|
Properties, net (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| Real Estate [Abstract] |
|
| Schedule of operating properties, net |
Operating properties, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30,
2012 |
|
December 31,
2011 |
Land |
$ |
427,559 |
|
|
$ |
472,483 |
|
Buildings and improvements |
2,626,084 |
|
|
2,801,252 |
|
Less: accumulated depreciation |
(565,724 |
) |
|
(559,679 |
) |
Operating properties, net |
$ |
2,487,919 |
|
|
$ |
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):
|
|
|
|
|
|
|
|
|
|
September 30,
2012 |
|
December 31,
2011 |
Land |
$ |
220,234 |
|
|
$ |
229,833 |
|
Construction in progress, excluding land |
394,361 |
|
|
409,086 |
|
Projects in development or held for future development |
$ |
614,595 |
|
|
$ |
638,919 |
|
|
| Schedule of operating property dispositions |
Operating property dispositions during the nine months ended September 30, 2012 consisted of the following (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 |
|
|
16,908 |
|
|
|
|
|
|
|
35 |
|
|
2,302,000 |
|
|
$ |
285,506 |
|
|
$ |
21,194 |
|
|
| Schedule of impairment losses recognized by period of recognition and by property classification |
The table below sets forth the impairment losses and exit costs recognized in the nine months ended September 30, 2012 by period of recognition and by property classification (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
9/30/2012 |
|
6/30/2012 |
|
3/31/2012 |
|
Total |
Operating properties |
$ |
55,829 |
|
|
$ |
2,354 |
|
|
$ |
11,833 |
|
|
$ |
70,016 |
|
Non-operating properties |
— |
|
|
— |
|
|
(5,246 |
) |
|
(5,246 |
) |
Total |
$ |
55,829 |
|
|
$ |
2,354 |
|
|
$ |
6,587 |
|
|
$ |
64,770 |
|
|
| 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 Finite-Lived Intangible Assets Acquired as Part of Business Combination |
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 |
|