Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Gross Carrying Value Of Company's Properties

As of June 30, 2015 and December 31, 2014, the gross carrying value of the Company’s Properties was as follows (in thousands):

	June 30, 2015		December 31, 2014
Land	$	677,644	$	669,635
Building and improvements	3,476,667		3,409,303
Tenant improvements	546,528		524,754
	4,700,839		4,603,692
Assets held for sale - real estate investments (a)	—		27,436
Total	$	4,700,839	$	4,631,128

(a) Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale.

Schedule of Purchase Price Allocation

The purchase price has been allocated as follows:

	June 22, 2015
Building, land and improvements	$	161,252
Land inventory	8,064
Intangible assets acquired (a)	50,637
Below market lease liabilities assumed (b)	(8,600		)
	$	211,353
Return of existing equity method investment	(67,261		)
Net working capital assumed	(271		)
Total cash payment at settlement	$	143,821

(a) Weighted average amortization period of 4.0 years.

(b) Weighted average amortization period of 1.5 years.

Schedule of Pro Forma Information

The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands except for per share amounts).

	Three-month periods ended				Six-month periods ended
	June 30,				June 30,
	2015		2014		2015		2014
Pro forma revenue	$	148,677	$	153,893	$	302,323	$	309,771
Pro forma income from continuing operations	5,210		3,767		16,277		4,391
Pro forma net income available to common shareholders	3,407		2,907		12,590		1,727
Earnings (loss) per common share from continuing operations:
Basic -- as reported	$	0.01	$	0.01	$	0.06	$	(0.01	)
Basic -- as pro forma	$	0.03	$	0.02	$	0.09	$	0.03
Diluted -- as reported	$	0.01	$	0.01	$	0.06	$	(0.01	)
Diluted -- as pro forma	$	0.03	$	0.02	$	0.09	$	0.03
Earnings (loss) per common share:
Basic -- as reported	$	—	$	—	$	0.04	$	(0.02	)
Basic -- as pro forma	$	0.02	$	0.02	$	0.07	$	0.01
Diluted -- as reported	$	—	$	—	$	0.04	$	(0.02	)
Diluted -- as pro forma	$	0.02	$	0.02	$	0.07	$	0.01

Dispositions

The Company sold the following properties during the six-month period ended June 30, 2015 (dollars in millions).

Disposition Date	Property Name	Property Location	Property Type	Number of Properties	Sale Price		Gain/(Loss) On Sale (a)			Rentable Square Feet
June 10, 2015	100 Gateway Centre Parkway	Richmond, VA	Office	1	$	4.1	$	—	(b)	74,991
April 24, 2015	Delaware Corporate Center I & II/Christian Corporate Center	Wilmington, DE/Newark, DE	Office	5	50.1		1.6			485,182
April 9, 2015	Lake Merritt Tower	Oakland, CA	Office	1	65.0		—		(c)	204,336
January 8, 2015	Atrium I/Libertyview	Mt. Laurel, NJ/Cherry Hill, NJ	Office	2	28.3		9.0			221,405
Total Dispositions				9	$	147.5	$	10.6		985,914

(a) Gain/(Loss) on Sale is net of closing and other transaction related costs.

(b) The Company recorded an impairment loss of $0.8 million for 100 Gateway Centre Parkway during the second quarter of 2015. As such, there was no gain/(loss) at disposition for this property.

(c) The Company recorded an impairment loss of $1.7 million for Lake Merritt Tower at March 31, 2015. As such, there was no gain/(loss) at disposition for this property. Sales proceeds were deposited in escrow under Section 1031 of the Internal Revenue Code and applied to purchase the Broadmoor Austin portfolio. Refer to Broadmoor Austin Associates acquisition summary, above, for further details.