REAL ESTATE INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Schedule of Gross Carrying Value of Operating Properties

As of June 30, 2022 and December 31, 2021, the gross carrying value of the operating properties was as follows (in thousands):

	June 30, 2022		December 31, 2021
Land	$	410,891	$	410,144
Building and improvements	2,710,368		2,653,492
Tenant improvements	423,843		408,966
Total	$	3,545,102	$	3,472,602

Summary of Properties Acquired

The following table summarizes the property acquisitions during the six months ended June 30, 2022 (dollars in thousands):

Property/Portfolio Name	Acquisition Date	Location	Property Type	Rentable Square Feet/Acres	Purchase Price
631 Park Avenue	January 21, 2022	King of Prussia, PA	Land	3.3 acres	$	3,650
3151 Market Street (a)	April 29, 2022	Philadelphia, PA	Leasehold Interest	0.8 acres	$	27,349

(a)On April 29, 2022, the Company acquired, through a 99-year ground lease, the leasehold interest in a 0.8-acre land parcel, located at 3151 Market Street, in Philadelphia, Pennsylvania. The Company prepaid $19.5 million of the ground lease, representing 500,000 square feet of buildable floor to area ratio ("FAR") to be used for the development of 3151 Market Street, and paid $7.8 million for 200,000 square feet of FAR density usable pursuant to the Schuylkill Yards Project master development agreement. The ground lease and additional density are included in construction in progress and prepaid leasehold interests in land held for development, respectively, in the consolidated balance sheets. See Note 15, ''Subsequent Events," for further information.

Summary of Properties Sold

The following table summarizes the property dispositions during the six months ended June 30, 2022 (dollars in thousands):

Property/Portfolio Name	Disposition Date	Location	Property Type	Rentable Square Feet/Acres	Sales Price		Gain/(Loss) on Sale (a)
Gateway G & H	January 20, 2022	Richmond, VA	Land	10.0 acres	$	1,600	$	897
25 M Street	April 14, 2022	Washington, D.C.	Land	0.8 acres	$	29,675	$	3,436
Gibbsboro Portfolio	June 28, 2022	Gibbsboro, NJ	Office/Land	42,809/4.0 acres	$	4,100	$	831	(b)

(a)Gain/(Loss) on Sale is net of closing and other transaction related costs.

(b)Includes $0.7 million of gain on sale of undepreciated real estate and $0.1 million of gain on disposition of real estate included within the consolidated statements of operations for the six months ended June 30, 2022.