XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.21.1

Investments in Unconsolidated Real Estate Ventures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Investments in Unconsolidated Real Estate Ventures |
Summary of Unconsolidated Investments | The following is a summary of our investments in unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective | ​ | ​
​ | ​ | Ownership | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Venture Partners |  | Interest (1) |  | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | (In thousands)
Prudential Global Investment Management |  | 50.0% | ​ | $ | 212,796 | ​ | $ | 216,939
Landmark |  | 1.8% - 49.0% | ​ |  | 65,313 | ​ |  | 66,724
CBREI Venture |  | 5.0% - 64.0% | ​ |  | 64,251 | ​ |  | 65,190
Canadian Pension Plan Investment Board ("CPPIB") |  | 55.0% | ​ |  | 47,072 | ​ |  | 47,522
Berkshire Group |  | 50.0% | ​ |  | 51,662 | ​ | ​ | 50,649
Brandywine Realty Trust |  | 30.0% | ​ |  | 13,751 | ​ |  | 13,710
Other |  | ​ | ​ |  | 631 | ​ | ​ | 635
Total investments in unconsolidated real estate ventures (2) | ​ | ​ | ​ | $ | 455,476 | ​ | $ | 461,369
(1) | Reflects our effective ownership interests in the underlying real estate as of March 31, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate.
(2) | As of March 31, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures are greater than the net book value of the underlying assets by $19.5 million and $18.9 million, resulting principally from capitalized interest, partially offset by our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street.
The following is a summary of the debt of our unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Effective | ​ | ​
​ |  | Interest Rate (1) |  | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | (In thousands)
Variable rate (2) |  | 2.49% | ​ | $ | 865,653 | ​ | $ | 863,617
Fixed rate (3) (4) |  | 4.03% | ​ |  | 331,768 | ​ |  | 323,050
Mortgages payable | ​ | ​ | ​ |  | 1,197,421 | ​ |  | 1,186,667
Unamortized deferred financing costs | ​ | ​ | ​ |  | (6,766) | ​ |  | (7,479)
Mortgages payable, net (4) | ​ | ​ | ​ | $ | 1,190,655 | ​ | $ | 1,179,188
(1) | Weighted average effective interest rate as of March 31, 2021.
(2) | Includes variable rate mortgages payable with interest rate cap agreements.
(3) | Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.
(4) | See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021 |  | December 31, 2020
​ |  | (In thousands)
Combined balance sheet information: | ​ | ​ | ​ | ​ | ​ | ​
Real estate, net | ​ | $ | 2,239,173 | ​ | $ | 2,247,384
Other assets, net | ​ |  | 273,121 | ​ |  | 270,516
Total assets | ​ | $ | 2,512,294 | ​ | $ | 2,517,900
​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgages payable, net | ​ | $ | 1,190,655 | ​ | $ | 1,179,188
Other liabilities, net | ​ |  | 139,098 | ​ |  | 140,304
Total liabilities | ​ |  | 1,329,753 | ​ |  | 1,319,492
Total equity | ​ |  | 1,182,541 | ​ |  | 1,198,408
Total liabilities and equity | ​ | $ | 2,512,294 | ​ | $ | 2,517,900
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2021 |  | 2020
​ |  | (In thousands)
Combined income statement information: | ​ | ​ | ​ | ​ | ​ | ​
Total revenue | ​ | $ | 48,217 | ​ | $ | 69,579
Operating income (loss) | ​ |  | 1,714 | ​ |  | (482)
Net loss | ​ |  | (6,526) | ​ |  | (18,165)

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration