Real Estate

On October 3, 2016, the Company completed the sale of 108 properties totaling approximately 7.6 million square feet and 26.7 acres of land for $969 million. This sale did not represent a strategic shift for the Company. However, the sale does represent an individually significant disposition. The operating results for these properties and land are included in continued operations for all periods presented. Net income and net income available to common shareholders for these properties for the three and nine months ended 2016 and 2015, respectively, are as follows (in thousands):



	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2016		2015		2016		2015
Net income	$	20,524	$	14,595	$	48,182	$	45,126
Net income available to common shareholders	$	20,041	$	14,252	$	47,050	$	44,079

As of September 30, 2016 these assets and liabilities were considered held for sale. These assets and liabilities consist of the following:




Assets held for sale
	Land and land improvements	$	202,641
	Building and improvements	834,286
	Less accumulated depreciation	(319,495		)
	Operating real estate	717,432

	Land held for development	15,524
	Accounts receivable, net	1,358
	Deferred rent receivable, net	22,140
	Deferred financing and leasing costs, net	23,493
	Prepaid expenses and other assets	3,595
Total assets held for sale		$	783,542

Liabilities held for sale
	Accounts payable	$	8,650
	Other liabilities	16,766
Total liabilities held for sale		$	25,416

As of September 30, 2016, the Company also classified a parcel of land held for development with a carrying value of $2.7 million as assets held for sale.

The Company's properties classified as held for sale by reportable segment as of September 30, 2016 are as follows:



	Properties Held for Sale	Acres of Land	Square Feet (000s)
Minnesota	19	—	1,489
Florida	45	13.2	2,935
Southeastern PA	30	—	2,076
Other	14	18.1	1,079
Total	108	31.3	7,579

During the nine months ended September 30, 2016, the Company acquired one operating property for a purchase price of $8.0 million. This property, comprising 73,000 square feet of leaseable space, is located in the Company's Chicago/Milwaukee reportable segment.

The Company's sales by reportable segment for the three and nine months ended September 30, 2016 are as follows:



	Three Months Ended September 30, 2016				Nine Months Ended September 30, 2016
	Properties Sold	Square Feet (000s)	Gross Proceeds (000s)		Properties Sold	Square Feet (000s)	Gross Proceeds (000s)
Minnesota	—	—	$	—	1	92	$	9,200
Florida	—	—	—		6	574	111,828		(1	)
Other	1	80	4,391		3	461	26,491
Total	1	80	$	4,391	10	1,127	$	147,519


(1)	Includes gross proceeds from the sale of 3.5 acres of land.