Real Estate Properties

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Real Estate Properties

Real Estate Properties

During the three months ended March 31, 2017 and 2016, we made improvements, excluding tenant-funded improvements, to our properties totaling $14.2 million and $31.9 million, respectively.

Properties Held For Sale:

We classify all properties that meet the criteria outlined in the Property, Plant and Equipment Topic of the FASB ASC as held for sale on our condensed consolidated balance sheets.  As of December 31, 2016, we had no properties classified as held for sale. As of March 31, 2017, we classified the following properties as held for sale (dollars in thousands):

Asset	Date Sold	Number of Properties	Number of Buildings	Square Footage	Gross Sales Price
25 S. Charles Street	April 2017	1	1	359,254	$	24,500
Parkshore Plaza	April 2017	1	4	271,072	40,000
		2	5	630,326	$	64,500

Summarized balance sheet information for the properties classified as held for sale is as follows (in thousands):

	March 31, 2017
Real estate properties	$	61,829
Other assets, net	2,567
Properties held for sale	$	64,396
Accounts payable and accrued expenses	$	150
Security deposits	863
Liabilities related to properties held for sale	$	1,013

Property Dispositions:

During the three months ended March 31, 2017, we sold the following properties (dollars in thousands):

Asset	Date Sold	Number of Properties	Number of Buildings	Square Footage	Gross Sales Price		Gain (Loss) on Sale
Properties
111 Market Place	January 2017	1	1	589,380	$	60,100	$	(5,968	)
Cabot Business Park Land	March 2017	—	—	—	575		(57		)
Portfolios of properties
4515 Seton Center Parkway	March 2017	1	1	117,265
4516 Seton Center Parkway	March 2017	1	1	120,559
Seton Center		2	2	237,824	$	52,450	$	22,479
		3	3	827,204	$	113,125	$	16,454

During the year ended December 31, 2016, we sold 30 properties (62 buildings) with a combined 8.0 million square feet for an aggregate gross sales price of $1.3 billion, excluding closing costs.