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Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2021
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, 2021 and December 31, 2020:
|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | September 30, 2021 |  | December 31, 2020
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.00 | % |  | $ | (1,917) |  |  | $ | (3,766) |
BP/CRF Metropolitan Square LLC |  | Metropolitan Square |  | 20.00 | % |  | (14,568) |  |  | (13,584) |
901 New York, LLC |  | 901 New York Avenue |  | 25.00 | % | (2) | (12,390) |  |  | (12,264) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.33 | % | (3) | 34,104 |  |  | 35,297 |
Annapolis Junction NFM LLC |  | Annapolis Junction |  | 50.00 | % | (4) | N/A |  | 13,463 |
540 Madison Venture LLC |  | 540 Madison Avenue |  | 60.00 | % | (5) | — |  |  | 122 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.00 | % |  | (7,700) |  |  | (6,945) |
501 K Street LLC |  | 1001 6th Street |  | 50.00 | % | (6) | 42,669 |  |  | 42,499 |
Podium Developer LLC |  | The Hub on Causeway - Podium |  | 50.00 | % |  | 48,970 |  |  | 48,818 |
Residential Tower Developer LLC |  | Hub50House |  | 50.00 | % |  | 47,934 |  |  | 50,943 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.00 | % |  | 11,402 |  |  | 10,754 |
Office Tower Developer LLC |  | 100 Causeway Street |  | 50.00 | % |  | 56,714 |  |  | 56,312 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.00 | % |  | 3,855 |  |  | 3,787 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.00 | % |  | 28,079 |  |  | 29,536 |
BNYTA Amenity Operator LLC |  | Dock 72 |  | 50.00 | % |  | 1,151 |  |  | 1,846 |
CA-Colorado Center Limited Partnership |  | Colorado Center |  | 50.00 | % |  | 230,535 |  |  | 227,671 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.00 | % |  | 59,734 |  |  | 58,112 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.00 | % |  | 116,537 |  |  | 113,774 |
SMBP Venture LP |  | Santa Monica Business Park |  | 55.00 | % |  | 155,679 |  |  | 145,761 |
Platform 16 Holdings LP |  | Platform 16 |  | 55.00 | % | (7) | 108,098 |  |  | 108,393 |
Gateway Portfolio Holdings LLC |  | Gateway Commons |  | 50.00 | % | (8) | 328,367 |  |  | 336,206 |
Rosecrans-Sepulveda Partners 4, LLC |  | Beach Cities Media Campus |  | 50.00 | % |  | 27,124 |  |  | 27,184 |
Safeco Plaza REIT LLC |  | Safeco Plaza |  | 33.67 | % | (9) | 72,570 |  |  | N/A
|  |  |  |  |  | $ | 1,336,947 |  |  | $ | 1,273,919 |
_______________ (1)Investments with deficit balances aggregating approximately $36.6 million at September 30, 2021 and December 31, 2020 are included 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. At September 30, 2021 and December 31, 2020, the Company’s economic ownership was approximately 50%. (3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (4)On March 30, 2021, the Company sold its interest in the joint venture to the partner. See below for additional details. (5)T he property was sold on June 27, 2019. As of December 31, 2020, the investment consisted of undistributed cash. All remaining cash has been distributed as of September 30, 2021. (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)As a result of the partner’s deferred contribution, the Company owned an approximately 52% and 55% interest in the joint venture at September 30, 2021 and December 31, 2020, respectively. (9)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities (each, a “Safeco Partner Entity”) through which each partner owns its interest in the joint venture.
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, 2021 |  | December 31, 2020
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net (1) | $ | 5,244,585 |  |  | $ | 4,708,571 |
Other assets | 561,722 |  |  | 531,071 |
Total assets | $ | 5,806,307 |  |  | $ | 5,239,642 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 2,995,161 |  |  | $ | 2,637,911 |
Other liabilities (2) | 639,980 |  |  | 650,433 |
Members’/Partners’ equity | 2,171,166 |  |  | 1,951,298 |
Total liabilities and members’/partners’ equity | $ | 5,806,307 |  |  | $ | 5,239,642 |
Company’s share of equity | $ | 995,995 |  |  | $ | 936,087 |
Basis differentials (3) | 340,952 |  |  | 337,832 |
Carrying value of the Company’s investments in unconsolidated joint ventures (4) | $ | 1,336,947 |  |  | $ | 1,273,919 |
_______________ (1)At September 30, 2021 and December 31, 2020, this amount included right of use assets - finance leases totaling approximately $248.9 million, and right of use assets - operating leases totaling approximately $22.6 million and $22.5 million, respectively. (2)At September 30, 2021 and December 31, 2020, this amount included lease liabilities - finance leases totaling approximately $386.3 million and $388.7 million, respectively, and lease liabilities - operating leases totaling approximately $30.4 million and $29.0 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. The majority of the Company’s basis differences are as follows:
| September 30, 2021 |  | December 31, 2020
Property | (in thousands)
Colorado Center | $ | 305,236 |  |  | $ | 307,328 |
Gateway Commons | 51,566 |  |  | 51,875 |
Dock 72 | (50,599) |  |  | (52,243) |
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (4)Investments with deficit balances aggregating approximately $36.6 million at September 30, 2021 and December 31, 2020 are 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,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
| (in thousands)
Total revenue (1) | $ | 90,009 |  |  | $ | 87,724 |  |  | $ | 268,501 |  |  | $ | 270,490 |  |  |
Expenses |  |  |  |  |  |  |  |  |
Operating | 40,378 |  |  | 37,572 |  |  | 114,299 |  |  | 106,677 |  |  |
Transaction costs | — |  |  | — |  |  | 7 |  |  | — |  |  |
Depreciation and amortization | 36,036 |  |  | 35,810 |  |  | 103,766 |  |  | 105,235 |  |  |
Total expenses | 76,414 |  |  | 73,382 |  |  | 218,072 |  |  | 211,912 |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |
Interest expense | (27,519) |  |  | (25,481) |  |  | (78,711) |  |  | (71,370) |  |  |
Gains on sales of real estate | — |  |  | — |  |  | — |  |  | 11,720 |  |  |
Net loss | $ | (13,924) |  |  | $ | (11,139) |  |  | $ | (28,282) |  |  | $ | (1,072) |  |  |
Company’s share of net income (loss) | $ | (4,491) |  |  | $ | (4,421) |  |  | $ | (10,268) |  |  | $ | 855 |  |  |
Gain on sale of investment (2) | — |  |  | — |  |  | 10,257 |  |  | — |  |  |
Basis differential (3) | (1,106) |  |  | (2,452) |  |  | (1,734) |  |  | (6,265) |  |  |
Loss from unconsolidated joint ventures | $ | (5,597) |  |  | $ | (6,873) |  |  | $ | (1,745) |  |  | $ | (5,410) |  |  |
_______________ (1)Includes straight-line rent adjustments of approximately $5.5 million and $3.8 million for the three months ended September 30, 2021 and 2020, respectively, and approximately $11.6 million and $22.0 million for the nine months ended September 30, 2021 and 2020, respectively. (2)During the nine months ended September 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3)Includes straight-line rent adjustments of approximately $0.1 million and $0.4 million for the three months ended September 30, 2021 and 2020, respectively, and approximately $0.7 million and $1.3 million for the nine months ended September 30, 2021 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.1 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively, and approximately $0.2 million and $0.7 million for the nine months ended September 30, 2021 and 2020, respectively.

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