Properties, Net (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Real Estate [Abstract] |
|
| Schedule of operating properties, net |
Operating properties, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30,
2017 |
|
December 31,
2016 |
Land |
$ |
440,771 |
|
|
$ |
433,311 |
|
Buildings and improvements |
3,009,203 |
|
|
2,944,905 |
|
Less: Accumulated depreciation |
(759,262 |
) |
|
(706,385 |
) |
Operating properties, net |
$ |
2,690,712 |
|
|
$ |
2,671,831 |
|
|
| Schedule of projects in development or held for future development |
Projects in development or held for future development consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30,
2017 |
|
December 31,
2016 |
Land |
$ |
216,108 |
|
|
$ |
195,521 |
|
Development in progress, excluding land |
190,211 |
|
|
206,010 |
|
Projects in development or held for future development |
$ |
406,319 |
|
|
$ |
401,531 |
|
|
| Components of assets held for sale |
The table below sets forth the components of assets held for sale on our consolidated balance sheet for these properties (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016 |
Properties, net |
$ |
68,081 |
|
|
$ |
85,402 |
|
Deferred rent receivable |
5,582 |
|
|
4,241 |
|
Intangible assets on real estate acquisitions, net |
— |
|
|
338 |
|
Deferred leasing costs, net |
742 |
|
|
3,636 |
|
Lease incentives, net |
10 |
|
|
1,037 |
|
Assets held for sale, net |
$ |
74,415 |
|
|
$ |
94,654 |
|
|
| Schedule of operating property dispositions |
During the nine months ended September 30, 2017, we sold the following operating properties (dollars in thousands):
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|
Project Name |
|
City, State |
|
Segment |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value |
|
Gain on Sale |
3120 Fairview Park Drive |
|
Falls Church, VA |
|
Northern Virginia Defense/IT |
|
2/15/2017 |
|
1 |
|
|
190,000 |
|
|
$ |
39,000 |
|
|
$ |
— |
|
1334 Ashton Road |
|
Hanover, MD |
|
Fort Meade/BW Corridor |
|
6/9/2017 |
|
1 |
|
|
37,000 |
|
|
2,300 |
|
|
— |
|
Remaining White Marsh Properties (1) |
|
White Marsh, MD |
|
Regional Office and Other |
|
7/28/2017 |
|
8 |
|
|
412,000 |
|
|
47,500 |
|
|
1,180 |
|
Dispositions through 9/30/2017 |
|
|
|
10 |
|
|
639,000 |
|
|
$ |
88,800 |
|
|
$ |
1,180 |
|
(1) This sale also included land.
|