Subsequent Events (Notes)

6 Months Ended

Jun. 30, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

As of June 30, 2017, the Company had a deferred gain related to a 2015 portfolio sale in the amount of $14.3 million which is recorded in other liabilities in the accompanying balance sheets. Subsequent to June 30, 2017, the contingency related to the sale was settled and the Company recognized the deferred gain in net income.

Pursuant to a purchase option contained in its lease agreement, on July 27, 2017, a tenant exercised its option to purchase two properties approximating 1.7 million square feet and 44 acres of land for $249.0 million. The properties and land are in the Lehigh/Central PA segment. The sale is currently anticipated to close in 2017, subject to the satisfaction of certain closing conditions contained in the lease. Upon the closing of the sale, the Company expects to recognize a gain on the sale in the range of $65 million to $70 million.