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Real Estate (Tables)
12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Real Estate And Accumulated Depreciation

Real estate activity for 2016 and 2015 is composed of the following:

 

 

 

Years ended December 31,

 

 

 

2016

 

 

2015

 

Cost

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

1,550,027,000

 

 

$

1,476,173,000

 

Properties transferred to held for sale

 

 

(96,596,000

)

 

 

(4,599,000

)

Properties acquired

 

 

39,456,000

 

 

 

65,313,000

 

Write-off fully-depreciated assets

 

 

(12,130,000

)

 

 

 

Improvements and betterments

 

 

15,672,000

 

 

 

13,140,000

 

Balance, end of the year

 

$

1,496,429,000

 

 

$

1,550,027,000

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

Balance, beginning of the year

 

$

300,832,000

 

 

$

267,211,000

 

Properties transferred held for sale

 

 

(11,280,000

)

 

 

(1,380,000

)

Write-off fully-depreciated assets

 

 

(12,130,000

)

 

 

 

Depreciation expense

 

 

35,648,000

 

 

 

35,001,000

 

Balance, end of the year

 

$

313,070,000

 

 

$

300,832,000

 

 

 

 

 

 

 

 

 

 

Net book value

 

$

1,183,359,000

 

 

$

1,249,195,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule Of Transactions Related To Properties Held For Sale/Conveyance

During 2016, 2015 and 2014, the Company sold the properties listed below which did not meet the criteria set forth in the guidance for reporting discontinued operations that was adopted in 2014:

 

 

 

 

 

Date

 

Sales

 

 

Gain on

 

Property

 

Location

 

Sold

 

Price

 

 

Sale

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Marketplace

 

Dubois, PA

 

2/11/2016

 

$

15,000,000

 

 

$

                 -

 

Upland Square

 

Pottstown, PA

 

11/2/2016

 

 

83,250,000

 

(a)

 

            —

 

 

 

 

 

 

 

$

98,250,000

 

 

$

                -

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

Kenley Village

 

Hagerstown, MD

 

5/28/2015

 

$

2,275,000

 

 

$

                 -

 

Circle Plaza

 

Shamokin Dam, PA

 

7/22/2015

 

 

1,800,000

 

 

 

               —

 

 

 

 

 

 

 

$

4,075,000

 

 

$

               -

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

Fairview Plaza

 

New Cumberland, PA

 

5/27/2014

 

$

12,450,000

 

 

$

3,810,000

 

Carbondale Plaza

 

Carbondale, PA

 

7/18/2014

 

 

10,700,000

 

 

 

123,000

 

Virginia Little Creek

 

Norfolk, VA

 

8/22/2014

 

 

9,850,000

 

 

 

2,209,000

 

Annie Land Plaza

 

Lovingston, VA

 

9/26/2014

 

 

3,500,000

 

 

 

        —

 

Smithfield Plaza

 

Smithfield, VA

 

10/21/2014

 

 

12,350,000

 

 

 

        —

 

Blue Mountain Commons land parcel

 

Harrisburg, PA

 

10/22/2014

 

 

350,000

 

 

 

        —

 

St. James Square

 

Hagerstown, MA

 

11/5/2014

 

 

4,125,000

 

 

 

271,000

 

 

 

 

 

 

 

$

53,325,000

 

 

$

6,413,000

 

 

(a)

The company recorded a $6.3 million impairment charge in connection with the sale of this property.