Annual report pursuant to Section 13 and 15(d)

Real Estate Transactions (Schedule Of Property Sales) (Details)

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Real Estate Transactions (Schedule Of Property Sales) (Details) (USD $)
 3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
sqft
item
Sep. 30, 2013
Jun. 30, 2013
Dec. 31, 2012
property
sqft
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
item
property
sqft
Dec. 31, 2012
property
sqft
Dec. 31, 2011
Dec. 31, 2013
19 Skyline Drive [Member]
item
sqft
Dec. 31, 2012
19 Skyline Drive [Member]
sqft
Dec. 31, 2013
55 Corporate Drive [Member]
item
sqft
Dec. 31, 2012
55 Corporate Drive [Member]
sqft
Dec. 31, 2013
200 Riser Road [Member]
item
sqft
Dec. 31, 2013
777 Passaic Avenue [Member]
sqft
item
Dec. 31, 2013
16 And 18 Sentry Park West [Member]
item
sqft
Dec. 31, 2012
16 And 18 Sentry Park West [Member]
Dec. 31, 2013
51 Imclone Drive [Member]
sqft
item
Dec. 31, 2013
40 Richards Avenue [Member]
item
sqft
Dec. 31, 2013
106 Allen Road [Member]
sqft
item
Aug. 27, 2013
Pennsylvania Office Portfolio [Member]
loan
Dec. 31, 2013
Pennsylvania Office Portfolio [Member]
property
sqft
item
Aug. 27, 2013
Pennsylvania Office Portfolio [Member]
Keystone Affiliates [Member]
Dec. 31, 2013
Pennsylvania Office Portfolio [Member]
Keystone Affiliates [Member]
Dec. 31, 2012
95 Chestnut Ridge Road [Member]
property
sqft
Dec. 31, 2012
Strawbridge Road [Member]
sqft
item
property
Dec. 31, 2012
2200 Renaisssance Boulevard [Member]
sqft
Dec. 31, 2010
2200 Renaisssance Boulevard [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                                                          
Number of Buildings 24     4       24 4   1 [1]   1   1 1 2 [2]   1 [3] 1 1   15 [4],[5]     1 [6] 3 [7]    
Rentable Square Feet 3,006,409     269,958       3,006,409 269,958   248,400 [1]   204,057   286,628 75,000 188,103 [2]   63,213 [3] 145,487 132,010   1,663,511 [4],[5]     47,700 [6] 222,258 [7] 174,124  
Net Sales Proceeds               $ 390,615,000 [8] $ 23,405,000   $ 16,131,000 [1]   $ 70,967,000   $ 31,775,000 $ 5,640,000 $ 19,041,000 [2]   $ 6,101,000 [3] $ 15,858,000 $ 17,677,000   $ 207,425,000 [4],[5]     $ 4,014,000 [6] $ 19,391,000 [7]    
Net Book Value 307,244,000     23,478,000       307,244,000 23,478,000   16,005,000 [1]   51,308,000   14,852,000 3,713,000 19,721,000 [2]   5,278,000 [3] 17,027,000 15,081,000   164,259,000 [4],[5]     4,001,000 [6] 19,477,000 [7]    
Realized Gain (loss)               83,371,000 [9] 87,000 [10]   126,000 [1]   19,659,000   16,923,000 1,927,000 (680,000) [2]   823,000 [3] (1,169,000) 2,596,000   43,166,000 [4],[5]     0 87,000 [7] 4,500,000  
Valuation allowance 13,100,000             13,100,000       7,100,000                           500,000 1,600,000    
Note receivable                     5,000,000                                    
Note receivable, net present value 21,986,000 [11]             21,986,000 [11]     3,700,000                                    
Mortgage loan, maturity date                     P2023Y                                    
Impairments               23,851,000 [12] 8,400,000 [12]                 8,400,000                     9,500,000
Loss from early extinguishment of debt     703,000         703,000                                          
Number of impaired properties               18                             5            
Impairments 62,153,000 [13],[14] 48,700,000 [13]   9,845,000 [15]       110,853,000 9,845,000                           23,851,000            
Area of property (in square feet)                       248,400   204,057                              
Number of land parcels sold               3                                          
Sale price of property                                           233,000,000              
Proceeds from the sale of property               332,102,000 23,429,000                         201,000,000              
Amount held by intermediary for reinvestment                                             55,300,000            
New mortgage loan                                           10,000,000           16,200,000  
Number of mortgage loans                                           1              
Amount of mortgage funded                                           8,000,000              
Capital balance                                           22,000,000              
Closing costs               22,716,000 3,746,000 1,065,000                       4,000,000              
Mortgage loan, maturity period                                           2 years              
Loan extension period                                           1 year              
Spread over LIBOR                                           6.00%              
Initial internal rate of return                                               15.00%          
Internal rate of return                                           10.00%              
Closing prorations and related adjustments               535,000                                          
Third party ownership percentage                                                 0.00%        
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net $ (1,559,000) [16] $ 47,321,000 $ 13,758,000 $ (15,565,000) $ 12,000 $ (1,634,000) $ 4,012,000 $ 59,520,000 $ (13,175,000)                                        
[1] The Company recognized a valuation allowance of $7.1 million on this property identified as held for sale at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.7 million at closing) which matures in 2023 and requires monthly payments of principal. See Note 5: Deferred charges, goodwill and other assets.
[2] The Company recorded an $8.4 million impairment charge on these properties at December 31, 2012. The Company has retained a subordinated interest in these properties.
[3] The property was encumbered by a mortgage loan which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the year ended December 31, 2013.
[4] In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23,851,000 at June 30, 2013. The fair value used in the impairment charges was based on the purchase and sale agreement for the properties ultimately sold.
[5] The Company completed the sale of this office portfolio and three developable land parcels for approximately $233 million: $201 million in cash ($55.3 million of which was held by a qualified intermediary until such funds were used in acquisitions), a $10 million mortgage on one of the properties ($8 million of which was funded at closing) and subordinated equity interests in each of the properties being sold with capital accounts aggregating $22 million. Net sale proceeds from the sale aggregated $207 million which was comprised of the $233 million gross sales price less the subordinated equity interests of $22 million and $4 million in closing costs. The purchasers of the Pennsylvania office portfolio are joint ventures formed between the Company and affiliates of the Keystone Property Group (the “Keystone Affiliates”). The mortgage loan has a term of two years with a one year extension option and bears interest at LIBOR plus six percent. The Company's equity interests in the joint ventures will be subordinated to Keystone Affiliates receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinated equity and then all profit will be split equally. In connection with these partial sale transactions, because the buyer receives a preferential return, 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 subordinate equity interest at zero. As part of the transaction, the Company has rights to own, after zoning-approval-subdivision, land at the 150 Monument Road property located in Bala Cynwyd, Pennsylvania, for a contemplated multi-family residential development.
[6] The Company recognized a valuation allowance of $0.5 million on this property at March 31, 2012.
[7] The Company recognized a valuation allowance of $1.6 million on these properties at June 30, 2012.
[8] This amount excludes approximately $535,000 of net closing prorations and related adjustments received from sellers at closing.
[9] This amount, net of impairment charges recorded in 2013 of $23,851,000 on certain of the properties prior to their sale (per Note [d] above), comprises the $59,520,000 of realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the year ended December 31, 2013.  See Note 7: Discontinued Operations.
[10] Also included in realized gains(loss) for the year ended December 31, 2012, was a $4.5 million gain recorded on the disposal of the office property located at 2200 Renaissance Boulevard. This office property, aggregating 174,124 square feet, was collateral for a $16.2 million mortgage loan scheduled to mature on December 1, 2012. The Company previously recorded an impairment charge on the property of $9.5 million at December 31, 2010. On March 28, 2012, the Company transferred the deed for 2200 Renaissance Boulevard to the lender in satisfaction of its obligations, which resulted in recording the gain.
[11] Includes a mortgage receivable for $10.4 million and bearing interest at LIBOR plus six percent; includes a note receivable for $8 million bearing interest at eight percent; and includes an interest-free note receivable with a net present value of $3.6 million as of December 31, 2013.
[12] Represents impairment charges recorded on certain properties prior to their sale. See Note 3: Real Estate Transactions - Property Sales.
[13] Amounts for the year ended December 31, 2013 relate to impairment charges as further described in Note 3: Real Estate Transactions - Impairments on Properties Held and Used.
[14] During the quarter ended December 31, 2013, the Company identified and recorded an out-of-period adjustment to reflect a charge of $1,260,000 to correct an error in the measurement of its impairment charges on certain properties in the third quarter of 2013. In the third quarter, in measuring the impairments on these properties, the Company did not include certain tenant improvement amounts to be paid for in-place leases in its discounted cash flows used to measure fair value and, as a result, should have recognized larger impairment charges by this aggregate amount. The Company has determined that this adjustment was not material to the quarter ended December 31, 2013 or the prior interim period.
[15] Amounts for the year ended December 31, 2012 relate to impairment charges as further described in Note 3: Real Estate Transactions - Impairments on Properties Held and Used.
[16] During the quarter ended December 31, 2013, the Company identified and recorded an out-of-period adjustment to reflect a charge of $1,559,000 to correct an error in its calculation of the gain on sale of rental property on a transaction that closed in the third quarter of 2013. In the third quarter, in recording the gain on the sale transaction, the Company did not include the full consolidated carrying amount of the property in computing the gain and, as a result, should have recognized a smaller gain by this amount. The Company has determined that this adjustment was not material to the quarter ended December 31, 2013 or the prior interim period.