Accounting for the Impairment or Disposal of Long-Lived Assets

6 Months Ended

Jun. 30, 2016

Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]

Asset Impairment Charges [Text Block]

Accounting for the Impairment or Disposal of Long-Lived Assets

Asset Impairment

The Company disposes of and anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. There were no impairments recognized during the three and six months ended June 30, 2016. During the three months ended June 30, 2015, the Company recognized $1.0 million in impairments which related to the Company's DC Metro reportable segment. During the six months ended June 30, 2015, the Company recognized $16.8 million in impairments, $13.4 million of which related to the Company's Carolinas/Richmond reportable segment, $2.3 million of which related to the Company's Southeastern Pennsylvania reportable segment and $1.0 million of which related to the Company's DC Metro reportable segment. The properties included in the Carolinas/Richmond reportable segment were subsequently sold. 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 its properties and land held for development and has determined that there were no additional valuation adjustments necessary at June 30, 2016. In addition, the Company applied reasonable estimates and judgments in determining the level of impairments recognized.  Should external or internal circumstances change requiring the need to shorten the holding periods or adjust the estimated future cash flows of the Company’s assets, the Company could be required to record impairment charges in the future.