|
Properties, net (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Real Estate [Abstract] |
|
| Schedule of operating properties, net |
Operating properties, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2012 |
|
2011 |
Land |
$ |
427,766 |
|
|
$ |
472,483 |
|
Buildings and improvements |
2,725,875 |
|
|
2,801,252 |
|
Less: accumulated depreciation |
(555,975 |
) |
|
(559,679 |
) |
Operating properties, net |
$ |
2,597,666 |
|
|
$ |
2,714,056 |
|
|
| Schedule of projects in development or held for future development |
Projects we had in development or held for future development consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2012 |
|
2011 |
Land |
$ |
236,324 |
|
|
$ |
229,833 |
|
Construction in progress, excluding land |
329,054 |
|
|
409,086 |
|
Projects in development or held for future development |
$ |
565,378 |
|
|
$ |
638,919 |
|
|
| Schedule of operating property dispositions |
We completed the sale of the following properties under the Strategic Reallocation Plan in 2011 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Name |
|
Location |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value |
|
Gain on Disposition |
1344 & 1348 Ashton Road and 1350 Dorsey Road |
|
Hanover, Maryland |
|
5/24/2011 |
|
3 |
|
|
39,000 |
|
|
$ |
3,800 |
|
|
$ |
150 |
|
216 Schilling Circle |
|
Hunt Valley, Maryland |
|
8/23/2011 |
|
1 |
|
|
36,000 |
|
|
4,700 |
|
|
175 |
|
Towson Portfolio |
|
Towson, Maryland |
|
9/29/2011 |
|
4 |
|
|
179,000 |
|
|
16,000 |
|
|
1,134 |
|
11011 McCormick Road |
|
Hunt Valley, Maryland |
|
11/1/2011 |
|
1 |
|
|
57,000 |
|
|
3,450 |
|
|
822 |
|
10001 Franklin Square Drive |
|
White Marsh, Maryland |
|
12/13/2011 |
|
1 |
|
|
218,000 |
|
|
16,250 |
|
|
305 |
|
Rutherford Business Center Portfolio |
|
Woodlawn, Maryland |
|
12/15/2011 |
|
13 |
|
|
365,000 |
|
|
32,460 |
|
|
2,221 |
|
|
|
|
|
|
|
23 |
|
|
894,000 |
|
|
$ |
76,660 |
|
|
$ |
4,807 |
|
We completed dispositions of the following properties in 2012 primarily in connection with the Strategic Reallocation Plan (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Name |
|
Location |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value |
|
Gain on Disposition |
White Marsh Portfolio Disposition |
|
White Marsh, Maryland |
|
1/30/2012 |
|
5 |
|
|
163,000 |
|
|
$ |
19,100 |
|
|
$ |
2,445 |
|
1101 Sentry Gateway |
|
San Antonio, Texas |
|
1/31/2012 |
|
1 |
|
|
95,000 |
|
|
13,500 |
|
|
1,739 |
|
222 and 224 Schilling Circle |
|
Hunt Valley, Maryland |
|
2/10/2012 |
|
2 |
|
|
56,000 |
|
|
4,400 |
|
|
102 |
|
15 and 45 West Gude Drive |
|
Rockville, Maryland |
|
5/2/2012 |
|
2 |
|
|
231,000 |
|
|
49,107 |
|
|
— |
|
11800 Tech Road |
|
Silver Spring, Maryland |
|
6/14/2012 |
|
1 |
|
|
240,000 |
|
|
21,300 |
|
|
— |
|
400 Professional Drive |
|
Gaithersburg, Maryland |
|
7/2/2012 |
|
1 |
|
|
130,000 |
|
|
16,198 |
|
|
— |
|
July 2012 Portfolio Disposition |
|
Baltimore/Washington Corridor and Greater Baltimore |
|
7/24/2012 |
|
23 |
|
|
1,387,000 |
|
|
161,901 |
|
|
16,900 |
|
|
|
|
|
|
|
35 |
|
|
2,302,000 |
|
|
$ |
285,506 |
|
|
$ |
21,186 |
|
|
| Schedule of impairment losses recognized by period of recognition and by property classification |
The table below sets forth the impairment losses recognized in 2011 by period of recognition and by property classification (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
3/31/2011 |
|
6/30/2011 |
|
12/31/2011 |
|
Total |
Non-operating properties |
$ |
27,742 |
|
|
$ |
13,574 |
|
|
$ |
39,193 |
|
|
$ |
80,509 |
|
Operating properties |
— |
|
|
31,031 |
|
|
39,481 |
|
|
70,512 |
|
Total |
$ |
27,742 |
|
|
$ |
44,605 |
|
|
$ |
78,674 |
|
|
$ |
151,021 |
|
The table below sets forth the impairment losses and exit costs recognized in 2012 by period of recognition and by property classification (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
3/31/2012 |
|
6/30/2012 |
|
9/30/2012 |
|
12/31/2012 |
|
Total |
Operating properties |
$ |
11,833 |
|
|
$ |
2,354 |
|
|
$ |
55,829 |
|
|
$ |
247 |
|
|
$ |
70,263 |
|
Non-operating properties |
(5,246 |
) |
|
— |
|
|
— |
|
|
1,893 |
|
|
(3,353 |
) |
Total |
$ |
6,587 |
|
|
$ |
2,354 |
|
|
$ |
55,829 |
|
|
$ |
2,140 |
|
|
$ |
66,910 |
|
|
|
Office Property Acquisition in 2012
|
|
| Real Estate [Abstract] |
|
| Schedule of Purchase Price Allocation |
The table below sets forth the allocation of the acquisition costs of this property (in thousands):
|
|
|
|
|
|
Land, operating properties |
|
$ |
3,507 |
|
Building and improvements |
|
30,177 |
|
Intangible assets on real estate acquisitions |
|
14,993 |
|
Total assets |
|
48,677 |
|
Below-market leases |
|
(369 |
) |
Total acquisition cost |
|
$ |
48,308 |
|
|
| Schedule of allocation of intangible assets on acquisition of property |
Intangible assets recorded in connection with the above acquisition included the following (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
Weighted Average Amortization Period (in Years) |
Tenant relationship value |
$ |
7,472 |
|
|
10 |
In-place lease value |
7,109 |
|
|
5 |
Above-market leases |
412 |
|
|
5 |
|
$ |
14,993 |
|
|
7 |
|
|
Office Property Acquisition in 2011
|
|
| Real Estate [Abstract] |
|
| Schedule of Purchase Price Allocation |
The table below sets forth the allocation of the acquisition costs of this property (in thousands):
|
|
|
|
|
|
Land, operating properties |
|
$ |
261 |
|
Building and improvements |
|
26,577 |
|
Intangible assets on real estate acquisitions |
|
6,575 |
|
Total acquisition cost |
|
$ |
33,413 |
|
|
| Schedule of allocation of intangible assets on acquisition of property |
Intangible assets recorded in connection with the above acquisitions included the following (in thousands):
|
|
|
|
|
|
|
|
|
|
Weighted Average Amortization Period (in Years) |
Tenant relationship value |
$ |
3,187 |
|
|
8 |
In-place lease value |
2,904 |
|
|
3 |
Above-market leases |
484 |
|
|
3 |
|
$ |
6,575 |
|
|
6 |
|