 JFK Boulevard in Philadelphia, Pennsylvania to a newly formed joint venture with an unaffiliated third party. The project is part of the Schuylkill Yards master development. The transaction valued the Company's investment in the project at $34.8 million and resulted in deconsolidation of the property and conversion of Brandywine Opportunity Fund, L.P. to a real estate venture ("3025 JFK Venture"). The Company recorded its investment at fair value and recognized a gain of $2.0 million in "Net gain on sale of undepreciated real estate" on the consolidated statements of operations. See Note 4, "Investment in Unconsolidated Real Estate Ventures," for further information. Held for Sale As of September 30, 2021, the Company determined that the sale of two adjacent parcels of land within the Other segment totaling 10.0 acres was probable and classified these properties as held for sale. As such, $0.6 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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