Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2019

Real Estate [Abstract]

Gross Carrying Value of Operating Properties

As of September 30, 2019 and December 31, 2018, the gross carrying value of the operating properties was as follows (in thousands):

	September 30, 2019		December 31, 2018
Land	$	489,744	$	487,301
Building and improvements	3,049,606		3,048,889
Tenant improvements	455,878		415,529
Total	$	3,995,228	$	3,951,719

Summary of Gain on Sale for Each Land Parcel

The Company sold the following land parcel and recognized a gain on a property sold in a prior year during the nine months ended September 30, 2019 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Number of Parcels	Acres	Sales Price		Net Proceeds on Sale		Gain on Sale
March 15, 2019	9 Presidential Boulevard	Bala Cynwyd, PA	1	2.7	$	5,325	$	5,023	$	751
January 8, 2015	Libertyview	Cherry Hill, NJ	—	—	—		—		750		(a)
Total Dispositions			1	2.7	$	5,325	$	5,023	$	1,501

(a)

As of January 2019, the Company expects to receive an additional $1.0 million of contingent consideration. The Company will recognize this consideration on a cash basis due to uncertainty of collectability. The $1.0 million consideration is payable to the Company in twelve equal installments, of which $0.8 million has been received during the nine months ended September 30, 2019.