Accounting for the Impairment or Disposal of Long-Lived Assets

12 Months Ended

Dec. 31, 2015

Accounting for the Impairment or Disposal of Long-Lived Assets [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS

In November 2013, the Company entered into an Agreement of Sale and Purchase pursuant to which the Company agreed to sell 97 operating properties containing an aggregate of 6.6 million square feet and 159 acres of land for $697.3 million (the "Portfolio Sale"). In December 2013, the Company closed on the first of two planned settlements under this agreement. The proceeds from the first settlement were $367.7 million and included 49 properties totaling approximately 4.0 million square feet of space and 140 acres of land. In January 2014, the Company closed on the remaining settlement for proceeds of $329.6 million which consisted of 23 properties totaling 1.4 million square feet and 19 acres of land in the Maryland reportable segment, 24 properties and 1.2 million square feet in the New Jersey reportable segment and one property totaling 37,000 square feet in the Company's Southeastern PA reportable segment. All of the operating properties in the Portfolio Sale were considered held for sale as of December 31, 2013.

Prior to the adoption of Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") on January 1, 2014, the results of operations for all operating properties sold or held for sale during the reported periods were shown under discontinued operations on the consolidated statements of comprehensive income. Under ASU 2014-08, operating properties that were sold or classified as held for sale before the adoption of ASU 2014-08 continue to be classified as discontinued operations. Accordingly, operating properties previously reported as discontinued operations (including the Portfolio Sale) will continue to be presented as discontinued operations on the consolidated statements of comprehensive income for all periods presented. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. The proceeds from the disposition of properties excluding the Portfolio Sale that were included in discontinued operations were $136.7 million for the year ended December 31, 2013.

A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands):

	For the Year Ended December 31,
	2015		2014			2013
Revenues	$	—	$	4,728		$	113,586
Operating expenses	—		(2,258		)	(41,875		)
Interest and other income	—		37			213
Interest expense	—		(557		)	(15,903		)
Depreciation and amortization	—		—			(29,566		)
Income before gain on property dispositions	—		1,950			26,455
Gain on property dispositions	—		46,631			95,384
Net income	$	—	$	48,581		$	121,839

Interest expense has been allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale (without continuing involvement) to the sum of total net assets plus consolidated debt.

One property totaling 92,000 square feet in the Company’s Minnesota reportable segment was considered held for sale as of December 31, 2015. Under ASU 2014-08, this property has not been classified as discontinued operations.

Asset Impairment Charges [Text Block]

Asset Impairment

The Company disposes of and anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. During the years ended December 31, 2015, 2014 and 2013, the Company recognized impairment losses of $18.2 million, $0.1 million and $1.1 million, respectively. These totals include the Company's share of certain impairment losses recognized by unconsolidated joint ventures in which the Company held an interest. The impairment losses are for operating properties or land parcels and were in the reportable segments and for the amounts as indicated below (in thousands):

	Year Ended December 31,
Reportable Segment	2015		2014		2013
Richmond/Hampton Roads	$	13,755	$	—	$	—
Southeastern PA	2,328		106
Tampa	—		—		248
United Kingdom	—		—		—
Other	2,161		11		872
Total	$	18,244	$	117	$	1,120

For the year ended December 31, 2015, $18.2 million in impairments were included in impairment - real estate assets in the Company's consolidated statements of comprehensive income. For the year ended December 31, 2014, $0.1 million in impairments were included in impairment - real estate assets in the Company's consolidated statements of comprehensive income. For the year ended December 31, 2013, $0.9 million in impairments were included in discontinued operations and $0.2 million in impairments were included in impairment - real estate assets in the Company's consolidated statements of comprehensive income. The Company determined these impairments based on third party offer prices and quoted offer prices for comparable transactions which are Level 2 and Level 3 inputs, respectively, according to the fair value hierarchy established in ASC 820. These measurements have occurred throughout the respective periods as circumstances arise, and the resulting estimates of fair value are not necessarily reflective of measurements at the period’s end. The Company has evaluated each of the properties and land held for development and has determined that there are no additional valuation adjustments necessary at December 31, 2015.