XML 62 R47.htm IDEA: XBRL DOCUMENT v3.19.2
Investments in Unconsolidated Joint Ventures (Balance Sheets of the Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
ASSETS      
Real estate and development in process, net $ 17,229,710   $ 16,752,119
Liabilities and Members'/Partners' Equity [Abstract]      
Mortgage notes payable, net 2,956,833   2,964,572
Other Liabilities 355,984   503,726
Total liabilities and equity / capital 21,268,275   20,256,477
Carrying value of the Company's investments in unconsolidated joint ventures 936,835   956,309
Right of use assets - finance leases 187,269   0
Right of use assets - operating leases 149,839 $ 151,800 0
Lease liabilities - finance leases 172,902   0
Lease liabilities - operating leases 199,344 $ 199,300 0
Unconsolidated Joint Ventures [Member]      
ASSETS      
Real estate and development in process, net 3,551,504 [1]   3,545,906
Other assets 515,923   543,512
Total assets 4,067,427   4,089,418
Liabilities and Members'/Partners' Equity [Abstract]      
Mortgage notes payable, net 1,991,290   2,017,609
Other Liabilities 656,902 [2]   582,006
Members'/Partners' equity 1,419,235   1,489,803
Total liabilities and equity / capital 4,067,427   4,089,418
Company's share of equity 574,662   622,498
Basis differentials [3] 338,345   308,721
Carrying value of the Company's investments in unconsolidated joint ventures [4],[5] 913,007   931,219
Unconsolidated Joint Ventures [Member]      
Liabilities and Members'/Partners' Equity [Abstract]      
Other Liabilities (23,800)   (25,100)
Right of use assets - finance leases 248,900    
Right of use assets - operating leases 12,500    
Lease liabilities - finance leases 393,200    
Lease liabilities - operating leases 17,200    
Colorado Center [Member] | Unconsolidated Joint Ventures [Member]      
Liabilities and Members'/Partners' Equity [Abstract]      
Basis differentials $ 313,300   $ 316,700
[1]
At June 30, 2019, this amount includes right of use assets - finance leases and right of use assets - operating leases totaling approximately $248.9 million and $12.5 million, respectively.
[2]
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.
[3]
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 June 30, 2019 and December 31, 2018, there was an aggregate basis differential of approximately $313.3 million and $316.7 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.
[4]
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.
[5] 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