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Investment in Unconsolidated Ventures (Tables) | 12 Months Ended
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Dec. 31, 2011
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of equity method investments |
| Ownership Percentage (a) |  | Carrying Amount |  | Company’s Share of 2011 Real Estate Venture Income (Loss) |  | Real Estate Venture Debt at 100% |  | Current Interest Rate |  | Debt Maturity
Broadmoor Austin Associates | 50 | % |  | $ | 66,150 |  |  | $ | 197 |  |  | $ | 66,810 |  |  | 7.04 | % |  | Apr-2023
Brandywine-AI Venture LLC (b) | 50 | % |  | 24,670 |  |  | (278 | ) |  | 68,000 |  |  | (b) |  |  | (b)
Macquarie BDN Christina LLC | 20 | % |  | 6,168 |  |  | 875 |  |  | 60,000 |  |  | 4.50 | % |  | June-2016
One Commerce Square (c) | 25 | % |  | 5,100 |  |  | 242 |  |  | 128,529 |  |  | 5.67 | % |  | Dec-15
Brandywine 1919 Ventures (d) | 50 | % |  | 4,882 |  |  | — |  |  | — |  |  | N/A |  |  | N/A
Two Commerce Square (c) | 25 | % |  | 3,415 |  |  | 224 |  |  | 107,112 |  |  | 6.30 | % |  | May-13
1000 Chesterbrook Blvd. | 50 | % |  | 1,745 |  |  | 245 |  |  | 26,000 |  |  | 4.75 | % |  | Dec-21
Four Tower Bridge (e) | 65 | % |  | 1,360 |  |  | 702 |  |  | 10,870 |  |  | 5.20 | % |  | Feb-21
G&I Interchange Office LLC (DRA — N. PA) (f) | 20 | % |  | 1,239 |  |  | 76 |  |  | 181,967 |  |  | 5.78 | % |  | Jan-15
Residence Inn Tower Bridge | 50 | % |  | 481 |  |  | 433 |  |  | 14,261 |  |  | 5.63 | % |  | Feb-16
PJP VII | 25 | % |  | 472 |  |  | 190 |  |  | 8,072 |  |  | L+1.55% |  |  | Nov-13
PJP V | 25 | % |  | 361 |  |  | 116 |  |  | 5,789 |  |  | 6.47 | % |  | Aug-19
PJP II | 30 | % |  | 300 |  |  | 138 |  |  | 4,263 |  |  | 6.12 | % |  | Nov-23
Six Tower Bridge (e) | 63 | % |  | 201 |  |  | 126 |  |  | 12,599 |  |  | 7.79 | % |  | Aug-12
Two Tower Bridge | 35 | % |  | 134 |  |  | (364 | ) |  | 13,482 |  |  | (g) |  |  | (g)
Seven Tower Bridge | 20 | % |  | 105 |  |  | — |  |  | 11,182 |  |  | (h) |  |  | (h)
PJP VI | 25 | % |  | 31 |  |  | 67 |  |  | 8,834 |  |  | 6.08 | % |  | Apr-23
Eight Tower Bridge | 3.4 | % |  | — |  |  | 583 |  |  | — |  |  |  |  |  |
Coppell Associates (e) | 50 | % |  | (1,007 | ) |  | (139 | ) |  | 18,060 |  |  | (i) |  |  | (i)
Five Tower Bridge |  |  | — |  |  | 60 |  |  |  |  |  |  |
Invesco, L.P. |  |  | — |  |  | 282 |  |  |  |  |  |  |
|  |  | $ | 115,807 |  |  | $ | 3,775 |  |  | $ | 745,830 |  |  |  |  |
(a) | Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable.
(b) | See Note 3 for related discussion about the Brandywine-AI Venture, LLC formation.
(c) | During November, 2010, the Company acquired a 25% interest in two partnerships which own One and Two Commerce Square buildings in Philadelphia, PA. The other partner holds the remaining 75% interest in each of the two partnerships. In accordance with the accounting guidance for joint ventures, the Company is currently recognizing its preferred return from the real estate ventures as income on its invested capital. After the other partner has recognized the losses equal to its invested capital, the Company will begin to recognize its share from the results of the real estate ventures in proportion to its ownership interests.
(d) | See Note 3 for related discussion about the Brandywine 1919 Market Ventures formation.
(e) | As a result of the adoption of the new accounting standard for the consolidation of variable interest entities, the Company deconsolidated these three real estate ventures as of January 1, 2010.
(f) | Proceeds received by the Company from the sale of an 80% ownership stake in the properties exceeded the historical cost of those properties. Accordingly, no investment in the real estate venture was reflected on the balance sheet at period end.
(g) | Consists of a $10.1 million fixed rate mortgage with a 5.72% interest rate and May 2013 maturity date; also includes $3.4 million municipal and state borrowings with nominal interest rates (0 — 1%) and maturity dates from 3 to 10 years.
(h) | Comprised of two fixed rate mortgages: $7.0 million and $1.0 million. Both mature in February 2013 and accrue interest at a fixed rate of 4% through February 2012, and 5% through February 2013. The total loan amount of $11.2 million as presented above also includes a 3% fixed rate loan (interest only through maturity) with a balance of $1.2 million as of December 31, 2011. This loan can be increased up to $1.3 million through its maturity date of September 2025. The remaining $2.0 million of the total amount features a 4% fixed rate with interest only through its maturity date of February 2014.
(i) | Comprised of two fixed rate mortgages: a senior fixed rate note of $16.4 million at 5.75% that matures in March 2016 and a junior fixed rate note of $1.6 million at 6.89% that matures in December 2013; 5.89% is the blended rate.
Financial position of unconsolidated Real Estate Ventures |
| December 31,
| 2011 |  | 2010
Net property | $ | 846,643 |  |  | $ | 804,705 |
Other assets | 110,520 |  |  | 105,576 |
Other Liabilities | 48,798 |  |  | 44,509 |
Debt | 745,830 |  |  | 748,387 |
Equity | 162,535 |  |  | 117,385 |
Company’s share of equity (Company’s basis) | 115,807 |  |  | 84,372 |
Summary of results of operations of unconsolidated Real Estate Ventures |
| Years ended December 31,
| 2011 (a) |  | 2010 (a) |  | 2009
Revenue | $ | 145,867 |  |  | $ | 118,923 |  |  | $ | 105,236 |
Operating expenses | 63,715 |  |  | 44,942 |  |  | 38,691 |
Interest expense, net | 42,032 |  |  | 37,505 |  |  | 30,858 |
Depreciation and amortization | 39,172 |  |  | 32,703 |  |  | 36,700 |
Net income | 948 |  |  | 3,773 |  |  | (1,012 | )
Company’s share of income (Company’s basis) | 3,775 |  |  | 5,305 |  |  | 4,069 |
(a) - | Includes the three real estate ventures that were deconsolidated upon the adoption of the accounting standard for the consolidation of VIEs on January 1, 2010
Schedule of aggregate principal payments of recourse and non-recourse debt payable to third-parties |
2011 | $ | 24,228 |
2012 | 143,705 |
2013 | 13,809 |
2014 | 306,051 |
2015 | 97,215 |
Thereafter | 160,822 |
| $ | 745,830 |

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- Definition Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
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