REAL ESTATE

The Company owns and operates industrial and office properties. The carrying value of these properties by type as of December 31, 2011 and 2010 is as follows (in thousands):



	Land	Building
	And Land	And		Accumulated
	Improvements	Improvements	Total	Depreciation
2011
Industrial properties	$404,788	$1,897,253	$2,302,041	$465,695
Office properties	451,995	2,219,926	2,671,921	596,535

2011 Total	$856,783	$4,117,179	$4,973,962	$1,062,230

2010
Industrial properties	$367,543	$1,731,557	$2,099,100	$409,863
Office properties	433,728	2,171,334	2,605,062	528,181

2010 Total	$801,271	$3,902,891	$4,704,162	$938,044

Depreciation expense was $144.3 million in 2011, $147.3 million in 2010 and $144.5 million in 2009.

Information on the operating properties the Company sold during the years ended December 31, 2011 and 2010 is as follows:

2011 Sales



	Number of	Leaseable
Reportable Segment	Buildings	Square Feet	Gross Proceeds
			(in thousands)
Northeast
Southeastern PA	1	35,212	$	3,882
Lehigh/Central PA	32	1,422,501	124,000
Northeast - Other	2	91,698	11,351
Central	6	919,480	71,301
South	21	1,750,489	154,656
Total	62	4,219,380	$	365,190

2010 Sales



	Number of	Leaseable
Reportable Segment	Buildings	Square Feet	Gross Proceeds
			(in thousands)
Northeast
Southeastern PA	2	63,925	$	5,987
Lehigh/Central PA	2	146,800	7,216
Northeast - Other	1	39,151	5,100
Central	1	26,660	523
South	4	401,791	10,190
Total	10	678,327	$	29,016

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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