Real Estate Investments

3 Months Ended

Mar. 31, 2012

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS

As of March 31, 2012 and December 31, 2011 the gross carrying value of the Company’s Properties was as follows (in thousands):

	March 31, 2012		December 31, 2011
Land	$	666,152	$	677,891
Building and improvements	3,583,832		3,631,388
Tenant improvements	467,140		483,801
	$	4,717,124	$	4,793,080

Acquisitions

On January 6, 2012, the Company acquired a vacant office property containing 154,392 net rentable square feet in Plymouth Meeting, Pennsylvania known as 660 West Germantown Pike for $9.1 million. The Company is currently redeveloping this property. The Company funded the acquisition price through an advance under its Credit Facility, since repaid with available corporate funds. The Company also capitalized $0.1 million of acquisition related costs, consistent with guidance surrounding an asset acquisition.

Dispositions

On March 22, 2012, the Company sold South Lake at Dulles Corner, a 268,240 net rentable square feet office property located in Herndon, Virginia, for a sales price of $91.1 million. The property was 100.0% occupied as of the date of sale. This sale is included in discontinued operations (see Note 10).

On January 17, 2012, the Company sold 304 Harper Drive, a 32,978 net rentable square feet office property located in Moorestown, New Jersey, for a sales price of $3.0 million. The property was 90.1% occupied as of the date of sale. This sale is included in discontinued operations (see Note 10).