Annual report pursuant to Section 13 and 15(d)

Recent Transactions (Schedule Of Property Sold And Disposed) (Details)

v3.3.1.900
Recent Transactions (Schedule Of Property Sold And Disposed) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
ft²
Sep. 30, 2015
USD ($)
 [1]
Dec. 31, 2015
USD ($)
ft²
item
Dec. 31, 2014
USD ($)
ft²
property
Dec. 31, 2013
USD ($)
ft²
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings     6 16 24
Rentable Square Feet | ft² 690,315   690,315 2,610,931 3,000,000
Net Sales Proceeds     $ 148,256 $ 319,239 $ 390,600
Net Book Value $ 94,995   94,995 264,391  
Realized Gain     $ 53,261 $ 54,848  
Ownership interest 10.50%   10.50% 11.10%  
Impairments $ 33,743 [1] $ 164,176 $ 197,919   110,853
Deferred tax asset 22,400   22,400    
Mortgage loans, carrying amount $ 1,840,668   $ 1,840,668    
Keystone Portfolio [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Net Sales Proceeds       $ 196,800  
Sale price of property       221,000  
Sale price of property, cash       192,500  
Sale price of property, capital accounts       21,200  
Closing costs paid       $ 3,000  
Ownership interest 0.00%   0.00%    
Number of properties with senior pari passu interest | property       5  
Capital balance in properties in which senior pari passu interest is held       $ 7,300  
Impairments         20,800
Keystone Portfolio [Member] | Keystone Entities [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Internal rate of return     15.00%    
Keystone Portfolio [Member] | Parent Company [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Internal rate of return     10.00%    
1451 Metropolitan Drive [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | item     1    
Rentable Square Feet | ft² 21,600   21,600    
Net Sales Proceeds     $ 1,072    
Net Book Value $ 929   929    
Realized Gain     $ 143    
10 Independence [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | item     1    
Rentable Square Feet | ft² 120,528   120,528    
Net Sales Proceeds [2]     $ 18,351    
Net Book Value $ 15,114   15,114    
Realized Gain     $ 3,237    
4 Sylvan Way [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | item     1    
Rentable Square Feet | ft² 105,135   105,135    
Net Sales Proceeds [2]     $ 15,961    
Net Book Value $ 9,522   9,522    
Realized Gain     $ 6,439    
14 Sylvan Way [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | item     1    
Rentable Square Feet | ft² 203,506   203,506    
Net Sales Proceeds     $ 79,977    
Net Book Value $ 55,253   55,253    
Realized Gain     $ 24,724    
210 Clay Ave [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | item     1    
Rentable Square Feet | ft² 121,203   121,203    
Net Sales Proceeds [2]     $ 14,766    
Net Book Value $ 5,202   5,202    
Realized Gain     $ 9,564    
5 Becker [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | item     1    
Rentable Square Feet | ft² 118,343   118,343    
Net Sales Proceeds [2]     $ 18,129    
Net Book Value $ 8,975   8,975    
Realized Gain     9,154    
22 Sylvan Way [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property       1  
Rentable Square Feet | ft²       249,409  
Net Sales Proceeds       $ 94,897  
Net Book Value       60,244  
Realized Gain       $ 34,653  
30 Knightsbridge Road [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3]       4  
Rentable Square Feet | ft² [3]       680,350  
Net Sales Proceeds [3]       $ 54,641  
Net Book Value [3]       52,361  
Realized Gain [3]       $ 2,280  
470 Chestnut Ridge Road [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3],[4]       1  
Rentable Square Feet | ft² [3],[4]       52,500  
Net Sales Proceeds [3],[4]       $ 7,195  
Net Book Value [3],[4]       7,109  
Realized Gain [3],[4]       $ 86  
530 Chestnut Ridge Road [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3],[4]       1  
Rentable Square Feet | ft² [3],[4]       57,204  
Net Sales Proceeds [3],[4]       $ 6,299  
Net Book Value [3],[4]       6,235  
Realized Gain [3],[4]       $ 64  
400 Rella Boulevard [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property       1  
Rentable Square Feet | ft²       180,000  
Net Sales Proceeds       $ 27,539  
Net Book Value       10,938  
Realized Gain       $ 16,601  
412 Mt. Kemble Avenue [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3]       1  
Rentable Square Feet | ft² [3]       475,100  
Net Sales Proceeds [3]       $ 44,751  
Net Book Value [3]       43,851  
Realized Gain [3]       $ 900  
17-17 Rte 208 North [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3],[4]       1  
Rentable Square Feet | ft² [3],[4]       143,000  
Net Sales Proceeds [3],[4]       $ 11,835  
Net Book Value [3],[4]       11,731  
Realized Gain [3],[4]       $ 104  
555, 565 And 570 Seventy Taxter Road [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3]       3  
Rentable Square Feet | ft² [3]       416,108  
Net Sales Proceeds [3]       $ 41,057  
Net Book Value [3]       $ 41,057  
200 And 220 White Plains Road [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3]       2  
Rentable Square Feet | ft² [3]       178,000  
Net Sales Proceeds [3]       $ 12,619  
Net Book Value [3]       $ 12,619  
1266 East Main Street [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of Buildings | property [3],[4]       1  
Rentable Square Feet | ft² [3],[4]       179,260  
Net Sales Proceeds [3],[4]       $ 18,406  
Net Book Value [3],[4]       18,246  
Realized Gain [3],[4]       $ 160  
10 Independence, 4 Sylvan, 210 Clay, And 5 Becker [Member}          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Impairments         $ 25,200
Mortgage loans, carrying amount $ 59,700   $ 59,700    
[1] Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used.
[2] The Company transferred the deeds for these properties to the lender in satisfaction of its mortgage loan obligations totaling $59.7 million. The Company recorded an impairment charge of $25.2 million during the year ended December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods.
[3] The Company completed the sale of these properties for approximately $221 million, comprised of: $192.5 million in cash from a combination of affiliates of Keystone Property Group's ("Keystone Entities") senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties sold with capital accounts aggregating $21.2 million; and Company pari-passu equity interests in five of the properties sold aggregating $7.3 million. Net sale proceeds from the sale aggregated $196.8 million which was comprised of the $221 million gross sales price less the subordinated equity interests of $21.2 million and $3 million in closing costs. The purchasers of these properties are unconsolidated joint ventures formed between the Company and the Keystone Entities. The senior and pari-passu equity will receive a 15 percent internal rate of return ("IRR") after which the subordinated equity will receive a 10 percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. See Note 4: Investments in Unconsolidated Joint Ventures. In connection with certain of these partial sale transactions, because the buyer received a preferential return on certain of the ventures for which the Company received subordinated equity interests, the Company only recognized profit to the extent that they received net proceeds in excess of their entire carrying value of the properties, effectively reflecting their retained subordinated equity interest at zero.
[4] The Company recorded an impairment charge of $20.8 million on these properties at December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods.