Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Gross Carrying Value Of Properties

As of March 31, 2016 and December 31, 2015, the gross carrying value of the Properties was as follows (in thousands):

	March 31,		December 31,
	2016		2015
Land	$	511,977	$	513,268
Building and improvements		2,723,438		2,719,780
Tenant improvements		467,778		459,952
		3,703,193		3,693,000
Assets held for sale - real estate investments (a)		-		794,588
Total	$	3,703,193	$	4,487,588

(a) Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or intangible assets on the balance sheets of the properties held for sale.

Dispositions

The Company sold the following office properties during the three-month period ended March 31, 2016 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Number of Properties	Rentable Square Feet		Sales Price		Net Proceeds on Sale		Gain (Loss) on Sale (a)
February 5, 2016	2970 Market Street  (Cira Square)	Philadelphia, PA	1		862,692	$	354,000	$	350,150	$	115,828
February 4, 2016	Och-Ziff Portfolio	Various (b)	58		3,924,783		398,100		353,971		(372	)	(c)
Total Dispositions			59		4,787,475	$	752,100	$	704,121	$	115,456

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

(b) Exhibit 99.2 to Form 8-K filed on February 10, 2016 contains a complete list of the 58 properties. See also Note 4, "Investment in Unconsolidated Real Estate Ventures," for further details of the transactions.

(c) During the fourth quarter of 2015, the Company recognized an impairment loss totaling approximately $45.4 million on the properties. The loss on sale represents additional closing costs that were not known at settlement.