Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate And Accumulated Depreciation

Real estate activity for 2018 and 2017 is composed of the following:

	Years ended December 31,
	2018			2017
Cost
Balance, beginning of year	$	1,534,599,000		$	1,496,429,000
Properties transferred to held for sale		(61,505,000	)		(15,971,000	)
Property acquisitions		6,481,000			30,997,000
Property dispositions		—			(4,332,000	)
Write-off fully-depreciated assets		—			(2,276,000	)
Improvements and betterments		29,107,000			29,752,000
Balance, end of the year	$	1,508,682,000		$	1,534,599,000

Accumulated depreciation
Balance, beginning of the year	$	341,943,000		$	313,070,000
Properties transferred held for sale		(14,886,000	)		(4,131,000	)
Property dispositions		—			(1,048,000	)
Write-off fully-depreciated assets		—			(2,276,000	)
Depreciation expense		34,912,000			36,328,000
Balance, end of the year	$	361,969,000		$	341,943,000

Net book value	$	1,146,713,000		$	1,192,656,000

Purchase Prices Allocated to Real Estate Assets and Liabilities

The purchase price for all acquisitions in 2017 have been allocated to real estate assets and liabilities. The following table details all acquisitions in 2017:

		Date	Purchase
Property	Location	Acquired	Price
Christina Crossing	Wilmington, DE	2/22/2017	$	27,902,000
Parcel adjacent to South Philadelphia Shopping Center	Philadelphia, PA	7/6/2017		3,000,000
			$	30,902,000

Schedule Of Transactions Related To Properties Held For Sale/Conveyance

Dispositions

During 2018, 2017 and 2016 the Company sold the properties listed below:

		Date	Sales		Gain on
Property	Location	Sold	Price		Sale
2018
Mechanicsburg Center	Mechanicsburg, PA	8/28/2018	$	16,100,000	$	4,864,000
West Bridgewater Plaza	West Bridgewater, MA	9/28/2018		3,500,000		-
			$	19,600,000	$	4,864,000
2017
Outparcel Building adjacent to Camp Hill	Camp Hill, PA	2/1/2017	$	10,650,000	$	7,099,000
Fredericksburg Way	Fredericksburg, VA	12/29/2017		2,200,000		-
			$	12,850,000	$	7,099,000
2016
Liberty Marketplace	Dubois, PA	2/11/2016	$	15,000,000	$	-
Upland Square	Pottstown, PA	11/2/2016		83,250,000		-
			$	98,250,000	$	-