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Investments in Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2015
Investments In Unconsolidated Joint Ventures [Abstract] |
Investments In Unconsolidated Joint Ventures | 5. Investments in Unconsolidated Joint Ventures The investments in unconsolidated joint ventures consist of the following at December 31, 2015 and 2014:
|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | December 31, 2015 |  | December 31, 2014
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.0 | % |  | $ | (9,951 | ) |  | $ | (8,022 | )
The Metropolitan Square Associates LLC |  | Metropolitan Square |  | 51.0 | % |  | 9,179 |  |  | 8,539 |
BP/CRF 901 New York Avenue LLC |  | 901 New York Avenue |  | 25.0 | % | (2) | (11,958 | ) |  | (1,080 | )
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.3 | % | (3) | 43,524 |  |  | 45,514 |
Annapolis Junction NFM, LLC |  | Annapolis Junction |  | 50.0 | % | (4) | 29,009 |  |  | 25,246 |
540 Madison Venture LLC |  | 540 Madison Avenue |  | 60.0 | % |  | 68,983 |  |  | 68,128 |
500 North Capitol LLC |  | 500 North Capitol Street, NW |  | 30.0 | % |  | (3,292 | ) |  | (2,250 | )
501 K Street LLC |  | 1001 6th Street |  | 50.0 | % | (5) | 42,584 |  |  | 41,736 |
Podium Developer LLC |  | The Hub on Causeway |  | 50.0 | % |  | 18,508 |  |  | 4,231 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.0 | % |  | 11,916 |  |  | N/A |
BNY Tower Holdings LLC |  | Dock72 at the Brooklyn Navy Yard |  | 50.0 | % |  | 11,521 |  |  | N/A |
|  |  |  |  |  | $ | 210,023 |  |  | $ | 182,042 |
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(1) | Investments with deficit balances aggregating approximately $25.2 million and $11.4 million at December 31, 2015 and 2014, respectively, have been reflected within Other Liabilities on the Company's Consolidated Balance Sheets.
(2) | The Company’s economic ownership has increased based on the achievement of certain return thresholds.
(3) | The Company’s wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land, parking garage and infrastructure of the project.
(4) | The joint venture owns four in-service buildings and two undeveloped land parcels.
(5) | Under the joint venture agreement, the partner may be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.
Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, the Company is not compelled to purchase the interest of its outside joint venture partners. The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
| December 31, 2015 |  | December 31, 2014
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net | $ | 1,072,412 |  |  | $ | 1,034,552 |
Other assets | 256,055 |  |  | 264,097 |
Total assets | $ | 1,328,467 |  |  | $ | 1,298,649 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable | $ | 833,895 |  |  | $ | 830,075 |
Other liabilities | 44,549 |  |  | 34,211 |
Members’/Partners’ equity | 450,023 |  |  | 434,363 |
Total liabilities and members’/partners’ equity | $ | 1,328,467 |  |  | $ | 1,298,649 |
Company’s share of equity | $ | 237,070 |  |  | $ | 209,828 |
Basis differentials (1) | (27,047 | ) |  | (27,786 | )
Carrying value of the Company’s investments in unconsolidated joint ventures (2) | $ | 210,023 |  |  | $ | 182,042 |
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(1) | This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level.
(2) | Investments with deficit balances aggregating approximately $25.2 million and $11.4 million at December 31, 2015 and 2014, respectively, have been reflected within Other Liabilities on the Company's Consolidated Balance Sheets.
The combined summarized statements of operations of the Company’s joint ventures are as follows:
| For the year ended December 31,
| 2015 |  | 2014 |  | 2013
| (in thousands)
Total revenue (1) | $ | 155,642 |  |  | $ | 158,161 |  |  | $ | 311,548 |
Expenses |  |  |  |  |
Operating | 65,093 |  |  | 62,974 |  |  | 105,319 |
Depreciation and amortization | 36,057 |  |  | 37,041 |  |  | 86,088 |
Total expenses | 101,150 |  |  | 100,015 |  |  | 191,407 |
Operating income | 54,492 |  |  | 58,146 |  |  | 120,141 |
Other income (expense) |  |  |  |  |
Interest expense | (32,176 | ) |  | (31,896 | ) |  | (112,535 | )
Losses from early extinguishments of debt | — |  |  | — |  |  | (1,677 | )
Income from continuing operations | 22,316 |  |  | 26,250 |  |  | 5,929 |
Gains on sales of real estate | — |  |  | — |  |  | 14,207 |
Net income | $ | 22,316 |  |  | $ | 26,250 |  |  | $ | 20,136 |
Company’s share of net income | $ | 22,031 |  | (2) | $ | 11,913 |  |  | $ | 4,612 |
Gains on sales of real estate | — |  |  | — |  |  | 54,501 |
Basis differential | 739 |  |  | 856 |  |  | (1,017 | )
Elimination of inter-entity interest on partner loan | — |  |  | — |  |  | 16,978 |
Income from unconsolidated joint ventures | $ | 22,770 |  |  | $ | 12,769 |  |  | $ | 75,074 |
Gains on consolidation of joint ventures | $ | — |  |  | $ | — |  |  | $ | 385,991 |
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(1) | Includes straight-line rent adjustments of $3.9 million, $3.0 million and $7.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Includes net above-/below-market rent adjustments of $(0.2) million, $(0.1) million and $33.7 million for the years ended December 31, 2015, 2014 and 2013, respectively.
(2) | During the year ended December 31, 2015, the Company received a distribution of approximately $24.5 million, which was generated from the excess loan proceeds from the refinancing of 901 New York Avenue’s mortgage loan to a new 10-year mortgage loan totaling $225.0 million. The Company’s allocation of income and distributions for the year ended December 31 2015 was not proportionate to its nominal ownership interest as a result of the achievement of specified investment return thresholds, as provided for in the joint venture agreement.
On May 8, 2015, the Company entered into a joint venture with an unrelated third party to redevelop an existing building into a Class A office building totaling approximately 115,000 net rentable square feet at 1265 Main Street in Waltham, Massachusetts. The joint venture partner contributed real estate and improvements, with an aggregate fair value of approximately $9.4 million, for its initial 50% interest in the joint venture. For its initial 50% interest, the Company will contribute cash totaling approximately $9.4 million as the joint venture incurs costs. The joint venture has entered into a fifteen-year lease with a tenant to occupy 100% of the building. On June 26, 2015, the Company entered into a joint venture with an unrelated third party to develop Dock72, an office building totaling approximately 670,000 net rentable square feet located at the Brooklyn Navy Yard in Brooklyn, New York. Each partner contributed cash totaling approximately $9.1 million for their initial 50% interest in the joint venture. The joint venture entered into a 96-year ground lease, comprised of an initial term of 46 years, which may be extended by the joint venture to 2111, subject to certain conditions. The joint venture also entered into a 20-year lease with a tenant to occupy approximately 222,000 net rentable square feet at the building. In addition, the joint venture entered into an option agreement pursuant to which it may lease an additional land parcel at the site, which could support between 600,000 and 1,000,000 net rentable square feet of development. In connection with the execution of the option agreement, the joint venture paid a non-refundable option payment of $1.0 million. On September 22, 2015, a joint venture in which the Company has a 50% interest completed and fully placed in-service Annapolis Junction Building Seven, a Class A office project with approximately 127,000 net rentable square feet located in Annapolis, Maryland. On September 30, 2015, a joint venture in which the Company has a 50% interest extended the loan collateralized by its Annapolis Junction Building Six property. At the time of the extension, the outstanding balance of the construction loan totaled approximately $13.4 million and was scheduled to mature on November 17, 2015. The extended loan has a total commitment amount of $15.9 million, bears interest at a variable rate equal to LIBOR plus 2.25% per annum and matures on November 17, 2016. Annapolis Junction Building Six is a Class A office property with approximately 119,000 net rentable square feet located in Annapolis, Maryland. On October 22, 2015, a joint venture in which the Company has a 50% interest commenced construction of the Hub on Causeway at North Station containing approximately 385,000 net rentable square feet of retail and office space located in Boston, Massachusetts. On December 22, 2015, a joint venture in which the Company has a 50% interest completed and fully placed in-service Annapolis Junction Building Eight, a Class A office project with approximately 126,000 net rentable square feet located in Annapolis, Maryland.

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- Definition Investments In Unconsolidated Joint Ventures [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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