XML 61 R46.htm IDEA: XBRL DOCUMENT v3.19.2
Investments in Unconsolidated Joint Ventures (Investments in Unconsolidated Joint Ventures) (Details)
$ in Thousands
6 Months Ended
Jun. 27, 2019
ft²
Apr. 26, 2019
USD ($)
ft²
yr
Jun. 30, 2019
USD ($)
ft²
Land_Parcels
Buildings
payments
Dec. 31, 2018
USD ($)
Schedule of Equity Method Investments [Line Items]        
Carrying Value of investment     $ (355,984) $ (503,726)
Carrying value of the Company's investments in unconsolidated joint ventures     $ 936,835 956,309
Square 407 Limited Partnership [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Market Square North  
Ownership Percentage     50.00%  
Carrying Value of investment [1]     $ (5,518) (6,424)
The Metropolitan Square Associates LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Metropolitan Square  
Ownership Percentage     20.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 5,827 2,644
BP/CRF 901 New York Avenue LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     901 New York Avenue  
Ownership Percentage [2]     25.00%  
Carrying Value of investment [1]     $ (12,859) (13,640)
WP Project Developer LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Wisconsin Place Land and Infrastructure  
Ownership Percentage [3]     33.30%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 37,521 38,214
Annapolis Junction NFM, LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Annapolis Junction  
Ownership Percentage [4]     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 25,290 25,268
Number of real estate properties | Buildings     3  
Parcels of undeveloped land | Land_Parcels     2  
540 Madison Venture LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.10%      
Properties     540 Madison Avenue  
Ownership Percentage 60.00%   60.00% [5]  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 9,200 66,391
Net Rentable Area (in sf) | ft² 284,000      
500 North Capitol Venture LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     500 North Capitol Street, NW  
Ownership Percentage     30.00%  
Carrying Value of investment [1]     $ (5,451) (5,026)
501 K Street LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     1001 6th Street  
Ownership Percentage [6]     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 42,473 42,557
Potential additonal payments to joint venture partner | payments     2  
Minimum square footage to make a potential additional payment to joint venture partner (in sqft) | ft²     520,000  
Podium Developer LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     The Hub on Causeway - Podium  
Ownership Percentage     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 58,637 69,302
Residential Tower Developer LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     The Hub on Causeway - Residential  
Ownership Percentage     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 48,201 47,505
Hotel Tower Developer LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     The Hub on Causeway - Hotel Air Rights  
Ownership Percentage     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 3,626 3,022
Office Tower Developer LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     100 Causeway Street  
Ownership Percentage [7]     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 69,551 23,804
1265 Main Office JV LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     1265 Main Street  
Ownership Percentage     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 4,125 3,918
BNY Tower Holdings LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Dock 72  
Ownership Percentage     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 91,134 82,520
CA-Colorado Center Limited Partnership [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Colorado Center  
Ownership Percentage     50.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 254,122 253,495
7750 Wisconsin Avenue LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Construction Loan Facility Borrowing Capacity   $ 255,000    
Number of extensions   2    
Extension Option (in years) | yr   1    
Debt Instrument, Basis Spread on Variable Rate   1.25%    
Properties     7750 Wisconsin Avenue  
Ownership Percentage   50.00% 50.00% [7]  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 70,122 69,724
Net Rentable Area (in sf) | ft²   734,000    
BP-M 3HB Venture LLC [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     3 Hudson Boulevard  
Ownership Percentage     25.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 47,966 46,993
SMBP Venture LP [Member]        
Schedule of Equity Method Investments [Line Items]        
Properties     Santa Monica Business Park  
Ownership Percentage     55.00%  
Carrying value of the Company's investments in unconsolidated joint ventures [1]     $ 169,040 180,952
Unconsolidated Joint Ventures [Member]        
Schedule of Equity Method Investments [Line Items]        
Carrying Value of investment     23,800 25,100
Unconsolidated Joint Ventures [Member]        
Schedule of Equity Method Investments [Line Items]        
Carrying Value of investment     (656,902) [8] (582,006)
Carrying value of the Company's investments in unconsolidated joint ventures [1],[9]     $ 913,007 $ 931,219
[1]
Investments with deficit balances aggregating approximately $23.8 million and $25.1 million at June 30, 2019 and December 31, 2018, 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 three in-service buildings and two undeveloped land parcels.
[5]
The property was sold on June 27, 2019. As of June 30, 2019, the investment is comprised of undistributed cash. See note below for additional details.
[6]
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.
[7]
This entity is a VIE (See Note 2).
[8]
At June 30, 2019, this amount includes lease liabilities - finance leases and lease liabilities - operating leases totaling approximately $393.2 million and $17.2 million, respectively.
[9] Investments with deficit balances aggregating approximately $23.8 million and $25.1 million at June 30, 2019 and December 31, 2018, respectively, have been reflected within Other Liabilities in the Company’s Consolidated Balance Sheet