Real Estate (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of operating properties and land parcels

Information on the Operating Properties and land parcels the Company acquired during the three months and nine months ended September 30, 2019 is as follows:



	Three Months Ended September 30, 2019					Nine Months Ended September 30, 2019
	Number of Buildings	Acres of Developable Land	Leaseable Square Feet	Purchase Price (in thousands)		Number of Buildings	Acres of Developable Land	Leaseable Square Feet	Purchase Price (in thousands)
Chicago/Minneapolis	—	23.5	—	$	13,200	—	23.5	—	$	13,200
Dallas	—	—	—	—		2	—	509,733	44,400
Southern California	1	—	203,280	55,500		2	—	492,963	86,785
United Kingdom	—	—	—	—		—	25.0	—	2,658
Other:
Atlanta	—	—	—	—		—	154.7	—	5,000
New Jersey	—	—	—	—		3	—	488,254	78,275
	1	23.5	203,280	$	68,700	7	203.2	1,490,950	$	230,318

In the nine months ended September 30, 2019, the Company purchased the noncontrolling interest of three consolidated joint ventures in the following reportable segments: four buildings in Philadelphia, one building in New Jersey, one building in Dallas and one building in Southern California as well as 21.7 acres of land in Arizona, for $18.5 million.

Information on the Operating Properties and land parcels the Company sold during the three and nine months ended September 30, 2019 is as follows:



	Three Months Ended September 30, 2019					Nine Months Ended September 30, 2019
	Number of Buildings	Acres of Developable Land	Leaseable Square Feet	Gross Proceeds (in thousands)		Number of Buildings	Acres of Developable Land	Leaseable Square Feet	Gross Proceeds (in thousands)
Carolinas/Richmond	1	—	136,000	$	14,100	1	—	136,000	$	14,100
Chicago/Minneapolis	—	—	—	—		—	11.3	—	2,865
Florida	—	—	—	—		3	—	150,751	23,400
Houston	—	7.6	—	1,700		—	11.6	—	3,205
Philadelphia	2	—	156,411	60,650		3	—	309,653	159,900
Other:
Arizona	—	—	—	—		—	8.8	—	11,500
New Jersey⁽¹⁾	—	67.6	—	4,070		—	68.4	—	8,070
DC Metro	1	—	290,762	92,500		2	—	437,234	154,250
Southeastern PA	2	—	180,151	30,000		5	18.0	254,331	40,200
	6	75.2	763,324	$	203,020	14	118.1	1,287,969	$	417,490


(1)	Includes land that the Company sold for $4.1 million to an unconsolidated joint venture in which the Company holds a 25% interest.

In connection with the sale of a building in the Philadelphia reportable segment in June 2019 the Company repaid a $35.9 million 4.84% mortgage loan due 2033 encumbering the property and, consequently, recognized a loss of $7.6 million on early extinguishment of debt, which is reported in discontinued operations.

In addition to the sale of land parcels described above, the Company also received gross proceeds of $5.5 million from the sale of non-depreciable assets in Tempe, Arizona included in Company’s Other reportable segment in the third quarter of 2019, as well as $4.0 million from the sale of non-depreciable assets in Camden, New Jersey included in the Company’s Philadelphia reportable segment during the nine months ended September 30, 2019. Including the above-described sales of land and other non-depreciable assets, the Company recognized gains on sales of non-depreciable assets of $7.0 million and $12.9 million during the three and nine months ended September 30, 2019, respectively.

In addition to the transactions described above, during the three and nine months ended September 30, 2019, a subsidiary of the Company entered into an agreement with an entity affiliated with an employee of the Company, pursuant to which the Company waived its rights to purchase and develop a particular land parcel in Company’s Philadelphia reportable segment in consideration for reimbursement of a portion of the infrastructure costs totaling $3.2 million previously incurred by the Company.