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Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2018
Schedule of Equity Method Investments [Line Items] |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at September 30, 2018 and December 31, 2017:
|  |  |  | Nominal % Ownership |  | Carrying Value of Investment (1)
Entity |  | Properties |  |  | September 30, 2018 |  | December 31, 2017
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.0 | % |  | $ | (6,870 | ) |  | $ | (8,258 | )
The Metropolitan Square Associates LLC |  | Metropolitan Square |  | 20.0 | % |  | 1,220 |  |  | 3,339 |
BP/CRF 901 New York Avenue LLC |  | 901 New York Avenue |  | 25.0 | % | (2) | (12,454 | ) |  | (13,811 | )
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.3 | % | (3) | 38,667 |  |  | 39,710 |
Annapolis Junction NFM LLC |  | Annapolis Junction |  | 50.0 | % | (4) | 17,309 |  |  | 18,381 |
540 Madison Venture LLC |  | 540 Madison Avenue |  | 60.0 | % |  | 66,492 |  |  | 66,179 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.0 | % |  | (4,699 | ) |  | (3,876 | )
501 K Street LLC |  | 1001 6th Street |  | 50.0 | % | (5) | 42,584 |  |  | 42,657 |
Podium Developer LLC |  | The Hub on Causeway - Podium |  | 50.0 | % |  | 68,919 |  |  | 67,120 |
Residential Tower Developer LLC |  | The Hub on Causeway - Residential |  | 50.0 | % |  | 46,655 |  |  | 28,212 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.0 | % |  | 2,738 |  |  | 1,690 |
Office Tower Developer LLC |  | 100 Causeway Street |  | 50.0 | % | (6) | 12,232 |  |  | — |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.0 | % |  | 4,313 |  |  | 4,641 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.0 | % |  | 72,100 |  |  | 72,104 |
CA-Colorado Center Limited Partnership |  | Colorado Center |  | 50.0 | % |  | 253,334 |  |  | 254,440 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.0 | % | (6) | 69,007 |  |  | 21,452 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.0 | % |  | 46,240 |  |  | — |
SMBP Venture LP |  | Santa Monica Business Park |  | 55.0 | % |  | 183,621 |  |  | — |
|  |  |  |  |  | $ | 901,408 |  |  | $ | 593,980 |
_______________
(1) | Investments with deficit balances aggregating approximately $24.0 million and $25.9 million at September 30, 2018 and December 31, 2017, respectively, have been reflected within Other Liabilities in 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 subsidiary that owns Wisconsin Place Office also owns a 33.3% interest in the joint venture entity that owns 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 for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.
(6) | This entity is a VIE (See Note 2 to the Consolidated Financial Statements).
Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] | The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
| September 30, 2018 |  | December 31, 2017
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net | $ | 3,475,909 |  |  | $ | 1,768,996 |
Other assets | 523,177 |  |  | 367,743 |
Total assets | $ | 3,999,086 |  |  | $ | 2,136,739 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 1,975,260 |  |  | $ | 1,437,440 |
Other liabilities | 589,394 |  |  | 99,215 |
Members’/Partners’ equity | 1,434,432 |  |  | 600,084 |
Total liabilities and members’/partners’ equity | $ | 3,999,086 |  |  | $ | 2,136,739 |
Company’s share of equity | $ | 593,427 |  |  | $ | 286,495 |
Basis differentials (1) | 307,981 |  |  | 307,485 |
Carrying value of the Company’s investments in unconsolidated joint ventures (2) | $ | 901,408 |  |  | $ | 593,980 |
_______________
(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 result from impairments of investments, acquisitions through joint ventures with no change in control 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. At September 30, 2018 and December 31, 2017, there was an aggregate basis differential of approximately $318.2 million and $322.5 million, respectively, between the carrying value of the Company’s investment in the joint venture that owns Colorado Center and the joint venture’s basis in the assets and liabilities, which differential (excluding land) shall be amortized over the remaining lives of the related assets and liabilities.
(2) | Investments with deficit balances aggregating approximately $24.0 million and $25.9 million at September 30, 2018 and December 31, 2017, respectively, have been reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
Statements Of Operations Of The Joint Ventures | . The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (in thousands)
Total revenue (1) | $ | 76,177 |  |  | $ | 55,516 |  |  | $ | 189,759 |  |  | $ | 166,139 |
Expenses |  |  |  |  |  |  |
Operating | 29,522 |  |  | 23,128 |  |  | 75,239 |  |  | 67,310 |
Depreciation and amortization (2) | 44,993 |  |  | 16,440 |  |  | 74,245 |  |  | 44,973 |
Total expenses | 74,515 |  |  | 39,568 |  |  | 149,484 |  |  | 112,283 |
Operating income | 1,662 |  |  | 15,948 |  |  | 40,275 |  |  | 53,856 |
Other expense |  |  |  |  |  |  |
Interest expense | 19,861 |  |  | 13,088 |  |  | 48,993 |  |  | 31,815 |
Net income (loss) | $ | (18,199 | ) |  | $ | 2,860 |  |  | $ | (8,718 | ) |  | $ | 22,041 |
Company’s share of net income (loss) | $ | (2,858 | ) |  | $ | 2,909 |  |  | $ | 1,073 |  |  | $ | 11,576 |
Basis differential (3) | (1,455 | ) |  | (2,066 | ) |  | (4,156 | ) |  | (4,541 | )
Income (loss) from unconsolidated joint ventures (2) | $ | (4,313 | ) |  | $ | 843 |  |  | $ | (3,083 | ) |  | $ | 7,035 |
_______________
(1) | Includes straight-line rent adjustments of approximately $4.8 million and $5.1 million for the three months ended September 30, 2018 and 2017, respectively, and $9.8 million and $16.4 million for the nine months ended September 30, 2018 and 2017, respectively.
(2) | During the three months ended September 30, 2018, the joint venture that owns Metropolitan Square, in Washington, DC, commenced a renovation project and recorded accelerated depreciation of approximately $22.4 million related to the remaining book value of the asset to be replaced. The Company's share of the accelerated depreciation totaled approximately $4.5 million.
(3) | Includes straight-line rent adjustments of approximately $0.5 million and $0.7 million for the three months ended September 30, 2018 and 2017, respectively, and $1.9 million and $2.2 million for the nine months ended September 30, 2018 and 2017, respectively. Also includes net above-/below-market rent adjustments of approximately $0.4 million and $0.4 million for the three months ended September 30, 2018 and 2017, respectively, and $1.2 million and $1.3 million for the nine months ended September 30, 2018 and 2017, respectively.
SMBP Venture LP [Member] |
Schedule of Equity Method Investments [Line Items] |
Schedule of Asset Acquistion [Table Text Block] | The following table summarizes the allocation of the joint venture's aggregate purchase price for Santa Monica Business Park at the date of acquisition (in thousands).
Land and improvements | $ | 100,525 |
Leasehold interest in land | 248,944 |
Site improvements | 13,381 |
Building and improvements | 593,759 |
Tenant improvements | 31,338 |
In-place lease intangibles | 47,783 |
Above-market lease intangible | 4,495 |
Below-market lease intangible | (17,504 | )
Capital lease obligation | (396,008 | )
Net assets acquired | $ | 626,713 |

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