Recent Transactions (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Real Estate Properties [Line Items] |
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| Schedule Of Properties Acquired |
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Acquisition
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# of
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Rentable
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Acquisition
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Date
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Property Address
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Location
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Bldgs.
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Square Feet
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Cost
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04/04/16
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11 Martine Avenue (a)
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White Plains, New York
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1
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82,000
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$
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10,750
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04/07/16
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320, 321 University Avenue (b)
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Newark, New Jersey
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2
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147,406
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23,000
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06/02/16
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101 Wood Avenue South (c)
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Edison, New Jersey
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1
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262,841
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82,300
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Total Acquisitions
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4
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492,247
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$
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116,050
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(a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash.
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(b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility.
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(c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility.
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| Schedule Of Purchase Price Allocation |
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320,321
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11 Martine
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University
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101 Wood
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Avenue
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Avenue
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Avenue
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Land
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$
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2,460
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$
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7,305
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$
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8,509
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Buildings and improvements
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8,290
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15,695
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72,738
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Above market leases (1)
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-
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-
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58
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In-place lease values (1)
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-
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-
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6,743
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88,048
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Less: Below market lease values (1)
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-
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-
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(5,748)
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Net assets recorded upon acquisition
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$
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10,750
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$
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23,000
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$
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82,300
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(1)Above market, in-place and below market leases will be amortized over a weighted-average term of 6.3 years.
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| Schedule Of Net Assets Recorded Upon Consolidation |
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Overlook
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Portside
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Ridge
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Apts
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Land and Leasehold Interest
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$
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11,072
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$
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9,160
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Buildings and improvements
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87,793
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74,147
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Furniture, fixtures and equipment
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1,695
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1,003
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In-place lease values (1)
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4,389
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2,548
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Below market lease values (1)
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(489)
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(233)
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Other assets
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237
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703
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Sub Total
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104,697
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87,328
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Less: Debt assumed
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(52,662)
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(42,500)
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Net assets recorded upon consolidation
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$
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52,035
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$
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44,828
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(1)In-place lease values and below-market lease values will be amortized over a weighted average term of 7.5 years.
Other Investments
On April 26, 2016, the Company acquired the remaining non-controlling interest in a development project located in Weehawken, NJ for $36.4 million. The project includes developable land for approximately 1,100 multi-family units, 290,000 square feet of office space, a 52.5 percent ownership interest in Port Imperial 4/5 Garage and Retail operating properties. The initial phase, Port Imperial South 11, a 295-unit multi-family project, began construction in the second quarter 2016.
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| Disposal Group, Not Discontinued Operations [Member] |
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| Real Estate Properties [Line Items] |
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| Schedule Of Dispositions/Rental Property Held For Sale |
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Realized
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Rentable
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Net
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Net
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Gain (loss)/
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Disposition
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# of
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Square
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Sales
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Book
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Unrealized
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Date
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Property/Address
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Location
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Bldgs.
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Feet
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Proceeds
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Value
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Loss
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03/11/16
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2 Independence Way (a)
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Princeton, New Jersey
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1
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67,401
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$
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4,119
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$
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4,283
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$
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(164)
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03/24/16
|
1201 Connecticut Avenue, NW
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Washington, D.C.
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1
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169,549
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90,591
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31,827
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58,764
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04/26/16
|
125 Broad Street (b)
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New York, New York
|
1
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524,476
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192,323
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200,183
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(7,860)
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05/09/16
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9200 Edmonston Road
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Greenbelt, Maryland
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1
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38,690
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4,083
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(c)
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3,837
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246
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05/18/16
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1400 L Street
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Washington, D.C.
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1
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159,000
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68,399
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(d)
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30,053
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38,346
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Sub-total
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5
|
959,116
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359,515
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270,183
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89,332
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|
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.
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Unrealized losses on rental property held for sale
|
-
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-
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-
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-
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(3,615)
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Totals
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5
|
959,116
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$
|
359,515
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$
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270,183
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$
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85,717
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|
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(a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015 as it estimated that the carrying value of the property may not be recoverable over its anticipated holding period.
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(b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015 as it estimated that the carrying value of the property may not be recoverable over its anticipated holding period.
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(c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012 as it estimated that the carrying value of the property may not be recoverable over its anticipated holding period.
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(d) $28.5 million of the net sales proceeds are held by a qualified intermediary until such funds are used in acquisitions.
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| Summary Of Income (Loss) From Properties Disposed |
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Three Months Ended
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Six Months Ended
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June 30,
|
|
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June 30,
|
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2016
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2015
|
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2016
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2015
|
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Total revenues
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$
|
1,859
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$
|
12,203
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$
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11,608
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$
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27,680
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Operating and other expenses
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(2,408)
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(7,490)
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(8,022)
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(14,281)
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Depreciation and amortization
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(3,173)
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(5,641)
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(7,275)
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(9,994)
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Interest expense
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(665)
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(2,604)
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(1,386)
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(5,380)
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Income (loss) from properties disposed of
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$
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(4,387)
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$
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(3,532)
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$
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(5,075)
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$
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(1,975)
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Realized gains on dispositions
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30,731
|
|
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34,399
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89,332
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34,543
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Total income (loss) from properties disposed of
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$
|
26,344
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$
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30,867
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$
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84,257
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$
|
32,568
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| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
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| Real Estate Properties [Line Items] |
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| Summary Of Income From Property Held For Sale, Net |
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June 30,
|
|
|
|
|
2016
|
|
Land
|
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$
|
20,229
|
|
Buildings and improvements
|
|
|
80,195
|
|
Less: Accumulated depreciation
|
|
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(23,619)
|
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Less: Unrealized losses on properties held for sale
|
|
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(3,615)
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Rental property held for sale,net
|
|
$
|
73,190
|
|