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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2014
Segment Reporting [Abstract] |
Segment information | The following tables provide selected asset information and results of operations of the Company's reportable segments for the three years ended December 31, 2014, 2013 and 2012 (in thousands):
Real estate investments, at cost: |  |  |  |  |  |
|  | December 31, 2014 |  | December 31, 2013 |  | December 31, 2012
Philadelphia CBD (a) |  | $ | 1,338,655 |  |  | $ | 1,300,666 |  |  | $ | 988,590 |
Pennsylvania Suburbs |  | 1,178,470 |  |  | 1,199,105 |  |  | 1,178,730 |
Metropolitan Washington, D.C. |  | 1,183,652 |  |  | 1,214,965 |  |  | 1,193,200 |
New Jersey/Delaware |  | 392,581 |  |  | 414,716 |  |  | 546,644 |
Richmond, Virginia |  | 317,076 |  |  | 310,397 |  |  | 309,923 |
California |  | 193,258 |  |  | 192,584 |  |  | 223,736 |
Austin, Texas (b) |  | — |  |  | 36,856 |  |  | 285,346 |
|  | $ | 4,603,692 |  |  | $ | 4,669,289 |  |  | $ | 4,726,169 |
Assets held for sale (c) |  | 27,436 |  |  | — |  |  | — |
Operating Properties |  | $ | 4,631,128 |  |  | $ | 4,669,289 |  |  | $ | 4,726,169 |
Corporate |  |  |  |  |  |
Construction-in-progress |  | $ | 201,360 |  |  | $ | 74,174 |  |  | $ | 48,950 |
Land inventory |  | $ | 90,603 |  |  | $ | 93,351 |  |  | $ | 102,439 |
(a) | On December 19, 2013, the Company acquired 99% of the common interests in the One and Two Common Square partnerships. See Note 3, "Real Estate Investments," for further information on the acquisition.
(b) | On April 3, 2014, the Company contributed two three-story, Class A office buildings, containing an aggregate of 192,396 net rentable square feet, known as Four Points Centre in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution.
(c) | On December 31, 2014, the Company was actively marketing for sale of its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations. Accordingly, the real estate investments remained in the New Jersey/Delaware segment as of December 31, 2014.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
| Years ended
| December 31,
| 2014 |  | 2013 |  | 2012
| Total revenue |  | Operating expenses (b) |  | Net operating income |  | Total revenue |  | Operating expenses (b) |  | Net operating income |  | Total revenue |  | Operating expenses |  | Net Operating income
Philadelphia CBD | $ | 201,809 |  |  | $ | (75,262 | ) |  | $ | 126,547 |  |  | $ | 146,081 |  |  | $ | (55,702 | ) |  | $ | 90,379 |  |  | $ | 131,592 |  |  | $ | (50,787 | ) |  | $ | 80,805 |
Pennsylvania Suburbs | 160,630 |  |  | (55,062 | ) |  | 105,568 |  |  | 153,426 |  |  | (54,506 | ) |  | 98,920 |  |  | 150,075 |  |  | (52,657 | ) |  | 97,418 |
Metropolitan Washington, D.C. | 113,834 |  |  | (43,399 | ) |  | 70,435 |  |  | 116,048 |  |  | (42,641 | ) |  | 73,407 |  |  | 107,656 |  |  | (41,485 | ) |  | 66,171 |
New Jersey/Delaware | 60,403 |  |  | (31,650 | ) |  | 28,753 |  |  | 60,262 |  |  | (29,981 | ) |  | 30,281 |  |  | 59,671 |  |  | (28,506 | ) |  | 31,165 |
Richmond, Virginia | 34,180 |  |  | (15,399 | ) |  | 18,781 |  |  | 35,058 |  |  | (14,916 | ) |  | 20,142 |  |  | 35,701 |  |  | (14,484 | ) |  | 21,217 |
California | 19,388 |  |  | (10,165 | ) |  | 9,223 |  |  | 18,369 |  |  | (9,411 | ) |  | 8,958 |  |  | 17,463 |  |  | (9,043 | ) |  | 8,420 |
Austin, Texas (a) | 5,610 |  |  | (3,223 | ) |  | 2,387 |  |  | 31,451 |  |  | (13,298 | ) |  | 18,153 |  |  | 32,379 |  |  | (13,951 | ) |  | 18,428 |
Corporate | 1,128 |  |  | (1,805 | ) |  | (677 | ) |  | 1,515 |  |  | (1,314 | ) |  | 201 |  |  | 1,142 |  |  | 65 |  |  | 1,207 |
Operating Properties | $ | 596,982 |  |  | $ | (235,965 | ) |  | $ | 361,017 |  |  | $ | 562,210 |  |  | $ | (221,769 | ) |  | $ | 340,441 |  |  | $ | 535,679 |  |  | $ | (210,848 | ) |  | $ | 324,831 |
(a) | On April 3, 2014, the Company contributed two three-story, Class A office buildings, containing an aggregate of 192,396 net rentable square feet, known as Four Points Centre in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution. Accordingly, the Company's 50% interest in the financial results of this property for the period subsequent to April 3, 2014 is reported as a component of 'Equity in income (loss) of real estate ventures' in the Company's consolidated statements of operations and, as a result, no longer included as a component of net operating income.
(b) | Includes property operating expense, real estate taxes and third party management expense.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] |
Unconsolidated real estate ventures: |  |  |  |  |  |  |  |  |  |
| Investment in real estate ventures, at equity |  | Equity in income (loss) of real estate ventures
| As of |  | Years ended December 31,
| December 31, 2014 |  | December 31, 2013 |  | December 31, 2012 |  | 2014 |  | 2013 |  | 2012
Philadelphia CBD (a) | $ | 27,137 |  |  | $ | 19,975 |  |  | $ | 27,859 |  |  | $ | 46 |  |  | $ | 1,547 |  |  | $ | 1,113 |
Pennsylvania Suburbs | 17,385 |  |  | 17,272 |  |  | 33,160 |  |  | (777 | ) |  | 925 |  |  | 520 |
Metropolitan Washington, D.C. | 73,127 |  |  | 59,905 |  |  | 49,169 |  |  | (317 | ) |  | 130 |  |  | (648 | )
New Jersey/Delaware | — |  |  | — |  |  | 17,294 |  |  | 989 |  |  | 1,245 |  |  | 1,803 |
Richmond, Virginia | 1,574 |  |  | 1,400 |  |  | 1,245 |  |  | 349 |  |  | 381 |  |  | 269 |
Austin, Texas (b) (c) | 105,781 |  |  | 81,960 |  |  | 64,828 |  |  | (1,080 | ) |  | (564 | ) |  | (316 | )
Total | $ | 225,004 |  |  | $ | 180,512 |  |  | $ | 193,555 |  |  | $ | (790 | ) |  | $ | 3,664 |  |  | $ | 2,741 |
(a) | During the fourth quarter of 2014, the Company made an additional $5.2 million capital contribution to 1919 Ventures. See Note 4, "Investment In Unconsolidated Ventures," for further information on this transaction.
(b) | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of December 31, 2014, which is included in other liabilities.
(c) | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. On July 31, 2014, the Austin Venture completed the acquisition of the Crossings at Lakeline. On October 17, 2014, the Austin Venture acquired River Place. See Note 4, "Investment In Unconsolidated Ventures," for further information on these acquisitions.
Reconciliation of consolidated net operating income | Net operating income (“NOI”) is defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Segment NOI includes revenue, real estate taxes and property operating expenses directly related to operation and management of the properties owned and managed within the respective geographical region. Segment NOI excludes property level depreciation and amortization, revenue and expenses directly associated with third party real estate management services, expenses associated with corporate administrative support services, and inter-company eliminations. NOI also does not reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. Trends in development and construction activities that could materially impact the Company’s results from operations are also not reflected in NOI. All companies may not calculate NOI in the same manner. NOI is the measure that is used by the Company to evaluate the operating performance of its real estate assets by segment. The Company also believes that NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expenses recorded at the property level. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP:
| Years Ended December 31,
| 2014 |  | 2013 |  | 2012
Consolidated net operating income | $ | 361,017 |  |  | $ | 340,441 |  |  | $ | 324,831 |
Less: |  |  |  |  |
Interest expense | (124,329 | ) |  | (121,937 | ) |  | (132,939 | )
Interest expense - amortization of deferred financing costs | (5,148 | ) |  | (4,676 | ) |  | (6,208 | )
Interest expense - financing obligation | (1,144 | ) |  | (972 | ) |  | (850 | )
Depreciation and amortization | (208,569 | ) |  | (197,021 | ) |  | (188,382 | )
General and administrative expenses | (26,779 | ) |  | (27,628 | ) |  | (25,413 | )
Plus: |  |  |  |  |
Interest income | 3,974 |  |  | 1,044 |  |  | 3,008 |
Historic tax credit transaction income | 11,853 |  |  | 11,853 |  |  | 11,840 |
Recognized hedge activity | (828 | ) |  | — |  |  | (2,985 | )
Equity in income (loss) of real estate ventures | (790 | ) |  | 3,664 |  |  | 2,741 |
Net gain from remeasurement of investments in real estate ventures | 458 |  |  | 6,866 |  |  | — |
Net gain on sales of interests in real estate | 4,901 |  |  | — |  |  | — |
Net gain (loss) on sale of undepreciated real estate | 1,184 |  |  | (137 | ) |  | — |
Net (loss) gain on real estate venture transactions | (417 | ) |  | 29,604 |  |  | (950 | )
Provision for impairment on assets held for sale | (1,765 | ) |  | — |  |  | — |
Loss on early extinguishment of debt | (7,594 | ) |  | (2,119 | ) |  | (22,002 | )
Income (loss) from continuing operations | 6,024 |  |  | 38,982 |  |  | (37,309 | )
Income from discontinued operations | 918 |  |  | 4,207 |  |  | 43,838 |
Net income | $ | 6,942 |  |  | $ | 43,189 |  |  | $ | 6,529 |

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