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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
Schedule of Reportable Segments | The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):
Real estate investments, at cost: |  |  |  |
|  | September 30, 2015 |  | December 31, 2014
Philadelphia CBD |  | $ | 1,394,267 |  |  | $ | 1,338,655 |
Pennsylvania Suburbs |  | 1,126,611 |  |  | 1,178,470 |
Metropolitan Washington, D.C. |  | 1,216,161 |  |  | 1,183,652 |
New Jersey/Delaware (a) |  | 239,235 |  |  | 392,581 |
Richmond, Virginia |  | 311,642 |  |  | 317,076 |
California |  | 111,587 |  |  | 193,258 |
Austin, Texas (c) |  | 229,720 |  |  | — |
|  | $ | 4,629,223 |  |  | $ | 4,603,692 |
Less: Assets held for sale (a) (b) |  | 74,706 |  |  | 27,436 |
Operating Properties |  | $ | 4,703,929 |  |  | $ | 4,631,128 |
Corporate |  |  |  |
Construction-in-progress |  | $ | 242,246 |  |  | $ | 201,360 |
Land inventory |  | $ | 135,917 |  |  | $ | 90,603 |
(a) | As of September 30, 2015, the Company categorized six properties in the New Jersey/Delaware segment as held for sale in accordance with applicable accounting standards for long lived assets. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.
(b) | On December 31, 2014, the Company was actively marketing for sale 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. The properties were sold on January 8, 2015. 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.
(c) | On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, the Company has seven wholly owned properties in its Austin, Texas business segment at September 30, 2015. See Note 3, "Real Estate Investments," for further information regarding this transaction.
Schedule of Segment Net Operating Income, by Segment |
Net operating income: |  |  |  |  |  |  |  |  |  |  |
| Three-month periods ended
| September 30,
| 2015 |  | 2014
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income (loss)
Philadelphia CBD | $ | 52,203 |  |  | $ | (18,750 | ) |  | $ | 33,453 |  |  | $ | 49,469 |  |  | $ | (18,168 | ) |  | $ | 31,301 |
Pennsylvania Suburbs | 39,507 |  |  | (14,004 | ) |  | 25,503 |  |  | 39,996 |  |  | (13,409 | ) |  | 26,587 |
Metropolitan Washington, D.C. | 27,587 |  |  | (10,792 | ) |  | 16,795 |  |  | 27,764 |  |  | (10,672 | ) |  | 17,092 |
New Jersey/Delaware | 11,922 |  |  | (6,594 | ) |  | 5,328 |  |  | 14,975 |  |  | (7,506 | ) |  | 7,469 |
Richmond, Virginia | 9,130 |  |  | (3,700 | ) |  | 5,430 |  |  | 8,354 |  |  | (3,724 | ) |  | 4,630 |
Austin, Texas (b) | 8,533 |  |  | (2,625 | ) |  | 5,908 |  |  | 843 |  |  | (569 | ) |  | 274 |
California | 3,223 |  |  | (1,767 | ) |  | 1,456 |  |  | 4,902 |  |  | (2,711 | ) |  | 2,191 |
Corporate | 480 |  |  | (386 | ) |  | 94 |  |  | 255 |  |  | (472 | ) |  | (217 | )
Operating Properties | $ | 152,585 |  |  | $ | (58,618 | ) |  | $ | 93,967 |  |  | $ | 146,558 |  |  | $ | (57,231 | ) |  | $ | 89,327 |
| Nine-month periods ended
| September 30,
| 2015 |  | 2014
| Total revenue |  | Operating expenses (a) |  | Net operating income |  | Total revenue |  | Operating expenses (a) |  | Net operating income (loss)
Philadelphia CBD | $ | 157,595 |  |  | $ | (56,587 | ) |  | $ | 101,008 |  |  | $ | 150,303 |  |  | $ | (55,399 | ) |  | $ | 94,904 |
Pennsylvania Suburbs | 118,407 |  |  | (41,286 | ) |  | 77,121 |  |  | 121,313 |  |  | (41,542 | ) |  | 79,771 |
Metropolitan Washington, D.C. | 81,947 |  |  | (33,197 | ) |  | 48,750 |  |  | 87,403 |  |  | (33,134 | ) |  | 54,269 |
New Jersey/Delaware | 37,149 |  |  | (20,857 | ) |  | 16,292 |  |  | 45,440 |  |  | (23,728 | ) |  | 21,712 |
Richmond, Virginia | 27,381 |  |  | (11,603 | ) |  | 15,778 |  |  | 25,543 |  |  | (11,629 | ) |  | 13,914 |
Austin, Texas (b) | 11,999 |  |  | (4,993 | ) |  | 7,006 |  |  | 3,900 |  |  | (2,362 | ) |  | 1,538 |
California | 11,599 |  |  | (5,778 | ) |  | 5,821 |  |  | 14,399 |  |  | (7,634 | ) |  | 6,765 |
Corporate | 2,562 |  |  | (1,364 | ) |  | 1,198 |  |  | 871 |  |  | (1,484 | ) |  | (613 | )
Operating Properties | $ | 448,639 |  |  | $ | (175,665 | ) |  | $ | 272,974 |  |  | $ | 449,172 |  |  | $ | (176,912 | ) |  | $ | 272,260 |
(a) | Includes property operating expense, real estate taxes and third party management expense.
(b) | On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. See Note 3, "Real Estate Investments," for further information regarding this transaction. On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. See Note 3, "Real Estate Investments," in notes to the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.
Schedule of Segment Reporting Information, by Segment |
Unconsolidated real estate ventures (in thousands): |  |  |  |  |  |  |  |
| Investment in real estate ventures, at equity |  | Equity in income (loss) of real estate ventures
| As of |  | Three-month periods ended September 30, |  | Nine-month periods ended September 30,
| September 30, 2015 |  | December 31, 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
Philadelphia CBD (a) | $ | 43,236 |  |  | $ | 27,137 |  |  | $ | (186 | ) |  | $ | 32 |  |  | $ | (636 | ) |  | $ | 13 |
Pennsylvania Suburbs | 16,796 |  |  | 17,385 |  |  | (120 | ) |  | (578 | ) |  | (142 | ) |  | (937 | )
Metropolitan Washington, D.C. (b) | 113,222 |  |  | 73,127 |  |  | (343 | ) |  | (142 | ) |  | (572 | ) |  | (117 | )
New Jersey/Delaware | — |  |  | — |  |  | 67 |  |  | 82 |  |  | 231 |  |  | 204 |
Richmond, Virginia | 1,512 |  |  | 1,574 |  |  | 106 |  |  | 184 |  |  | 438 |  |  | 253 |
Austin, Texas (c) (d) | 37,005 |  |  | 105,781 |  |  | (617 | ) |  | (64 | ) |  | (1,154 | ) |  | (149 | )
Total | $ | 211,771 |  |  | $ | 225,004 |  |  | $ | (1,093 | ) |  | $ | (486 | ) |  | $ | (1,835 | ) |  | $ | (733 | )
(a) | evo at Cira was placed into service during the third quarter ended September 30, 2014.
(b) | Investment in real estate ventures as of September 30, 2015 includes the JBG Ventures, which were formed on May 29, 2015.
(c) | Investment in real estate ventures does not include the $1.1 million and $1.2 million negative investment balance in one real estate venture as of September 30, 2015 and December 31, 2014, respectively, which is included in other liabilities.
(d) | On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, equity method investment at June 30, 2015 related to the Austin Venture only. See Note 3, "Real Estate Investments," for further information regarding the purchase of Broadmoor Austin Associates.
Reconciliation of Consolidated Net Operating Income | The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP:
| Three-month periods ended September 30, |  | Nine-month periods ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (amounts in thousands)
Consolidated net operating income | $ | 93,967 |  |  | $ | 89,327 |  |  | $ | 272,974 |  |  | $ | 272,260 |
Other income (expense): |  |  |  |  |  |  |
Depreciation and amortization | (58,314 | ) |  | (52,616 | ) |  | (160,355 | ) |  | (157,773 | )
General and administrative expenses | (6,127 | ) |  | (5,900 | ) |  | (21,554 | ) |  | (20,086 | )
Interest income | 126 |  |  | 528 |  |  | 1,189 |  |  | 1,298 |
Interest expense | (27,900 | ) |  | (31,481 | ) |  | (83,971 | ) |  | (94,837 | )
Recognized hedge activity | — |  |  | (828 | ) |  | — |  |  | (828 | )
Interest expense - amortization of deferred financing costs | (1,010 | ) |  | (1,566 | ) |  | (3,377 | ) |  | (3,952 | )
Interest expense - financing obligation | (296 | ) |  | (273 | ) |  | (906 | ) |  | (861 | )
Equity in loss of Real Estate Ventures | (1,093 | ) |  | (486 | ) |  | (1,835 | ) |  | (733 | )
Net gain on disposition of real estate | 6,083 |  |  | 4,698 |  |  | 16,673 |  |  | 4,698 |
Net gain on sale of undepreciated real estate | 3,019 |  |  | — |  |  | 3,019 |  |  | 1,184 |
Net gain from remeasurement of investment in a real estate venture | — |  |  | — |  |  | 758 |  |  | 458 |
Loss on real estate venture transactions | — |  |  | — |  |  | — |  |  | (417 | )
Loss on early extinguishment of debt | — |  |  | (2,606 | ) |  | — |  |  | (2,606 | )
Provision for impairment on assets held for sale/sold | — |  |  | (1,765 | ) |  | (2,508 | ) |  | (1,765 | )
Tax credit transaction income | 11,853 |  |  | 11,853 |  |  | 11,853 |  |  | 11,853 |
Income from continuing operations | 20,308 |  |  | 8,885 |  |  | 31,960 |  |  | 7,893 |
Income from discontinued operations | — |  |  | (3 | ) |  | — |  |  | 918 |
Net income | $ | 20,308 |  |  | $ | 8,882 |  |  | $ | 31,960 |  |  | $ | 8,811 |

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