Real Estate Investments

3 Months Ended

Mar. 31, 2020

3. REAL ESTATE INVESTMENTS

As of March 31, 2020 and December 31, 2019, the gross carrying value of the operating properties was as follows (in thousands):



	March 31, 2020		December 31, 2019
Land	$	485,420	$	489,702
Building and improvements	3,044,461		3,049,395
Tenant improvements	474,237		467,362
Total	$	4,004,118	$	4,006,459

Acquisitions

The following table summarizes the property acquisitions during the three months ended March 31, 2020 (dollars in thousands):

Property/Portfolio Name

Acquisition Date

Location

Property Type

Rentable Square Feet/Acres

Purchase Price

145 King of Prussia Road

February 27, 2020

Radnor, PA

Land

7.75 acres

11,250

Dispositions

The following table summarizes the property dispositions during the three months ended March 31, 2020 (dollars in thousands):

Property/Portfolio Name

Disposition Date

Location

Property Type

Rentable Square Feet/Acres

Sales Price

Gain/(Loss) on Sale (a)

52 East Swedesford Road

March 19, 2020

Malvern, PA

Office

131,077

18,000

2,336


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

Held for Sale

As of March 31, 2020, the Company determined that the sale of one parcel of land within the Pennsylvania Suburbs segment and two parcels of land within the Other segment totaling 49.2 acres was probable and classified these properties as held for sale. As such, $10.7 million was classified as "Assets held for sale, net" on the consolidated balance sheets. As of March 31, 2020, the fair value less the anticipated costs of sale of the properties exceeded the carrying values. The fair value of the properties is based on the pricing in the purchase and sale agreement.

As of December 31, 2019, the Company determined that the sale of two parcels of land within the Other segment totaling 35.2 acres was probable and classified these properties as held for sale. As such, $7.3 million was classified as “Assets held for sale, net” on the consolidated balance sheets.