Real Estate Properties

9 Months Ended

Sep. 30, 2018

During each of the nine month periods ended September 30, 2018 and 2017, we made improvements, excluding tenant-funded improvements, to our properties totaling $43.3 million.

Properties Held For Sale:

We classify all properties that meet the criteria outlined in the Property, Plant and Equipment Topic of the FASB ASC as held for sale on our condensed consolidated balance sheets. As of December 31, 2017, we classified 1600 Market Street as held for sale. This property was sold in February 2018. As of September 30, 2018, we did not have any properties classified as held for sale.

Summarized balance sheet information for the property classified as held for sale is as follows (in thousands):



	December 31, 2017
Real estate properties	$	76,066
Rents receivable	13,270
Other assets, net	8,352
Assets held for sale	$	97,688

Accounts payable and accrued expenses	$	1,021
Rent collected in advance	408
Security deposits	411
Liabilities related to properties held for sale	$	1,840

Property Dispositions:

During the nine months ended September 30, 2018, we sold the following properties (dollars in thousands):



Asset	Date Sold	Number of Properties	Number of Buildings	Square Footage	Gross Sales Price		Gain on Sale
Properties
1600 Market Street	February 2018	1	1	825,968	$	160,000	$	54,599
600 West Chicago Avenue(1)	February 2018	1	2	1,561,477	510,000		107,790
5073, 5075, & 5085 S. Syracuse Street	March 2018	1	1	248,493	115,186		42,762
1601 Dry Creek Drive	May 2018	1	1	552,865	68,500		26,979
777 East Eisenhower Parkway	August 2018	1	1	290,530	29,500		5,321
8750 Bryn Mawr Avenue	September 2018	1	2	636,078	141,000		15,609
		6	8	4,115,411	$	1,024,186	$	253,060

(1)

The sale of this property did not represent a strategic shift under ASC Topic 205. However, the sale does represent an individually significant disposition. The operating results of this property are included in continued operations for all periods presented through the date of sale. Net income for this property was $0.1 million and $2.4 million for the three months ended September 30, 2018 and 2017, respectively, and $110.4 million and $7.4 million for the nine months ended September 30, 2018 and 2017, respectively.