|
Properties, net (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Properties, net |
|
| Schedule of components of net operating properties |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2011 |
|
2010 |
|
|
Land
|
|
$ |
472,483 |
|
$ |
501,210 |
|
|
Buildings and improvements
|
|
|
2,801,252 |
|
|
2,804,595 |
|
|
Less: accumulated depreciation
|
|
|
(559,679 |
) |
|
(503,032 |
) |
| |
|
|
|
|
|
|
Operating properties, net
|
|
$ |
2,714,056 |
|
$ |
2,802,773 |
|
|
| Schedule of projects in development or held for future development |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2011 |
|
2010 |
|
|
Land
|
|
$ |
229,833 |
|
$ |
256,487 |
|
|
Construction in progress, excluding land
|
|
|
409,086 |
|
|
386,195 |
|
| |
|
|
|
|
|
|
Projects in development or held for future development
|
|
$ |
638,919 |
|
$ |
642,682 |
|
|
|
| Schedule of operating property dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Name
|
|
Location |
|
Date of
Sale |
|
Number
of
Buildings |
|
Total
Rentable
Square Feet |
|
Sale Price |
|
Gain on
Sale |
|
|
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 |
|
|
| Schedule of impairment losses recognized in 2011 by period of recognition and by property classification |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
2011 Acquisition
|
|
| Acquisitions |
|
| Schedule of allocation of acquisition costs of property |
|
|
|
|
|
|
|
Land, operating properties
|
|
$ |
261 |
|
|
Building and improvements
|
|
|
26,577 |
|
|
Intangible assets on real estate acquisitions
|
|
|
6,575 |
|
| |
|
|
|
|
Total assets
|
|
$ |
33,413 |
|
|
|
| Schedule of allocation of intangible assets on acquisition of property |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
2010 Acquisitions
|
|
| Acquisitions |
|
| Schedule of allocation of acquisition costs of property |
|
|
|
|
|
|
Land, operating properties
|
|
$ |
13,265 |
|
|
Land, development
|
|
|
5,545 |
|
|
Building and improvements
|
|
|
173,589 |
|
|
Construction in progress
|
|
|
85,525 |
|
|
Intangible assets on real estate acquisitions
|
|
|
42,896 |
|
| |
|
|
|
|
Total assets
|
|
|
320,820 |
|
|
Below-market leases
|
|
|
(231 |
) |
| |
|
|
|
|
Total acquisition cost
|
|
$ |
320,589 |
|
|
|
| Schedule of allocation of intangible assets on acquisition of property |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Amortization
Period (in Years) |
|
|
In-place lease value
|
|
$ |
21,616 |
|
|
4 |
|
|
Tenant relationship value
|
|
|
14,450 |
|
|
10 |
|
|
Above-market cost arrangements
|
|
|
6,193 |
|
|
40 |
|
|
Above-market leases
|
|
|
637 |
|
|
2 |
|
| |
|
|
|
|
|
|
|
|
|
$ |
42,896 |
|
|
11 |
|
|