Real Estate Investments

6 Months Ended

Jun. 30, 2012

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS

As of June 30, 2012 and December 31, 2011 the gross carrying value of the Company’s Properties was as follows (in thousands):

	June 30, 2012		December 31, 2011
Land	$	649,690	$	677,891
Building and improvements	3,522,597		3,631,388
Tenant improvements	466,760		483,801
	$	4,639,047	$	4,793,080

Acquisitions

On January 6, 2012, the Company acquired a vacant office property containing 154,392 net rentable square feet in Plymouth Meeting, Pennsylvania known as 660 West Germantown Pike for $9.1 million. The Company is currently redeveloping this property. The Company funded the acquisition price through an advance under its Credit Facility, since repaid with available corporate funds. The Company also capitalized $0.1 million of acquisition related costs, in accordance with guidance on asset acquisitions.

Dispositions

On June 22, 2012, the Company sold Pacific Ridge Corporate Center, a 121,381 net rentable square feet, two-building office property located in Carlsbad, California, for a sales price of $29.0 million. The property was 83.7% occupied as of the sale date.

On March 22, 2012, the Company sold South Lake at Dulles Corner, a 268,240 net rentable square feet office property located in Herndon, Virginia, for a sales price of $91.1 million. The property was 100.0% occupied as of the date of sale.

On January 17, 2012, the Company sold 304 Harper Drive, a 32,978 net rentable square feet office property located in Moorestown, New Jersey, for a sales price of $3.0 million. The property was 90.1% occupied as of the date of sale.

Each of these three sales is included in discontinued operations (see Note 10).