Properties, net (Tables)
|
9 Months Ended |
Sep. 30, 2011 |
|---|
| Properties, net |
|
| Schedule of components of net operating properties |
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
Land
|
|
$
|
486,538
|
|
$
|
501,210
|
|
|
Buildings and improvements
|
|
2,839,071
|
|
2,804,595
|
|
|
Less: accumulated depreciation
|
|
(553,306
|
)
|
(503,032
|
)
|
|
Operating properties, net
|
|
$
|
2,772,303
|
|
$
|
2,802,773
|
|
|
|
|
| Schedule of components of projects under construction or development |
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
Land
|
|
$
|
248,945
|
|
$
|
256,487
|
|
|
Construction in progress, excluding land
|
|
447,969
|
|
386,195
|
|
|
Properties under construction or development
|
|
$
|
696,914
|
|
$
|
642,682
|
|
|
|
|
| Schedule of operating property dispositions |
|
We completed the sale of the following properties under the Strategic Reallocation Plan during the nine months ended September 30, 2011 (dollars in thousands):
|
|
|
|
|
|
|
Number
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Date of
|
|
of
|
|
Rentable
|
|
|
|
Gain on
|
|
|
Project Name
|
|
Location
|
|
Sale
|
|
Buildings
|
|
Square Feet
|
|
Sale Price
|
|
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
|
|
1,124
|
|
|
|
|
|
|
|
|
8
|
|
254,000
|
|
$
|
24,500
|
|
$
|
1,449
|
|
|
|
| Schedule of allocation of acquisition costs of property |
|
|
Land, operating properties
|
|
$
|
251
|
|
|
Building and improvements
|
|
26,824
|
|
|
Intangible assets on real estate acquisitions
|
|
6,338
|
|
|
Total assets
|
|
$
|
33,413
|
|
|
|
|
| Schedule of allocation of intangible assets on acquisition of property |
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
Amortization
|
|
|
|
|
|
|
Period
|
|
|
|
|
|
|
(in Years)
|
|
|
Tenant relationship value
|
|
$
|
3,072
|
|
8
|
|
|
In-place lease value
|
|
2,800
|
|
3
|
|
|
Above-market leases
|
|
466
|
|
3
|
|
|
|
|
$
|
6,338
|
|
6
|
|
|
|
|