Investment in Unconsolidated Real Estate Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Schedule Of Equity Method Investments [Line Items]

Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss)

The Company’s investment in Real Estate Ventures as of December 31, 2018 and 2017, and the Company’s share of the Real Estate Ventures’ income (loss) for the years ended December 31, 2018 and 2017 was as follows (in thousands):

	Ownership	Carrying Amount				Company's Share of Real Estate Venture Income (Loss)						Real Estate Venture Debt at 100%				Current Interest	Debt
	Percentage (a)	2018		2017		2018			2017			2018		2017		Rate	Maturity
Office Properties
Brandywine-AI Venture LLC (b)	50%	$	11,731	$	43,560	$	(14,559	)	$	(4,465	)	$	26,111	$	93,117	4.65%	(c)
Rockpoint Venture (d)	15%		47,834		-		83			-			-		-
MAP Venture (e)	50%		11,173		15,450		(2,155	)		(3,443	)		185,000		180,800	L+2.45%	Aug 2023 (e)
PJP VII	25%		1,100		1,156		157			175			3,777		4,792	L+2.65%	Dec 2019
PJP II	30%		663		604		179			72			2,214		2,564	6.12%	Nov 2023
PJP VI	25%		125		179		71			38			7,069		7,370	6.08%	Apr 2023
DRA (G&I) Austin (f)	50%		-		13,972		1,687			(989	)		-		249,481
Four Tower Bridge (g)	65%		-		3,032		-			746			-		9,749
Other
Brandywine 1919 Ventures (h)	50%		19,897		22,268		253			(194	)		88,860		88,860	4%	Jun 2023 (i)
HSRE-BDN I, LLC	50%		-		17,671		(358	)		449			-		110,886
TB-BDN Plymouth Apartments (j)			-		-		-			99			-		-
Development Properties
4040 Wilson (k)	50%		37,371		37,179		(192	)		(255	)		57,288		6,664	L+2.75%	Dec 2021
51 N Street	70%		21,368		21,212		(137	)		(176	)		-		-
1250 First Street Office	70%		17,838		17,867		(260	)		(149	)		-		-
Seven Tower Bridge (g)	20%		-		471		-			(214	)		-		14,629
		$	169,100	$	194,621	$	(15,231	)	$	(8,306	)	$	370,319	$	768,912

(a) Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable.

(b) See “Brandywine - AI Venture: Station Square and 7101 Wisconsin Avenue” and “Brandywine - AI Venture: Other Than Temporary Impairment” sections below for information discussing activity that occurred during 2018 and 2017 relating to this venture.

(c) The debt for these properties is comprised of one fixed rate mortgage: (1) $26.1 million with a 4.65% fixed interest rate due January 1, 2022. On December 28, 2018, the BDN – AI Venture repaid its $66.5 million mortgage with a fixed interest rate of 3.22% upon the disposition of three properties known as Station Square.

(d)  On December 20, 2018, the Company contributed a portfolio of eight properties containing an aggregate of 1,293,197 square feet, located in its Metropolitan Washington, D.C. segment, known as the Rockpoint Portfolio, to a newly-formed joint venture, known as the Herndon Innovation Center Metro Portfolio Venture, LLC, for a gross sales price of $312.0 million. Rockpoint and the Company own 85% and 15% interests in the Herndon Innovation Center Metro Portfolio Venture, LLC, respectively. See “Herndon Innovation Center Metro Portfolio Venture, LLC” section below for further details.

(e) On August 1, 2018, the MAP Venture refinanced its $180.8 million third party debt financing, secured by the buildings of MAP Venture and maturing February 9, 2019, with $185.0 million third party debt financing, also secured by the buildings, bearing interest at LIBOR + 2.45% capped at a total maximum interest of 6.00% and maturing on August 1, 2023.

(f) See “Austin Venture” section below for information discussing the Company’s purchase of its partner’s entire 50% interest in the twelve remaining properties within the Austin Venture on December 11, 2018.

(g) On January 5, 2018, the Company exchanged its 20% interest in Seven Tower Bridge to acquire the remaining 35% interest in Four Tower Bridge. For further information regarding the accounting of the transaction, see “Four Tower Bridge Acquisition” section below.

(h)  The basis difference associated with this venture is allocated between cost and the underlying equity in the net assets of the investee and is accounted for as if the entity were consolidated (i.e., allocated to the Company’s relative share of assets and liabilities with an adjustment to recognize equity in earnings for the appropriate depreciation/amortization).

(i) On June 26, 2018, each of the Company and its partner, LCOR/Calstrs, provided a $44.4 million mortgage loan to Brandywine 1919 Ventures. As a result, the Company recorded a related-party note receivable of $44.4 million in the “Other assets” caption on its consolidated balance sheets. The loans bear interest at a fixed 4.0% per annum interest rate with a scheduled maturity on June 25, 2023. On June 26, 2018, Brandywine 1919 Ventures used the loan to repay the venture’s then outstanding $88.8 million construction loan, comprised of $88.6 million in principal and $0.2 million of accrued interest.

(j) On January 31, 2017, the Company sold its 50% interest in TB-BDN Plymouth Apartments, LP.

(k) During the fourth quarter of 2017, 4040 Wilson obtained a secured construction loan with a total borrowing capacity of $150.0 million.

The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2018 and December 31, 2017 (in thousands):

	December 31, 2018
	DRA (G&I) Austin (a)		Brandywine-AI Venture LLC		evo at Cira Centre South (b)		Other		Total
Net property	$	-	$	47,043	$	-	$	788,940	$	835,983
Other assets		-		11,206		-		148,293		159,499
Other liabilities		-		2,002		-		83,679		85,681
Debt, net		-		26,020		-		339,687		365,707
Equity (c)		-		30,227		-		513,867		544,094

	December 31, 2017
	DRA (G&I) Austin		Brandywine-AI Venture LLC		evo at Cira Centre South		Other		Total
Net property	$	263,557	$	158,960	$	143,990	$	517,458	$	1,083,965
Other assets		42,272		24,181		8,563		86,916		161,932
Other liabilities		24,131		4,493		1,648		67,435		97,707
Debt, net		248,700		92,917		110,136		314,667		766,420
Equity (c)		32,998		85,731		40,769		222,272		381,770

(a) On December 11, 2018, the Company acquired DRA’s 50% ownership interest in the DRA Austin Venture for an aggregate purchase price of $535.1 million. See “Austin Venture” section below.

(b) On January 10, 2018, HSRE-BDN I, LLC (evo at Cira Centre South) sold the 345-unit student housing tower, its sole operating asset. See “evo at Cira Disposition” section below.

(c) This amount includes the effect of the basis difference between the Company’s historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities.  Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.

The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests as of December 31, 2018, 2017 and 2016 (in thousands):

	Twelve-month period ended December 31, 2018
	DRA (G&I) Austin			Brandywine-AI Venture LLC			evo at Cira Centre South			Other			Total
Revenue	$	53,476		$	23,515		$	163		$	88,172		$	165,326
Operating expenses		(22,994	)		(10,483	)		(256	)		(48,302	)		(82,035	)
Interest expense, net		(9,083	)		(3,478	)		(123	)		(17,090	)		(29,774	)
Depreciation and amortization		(19,226	)		(8,991	)		(409	)		(25,200	)		(53,826	)
Provision for impairment		-			(20,832	)		-			-			(20,832	)
Loss on extinguishment of debt		(356	)		(695	)		-			(334	)		(1,385	)
Net income (loss)	$	1,817		$	(20,964	)	$	(625	)	$	(2,754	)	$	(22,526	)
Ownership interest %		50	%		50	%		50	%	(a)
Company's share of net income (loss)	$	909		$	(10,482	)	$	(313	)	$	(2,038	)	$	(11,924	)
Other-than-temporary impairment (b)		-			(4,076	)		-			-			(4,076	)
Basis adjustments and other		778			(1	)		(45	)		37			769
Equity in income (loss) of Real Estate Ventures	$	1,687		$	(14,559	)	$	(358	)	$	(2,001	)	$	(15,231	)

	Twelve-month period ended December 31, 2017
	DRA (G&I) Austin			Brandywine-AI Venture LLC			evo at Cira Centre South			Other			Total
Revenue	$	85,500		$	29,500		$	12,285		$	88,986		$	216,271
Operating expenses		(35,997	)		(12,298	)		(3,075	)		(47,970	)		(99,340	)
Interest expense, net		(13,985	)		(4,707	)		(4,092	)		(17,429	)		(40,213	)
Depreciation and amortization		(34,026	)		(11,428	)		(4,512	)		(28,474	)		(78,440	)
Loss on extinguishment of debt		(2,613	)		(811	)		-			-			(3,424	)
Net income (loss)	$	(1,121	)	$	256		$	606		$	(4,887	)	$	(5,146	)
Ownership interest %		50	%		50	%		50	%	(a)
Company's share of net income (loss)	$	(560	)	$	128		$	303		$	(1,735	)	$	(1,864	)
Other-than-temporary impairment (b)		-			(4,844	)		-			-			(4,844	)
Basis adjustments and other		(429	)		251			146			(1,566	)		(1,598	)
Equity in income (loss) of Real Estate Ventures	$	(989	)	$	(4,465	)	$	449		$	(3,301	)	$	(8,306	)

	Twelve-month period ended December 31, 2016
	DRA (G&I) Austin			Brandywine-AI Venture LLC			evo at Cira Centre South			Other			Total
Revenue	$	85,749		$	31,047		$	12,393		$	85,263		$	214,452
Operating expenses		(37,643	)		(13,654	)		(3,183	)		(48,712	)		(103,192	)
Provision for impairment (c)		-			(10,476	)		-			-			(10,476	)
Interest expense, net		(15,052	)		(5,825	)		(3,230	)		(16,207	)		(40,314	)
Depreciation and amortization		(38,365	)		(12,811	)		(4,512	)		(30,050	)		(85,738	)
Net income (loss) (d)	$	(5,311	)	$	(11,719	)	$	1,468		$	(9,706	)	$	(25,268	)
Ownership interest %		50	%		50	%		50	%	(a)
Company's share of net income (loss)	$	(2,656	)	$	(5,860	)	$	734		$	(4,719	)	$	(12,501	)
Basis adjustments and other		776			(35	)		109			148			998
Equity in income (loss) of Real Estate Ventures	$	(1,880	)	$	(5,895	)	$	843		$	(4,571	)	$	(11,503	)

(a) See above table, which discloses the Company’s investment in Real Estate Ventures as of December 31, 2018 and 2017, for the Company’s unconsolidated ownership interests, subject to specified priority allocations of distributable cash, in certain of the Real Estate Ventures.

(b) See “Brandywine - AI Venture: Other Than Temporary Impairment” section below.

(c) See “Brandywine - AI Venture: Station Square Impairment” section below.

(d) During the year ended December 31, 2016, there were $7.1 million of acquisition deal costs related to the formation of the MAP Venture.

Schedule of Maturities of Long-term Debt

As of December 31, 2018, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):

2019	$	7,595
2020		87,226
2021		15,143
2022		348,832
2023		556,736
Thereafter		1,028,610
Total principal payments		2,044,142
Net unamortized premiums/(discounts)		(5,855	)
Net deferred financing costs		(10,241	)
Outstanding indebtedness	$	2,028,046

Summary of Gain on Sale for Each Land Parcel

The Company sold the following properties during the twelve-month period ended December 31, 2018 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Type	Number of Properties	Rentable Square Feet		Sales Price		Net Proceeds on Sale		Gain/(Loss) on Sale
December 21, 2018	Subaru National Training Center (a)	Camden, NJ	Mixed-use	1		83,000	$	45,300	$	44,877	$	2,570
December 20, 2018	Rockpoint Portfolio (b)	Herndon, VA	Office	8		1,293,197		312,000		262,442		397
June 21, 2018	20 East Clementon Road	Gibbsboro, NJ	Office	1		38,260		2,000		1,850		(35	)
Total Dispositions				10		1,414,457	$	359,300	$	309,169	$	2,932

(a) During the second quarter of 2018, Subaru exercised its purchase option under the lease agreement for the Subaru NSTC and the sale occurred during the fourth quarter of 2018. See Note 2, “Summary of Significant Accounting Policies,” for further discussion of the lease agreement and related revenue recognition.

(b) On December 20, 2018, the Company contributed a portfolio of eight properties containing an aggregate of 1,293,197 square feet, located in its Metropolitan Washington, D.C. segment (the “Rockpoint Portfolio”) to a newly-formed joint venture (the “Herndon Innovation Center Metro Portfolio Venture, LLC”) for a gross sales price of $312.0 million. The Company and its partner own 15% and 85% interests in the Herndon Innovation Center Metro Portfolio Venture, LLC, respectively. The Herndon Innovation Center Metro Portfolio Venture, LLC funded the acquisition with $265.2 million of cash, which was distributed to the Company at closing. After funding its share of closing costs and working capital contributions of $2.2 million and $0.6 million, respectively, the Company received $262.4 million of cash proceeds at settlement. The Company recorded an impairment charge of $56.9 million for the Rockpoint Portfolio during the third quarter of 2018. The Company recorded a $0.4 million gain on sale, which represents an adjustment to estimated closing costs used to determine the impairment charge in the third quarter of 2018. For further information related to this transaction, see the “Herndon Innovation Center Metro Portfolio Venture, LLC” section in Note 4, “Investment in Unconsolidated Real Estate Ventures.”

The Company sold the following land parcels during the twelve-month period ended December 31, 2018 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Number of Parcels		Acres		Sales Price		Net Proceeds on Sale		Gain on Sale
March 16, 2018	Garza Ranch - Office	Austin, TX		1		6.6	$	14,571	$	14,509	$	1,515	(a)
January 10, 2018	Westpark Land	Durham, NC		1		13.1		485		412		22
Total Dispositions				2		19.7	$	15,056	$	14,921	$	1,537

(a) As of March 31, 2018, the Company had not transferred control to the buyer of this land parcel, or two other parcels at this site which were sold during 2017, because of a completion guarantee which required the Company, as developer, to complete certain infrastructure improvements on behalf of the buyers of the land parcels. The cash received at settlement was recorded as “Deferred income, gains and rent” on the Company’s consolidated balance sheets. During the three months ended June 30, 2018, the infrastructure improvements were substantially completed, at which time the Company transferred control of the land parcels. As a result, the Company then recognized the sales of the three land parcels during 2018 and recorded an aggregate $2.8 million gain. During the quarter ended December 31, 2018, the Company recognized an additional $0.2 million gain. See Note 2, “Summary of Significant Accounting Policies,” for further discussion of the infrastructure improvements and related revenue recognition.

The Company sold the following properties during the twelve-month period ended December 31, 2017 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Type	Number of Properties	Rentable Square Feet		Sales Price		Net Proceeds on Sale		Gain/(Loss) on Sale (a)
November 22, 2017	11, 14, 15, 17 and 18 Campus Boulevard (Newtown Square)	Newtown Square, PA	Office	5		252,802	$	42,000	$	40,459	$	19,642
October 31, 2017	630 Allendale Road	King of Prussia, PA	Office	1		150,000		17,500		16,580		3,605
June 27, 2017	Two, Four A, Four B and Five Eves Drive (Evesham Corporate Center)	Marlton, NJ	Office	4		134,794		9,700		8,650		(325	)	(b)
June 12, 2017	7000 Midlantic Drive	Mount Laurel, NJ	Retail	1		10,784		8,200		7,714		1,413
March 30, 2017	200, 210 & 220 Lake Drive East (Woodland Falls)	Cherry Hill, NJ	Office	3		215,465		19,000		17,771		(249	)	(c)
March 15, 2017	Philadelphia Marine Center (Marine Piers)	Philadelphia, PA	Mixed-use	1		181,900		21,400		11,182		6,498		(d)
March 13, 2017	11700, 11710, 11720 & 11740 Beltsville Drive (Calverton)	Beltsville, MD	Office	3		313,810		9,000		8,354		-		(e)
February 2, 2017	1200 & 1220 Concord Avenue (Concord Airport Plaza)	Concord, CA	Office	2		350,256		33,100		32,010		551		(f)
Total Dispositions				20		1,609,811	$	159,900	$	142,720	$	31,135

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

(b) As of March 31, 2017, the Company evaluated the recoverability of the carrying value of its properties that triggered assessment under the undiscounted cash flow model. Based on the Company’s evaluation, it was determined that due to the reduction in the Company’s intended hold period of four properties located in the Other segment, the Company would not recover the carrying values of these properties. Accordingly, the Company recorded impairment charges on these properties of $1.0 million at March 31, 2017, which reduced the aggregate carrying values of the properties from $10.2 million to their estimated fair value of $9.2 million. The Company measured these impairments based on a discounted cash flow analysis, using a hold period of 10 years and residual capitalization rates and discount rates of 9.00% and 9.25%, respectively. The results were comparable to indicative pricing in the market. The assumptions used to determine fair value under the income approach are Level 3 inputs in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures.” The loss on sale in the table above represents additional closing costs.

(c) As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its properties that triggered assessment under the undiscounted cash flow model. Based on the Company’s evaluation, it was determined that due to the reduction in the Company’s intended hold period of three properties located in the Other segment, the Company would not recover the carrying values of these properties. Accordingly, the Company recorded impairment charges on these properties of $7.3 million at December 31, 2016, reducing the aggregate carrying values of the properties from $25.8 million to their estimated fair value of $18.5 million. The Company measured these impairments based on a discounted cash flow analysis, using a hold period of 10 years and residual capitalization rates and discount rates of 8.75% and 9.00%, respectively. The results were comparable to indicative pricing in the market. The assumptions used to determine fair value under the income approach are Level 3 inputs in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures.” The loss on sale in the table above represents additional closing costs.

(d) On March 15, 2017, the Company sold its sublease interest in the Piers at Penn’s Landing (the “Marine Piers”), which includes leasehold improvements containing 181,900 net rentable square feet, and a marina, located in Philadelphia, Pennsylvania for an aggregate sales price of $21.4 million. On the closing date, the buyer paid $12.0 million in cash. The $9.4 million balance of the purchase is due on (a) January 31, 2020, in the event that the tenant at the Marine Piers does not exercise an option it holds to extend the term of the sublease or (b) January 15, 2024, in the event that the tenant does exercise the option to extend the term of the sublease. The Company determined that it is appropriate to account for the sales transaction under the cost recovery method. The Company received cash proceeds of $11.2 million, after closing costs and prorations, and the net book value of the Marine Piers was $4.7 million, resulting in a gain on sale of $6.5 million. The remaining gain on sale of $9.4 million will be recognized on the second purchase price installment date. Prior to its sale, the Marine Piers had been classified as mixed-use within the Company’s property count.

(e) During the fourth quarter of 2016, the Company recognized a $3.0 million impairment related to these properties. During the first quarter of 2017, there was a price reduction of $1.7 million under the agreement of sale and an additional impairment of $1.7 million was recognized.

(f) During the fourth quarter of 2016, the Company recognized an $11.5 million impairment related to these properties. This sale was designated as a like-kind exchange under Section 1031 of the Internal Revenue Code (“IRC”) and, as such, the proceeds, totaling $32.0 million after closing costs and prorations, were deposited with a Qualified Intermediary, as defined under the IRC. The proceeds received at closing were recorded as “Other assets” in the Company’s consolidated balance sheets. During the third quarter of 2017, the Company acquired 3000 Market Street in Philadelphia, Pennsylvania using the full balance of the Section 1031 proceeds. See “Acquisition” section above.

The Company sold the following land parcels during the twelve-month period ended December 31, 2017 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Number of Parcels		Acres		Sales Price		Net Proceeds on Sale		Gain on Sale
September 13, 2017	50 E. Swedesford Square	Malvern, PA		1		12.0	$	7,200	$	7,098	$	882
July 18, 2017	Bishop's Gate	Mount Laurel, NJ		1		49.5		6,000		5,640		71	(a)
April 28, 2017	Garza Ranch - Multi-family	Austin, TX		1		8.4		11,800		11,560		-	(b)
February 15, 2017	Gateway Land - Site C	Richmond, VA		1		4.8		1,100		1,043		-	(c)
January 30, 2017	Garza Ranch - Hotel	Austin, TX		1		1.7		3,500		3,277		-	(b)
Total Dispositions				5		76.4	$	29,600	$	28,618	$	953

(a) During the fourth quarter of 2016, the Company recognized an impairment of $3.0 million. During the second quarter of 2017, the Company recorded a held for sale impairment charge of $0.3 million, reducing the aggregate carrying value of the land parcel from $5.9 million to its estimated fair value less costs to sell of $5.6 million. The fair value measurement is based on pricing in the purchase and sale agreement for the property. As the pricing in the purchase and sale agreement is unobservable, the Company determined that the input utilized to determine fair value for the property falls within Level 3 in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures.” The land parcel was sold on July 18, 2017.

(b) The Company has a continuing involvement in this property through a completion guaranty, which requires the Company, as developer, to complete certain infrastructure improvements on behalf of the buyers of the land parcels. The Company recorded the cash received at settlement as “Deferred income, gains and rent” on the Company’s consolidated balance sheet and the Company will recognize the sale upon completion of infrastructure improvements.

(c) During the fourth quarter of 2016, the Company recognized a nominal impairment related to this land parcel.

The Company sold the following properties during the twelve-month period ended December 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)
October 13, 2016	620, 640, 660 Allendale Road	King of Prussia, PA	3		156,669	$	12,800	$	12,014	$	2,382
September 1, 2016	1120 Executive Plaza	Mt. Laurel, NJ	1		95,183		9,500		9,241		(18	)	(b)
August 2, 2016	50 East Clementon Road	Gibbsboro, NJ	1		3,080		1,100		1,011		(85	)
May 11, 2016	196/198 Van Buren Street (Herndon Metro Plaza I&II)	Herndon, VA	2		197,225		44,500		43,412		(752	)	(c)
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	58		3,924,783		398,100		353,971		(372	)	(d)
Total Dispositions			66		5,239,632	$	820,000	$	769,799	$	116,983

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

(b) As of June 30, 2016, the Company determined that the sale of the property was probable and classified this property as held for sale in accordance with applicable accounting standards for long lived assets. At such date, the carrying value of the property exceeded the fair value less the anticipated costs of sale. As a result, the Company recognized a provision for impairment totaling approximately $1.8 million during the three-month period ended June 30, 2016. The fair value measurement was based on the pricing in the purchase and sale agreement for the sale of the property. As the pricing in the purchase and sale agreement is unobservable, the Company determined that the inputs utilized to determine fair value for this property falls within Level 3 in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, "Fair Value Measurements and Disclosures.” The loss on sale represents additional closing costs recognized at closing.

(c) During the three-month period ended March 31, 2016, the Company recognized a provision for impairment totaling approximately $7.4 million on the properties. See “Held for Use Impairment” section below. The loss on sale primarily relates to additional closing costs recognized at closing.

(d) During the three-month period ended December 31, 2015, the Company recognized a provision for impairment totaling approximately $45.4 million. The loss on sale represents additional closing costs recognized at closing.

The Company sold the following land parcels during the twelve-month period ended December 31, 2016 (dollars in thousands):

Disposition Date	Property/Portfolio Name	Location	Number of Parcels		Acres		Sales Price		Net Proceeds on Sale		Gain on Sale (a)
December 2, 2016	Oakland Lot B	Oakland, CA		1		0.9	$	13,750	$	13,411	$	9,039
August 19, 2016	Highlands Land	Mt. Laurel, NJ		1		2.0		288		284		193
January 15, 2016	Greenhills Land	Reading, PA		1		120.0		900		837		-	(b)
Total Dispositions				3		122.9	$	14,938	$	14,532	$	9,232

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

(b) The carrying value of the land exceeded the fair value less the anticipated costs of sale as of December 31, 2015. Therefore the Company recognized an impairment loss of $0.3 million during the three-month period ended December 31, 2015. There was no gain or loss recognized on the sale during 2016.

Unconsolidated Real Estate Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Schedule of Maturities of Long-term Debt

As of December 31, 2018, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):

2019	$	4,998
2020		1,290
2021		58,651
2022		25,277
2023		280,005
Thereafter		98
Total principal payments		370,319
Net deferred financing costs		(4,612	)
Outstanding indebtedness	$	365,707

Austin Joint Venture [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Gain on Sale for Each Land Parcel

The summary of the transaction is as follows (in thousands);

	October 18, 2017
Gross sales price	$	333,250
Debt principal		(150,968	)
Debt prepayment penalties		(2,120	)
Closing costs and net prorations		(7,420	)
Cash to Austin Venture	$	172,742
Company's ownership interest		50	%
Cash to the Company	$	86,371
Cash to Austin Venture	$	172,742
Austin Venture basis of sold properties		(92,559	)
Austin Venture gain on sale	$	80,183
Company's ownership interest		50	%
Company's share of gain	$	40,092
Company's share of gain	$	40,092
Deferred gain from partial sale		12,072
Gain on real estate venture transactions	$	52,164