Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Real Estate and Accumulated Depreciation

Real estate activity for 2019 and 2018 is composed of the following:

	Years ended December 31,
	2019			2018
Cost
Balance, beginning of year	$	1,508,682,000		$	1,534,599,000
Properties transferred to held for sale		(36,265,000	)		(61,505,000	)
Property acquisitions		9,333,000			6,481,000
Asset write-offs		(3,633,000	)		—
Improvements and betterments		37,089,000			29,107,000
Balance, end of the year	$	1,515,206,000		$	1,508,682,000
Accumulated depreciation
Balance, beginning of the year	$	361,969,000		$	341,943,000
Properties transferred held for sale		(10,143,000	)		(14,886,000	)
Asset write-offs		(3,107,000	)		—
Depreciation expense		41,142,000			34,912,000
Balance, end of the year	$	389,861,000		$	361,969,000
Net book value	$	1,125,345,000		$	1,146,713,000

Schedule of Transactions Related to Properties Held for Sale/Conveyance

Dispositions

During 2019, 2018 and 2017, the Company sold the properties listed below:

		Date	Sales		Gain on
Property	Location	Sold	Price		Sale
2019
Maxatawny Marketplace	Maxatawny, PA	2/15/2019	$	10,330,000	$	101,000
Fort Washington Center	Fort Washington, PA	6/26/2019		9,048,000		2,841,000
			$	19,378,000	$	2,942,000
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