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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023:
 Carrying Value of Investment (1)
EntityPropertiesNominal % OwnershipSeptember 30, 2024December 31, 2023
(in thousands)
Square 407 Limited PartnershipMarket Square North50.00 %$(12,042)$(5,996)
901 New York, LLC901 New York Avenue25.00 %(2)— (11,764)
WP Project Developer LLCWisconsin Place Land and Infrastructure33.33 %(3)29,969 30,375 
500 North Capitol Venture LLC500 North Capitol Street, NW30.00 %(11,630)(10,253)
501 K Street LLC1001 6th Street50.00 %45,955 44,774 
Podium Developer LLCThe Hub on Causeway - Podium50.00 %42,916 45,201 
Residential Tower Developer LLCHub50House50.00 %38,116 40,235 
Hotel Tower Developer LLCThe Hub on Causeway - Hotel Air Rights50.00 %14,076 13,494 
Office Tower Developer LLC100 Causeway Street50.00 %56,055 57,660 
1265 Main Office JV LLC1265 Main Street50.00 %3,515 3,585 
BNY Tower Holdings LLCDock 72 50.00 %(4)(7,065)(11,890)
CA-Colorado Center, LLCColorado Center50.00 %234,972 237,815 
7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 %48,814 50,064 
BP-M 3HB Venture LLC3 Hudson Boulevard25.00 %113,288 115,103 
Platform 16 Holdings LPPlatform 1655.00 %55,381 45,564 
Gateway Portfolio Holdings LLCGateway Commons50.00 %393,679 376,834 
Rosecrans-Sepulveda Partners 4, LLCBeach Cities Media Campus50.00 %27,051 27,034 
Safeco Plaza REIT LLCSafeco Plaza33.67 %(5)47,510 44,734 
360 PAS Holdco LLC360 Park Avenue South71.11 %(6)69,538 42,988 
PR II/BXP Reston Gateway LLCSkymark - Reston Next Residential20.00 %15,359 15,184 
751 Gateway Holdings LLC751 Gateway 49.00 %98,882 93,411 
200 Fifth Avenue JV LLC200 Fifth Avenue26.69 %68,563 75,718 
ABXP Worldgate Investments LLC13100 and 13150 Worldgate Drive50.00 %18,247 17,546 
$1,391,149 $1,337,416 
 _______________
(1)Investments with deficit balances aggregating approximately $30.7 million and $39.9 million at September 30, 2024 and December 31, 2023, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2)At December 31, 2023, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company completed the acquisition of its joint venture partner’s 50% economic ownership interest for a gross purchase price of
$10.0 million, as described in Note 3 and this Note 5. Since then, the Company accounts for its assets, liabilities and operations on a consolidated basis.
(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)This property includes net equity balances from the amenity joint venture.
(5)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 through which each partner owns its interest in the joint venture.
(6)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the 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, 2024December 31, 2023
 (in thousands)
ASSETS
Real estate and development in process, net (1)$5,756,008 $5,811,763 
Other assets (2)651,956 682,291 
Total assets$6,407,964 $6,494,054 
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net$3,198,547 $3,351,873 
Other liabilities (3)294,795 361,357 
Members’/Partners’ equity2,914,622 2,780,824 
Total liabilities and members’/partners’ equity$6,407,964 $6,494,054 
Company’s share of equity$1,334,102 $1,278,483 
Basis differentials (4)57,047 58,933 
Carrying value of the Company’s investments in unconsolidated joint ventures (5)$1,391,149 $1,337,416 
_______________
(1)At September 30, 2024 and December 31, 2023, this amount included right of use assets - operating leases totaling approximately $19.2 million and $20.1 million, respectively.
(2)At September 30, 2024 and December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $14.1 million and $13.9 million, respectively.
(3)At September 30, 2024 and December 31, 2023, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
(4)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 Company’s basis differences include:
September 30, 2024December 31, 2023
Property(in thousands)
Colorado Center$296,758 $298,906 
200 Fifth Avenue51,779 58,308 
Gateway Commons51,009 48,971 
Safeco Plaza(29,032)(29,678)
360 Park Avenue South(114,202)(116,534)
Dock 72(92,930)(95,521)
Platform 16(142,670)(143,052)
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
(5)Investments with deficit balances aggregating approximately $30.7 million and $39.9 million at September 30, 2024 and December 31, 2023, respectively, 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,
 2024202320242023
 (in thousands)
Total revenue (1)$128,435 $153,551 $378,981 $469,745 
Expenses
Operating53,280 65,119 148,929 183,348 
Transaction costs53 78 61 179 
Depreciation and amortization41,082 49,840 118,901 151,051 
Total expenses94,415 115,037 267,891 334,578 
Other income (expense)
Loss from early extinguishment of debt— — — (3)
Interest expense(45,244)(60,737)(132,106)(176,786)
Unrealized gain (loss) on derivative instruments(19,172)10,242 (8,212)14,089 
Net loss$(30,396)$(11,981)$(29,228)$(27,533)
Company’s share of net loss$(9,319)$(4,476)$(9,105)$(10,739)
Gain on investment (2)— 35,756 — 35,756 
Gain on sale / consolidation— — 21,696 — 
Impairment losses on investments (3)— (272,603)— (272,603)
Basis differential (4)2,308 (6,233)(6,215)(14,207)
Income (loss) from unconsolidated joint ventures$(7,011)$(247,556)$6,376 $(261,793)
_______________ 
(1)Includes straight-line rent adjustments of approximately $2.6 million and $7.7 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $16.5 million and $20.9 million for the nine months ended September 30, 2024 and 2023, respectively.
(2)During the three months ended September 30, 2023, the Company completed a restructuring of its ownership in Metropolitan Square.
(3)During the three and nine months ended September 30, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza aggregating approximately $272.6 million.
(4)Includes depreciation and amortization of approximately $3.9 million and $4.1 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $6.8 million and $7.8 million for the nine months ended September 30, 2024 and 2023, respectively. Includes unrealized loss on derivative instruments of approximately $5.1 million and $2.7 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $4.9 million and $6.6 million for the nine months ended September 30, 2024 and 2023, respectively. Includes straight-line rent adjustments of approximately $0.3 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $1.0 million and $1.1 million for the nine months ended September 30, 2024 and 2023, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million for the three months ended September 30, 2024 and 2023, and approximately $0.6 million for the nine months ended September 30, 2024 and 2023.