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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 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 for the three years ended December 31, 2015, 2014 and 2013 (in thousands):
Real estate investments, at cost: |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2015 |  |  | December 31, 2014 |  |  | December 31, 2013 |
Philadelphia CBD (a) |  | $ | 1,157,667 |  |  | $ | 1,338,655 |  |  | $ | 1,300,666 |
Pennsylvania Suburbs (b) |  |  | 1,019,280 |  |  |  | 1,178,470 |  |  |  | 1,199,105 |
Metropolitan Washington, D.C. (b) |  |  | 1,129,206 |  |  |  | 1,183,652 |  |  |  | 1,214,965 |
New Jersey/Delaware (b) |  |  | 154,326 |  |  |  | 392,581 |  |  |  | 414,716 |
Richmond, Virginia (b) |  |  | - |  |  |  | 317,076 |  |  |  | 310,397 |
California |  |  | 68,003 |  |  |  | 193,258 |  |  |  | 192,584 |
Austin, Texas (c) |  |  | 164,518 |  |  |  | - |  |  |  | 36,856 |
|  | $ | 3,693,000 |  |  | $ | 4,603,692 |  |  | $ | 4,669,289 |
Assets held for sale (a), (b) |  |  | 794,588 |  |  |  | 27,436 |  |  |  | - |
Operating Properties |  | $ | 4,487,588 |  |  | $ | 4,631,128 |  |  | $ | 4,669,289 |
Corporate |  |  |  |  |  |  |  |  |  |  |  |
Construction-in-progress |  | $ | 268,983 |  |  | $ | 201,360 |  |  | $ | 74,174 |
Land inventory |  | $ | 130,479 |  |  | $ | 90,603 |  |  | $ | 93,351 |
(a) | As of December 31, 2015, 2970 Market Street was classified as held for sale on the consolidated balance sheets. The property was sold on February 5, 2016. See Note 21, "Subsequent Events," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.
(b) | As of December 31, 2015, the 58 properties associated with the transaction with Och Ziff Real Estate were classified as held for sale on the consolidated balance sheets. On February 4, 2016, the Company completed a series of transactions resulting in the disposition of the properties. See Note 21, “Subsequent Events,” for further information regarding the disposition. 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 December 31, 2015. See Note 3, "Real Estate Investments," for further information regarding this transaction.
Schedule of Segment Net Operating Income, by Segment |
| Years ended |
| December 31, |
| 2015 |  |  | 2014 |  |  | 2013 |
| Total revenue |  |  | Operating expenses (a) |  |  | Net operating income |  |  | Total revenue |  |  | Operating expenses (a) |  |  | Net operating income |  |  | Total revenue |  |  | Operating expenses (a) |  |  | Net Operating income |
Philadelphia CBD | $ | 209,298 |  |  | $ | (77,352 | ) |  | $ | 131,946 |  |  | $ | 201,809 |  |  | $ | (75,262 | ) |  | $ | 126,547 |  |  | $ | 146,081 |  |  | $ | (55,702 | ) |  | $ | 90,379 |
Pennsylvania Suburbs |  | 158,398 |  |  |  | (57,319 | ) |  |  | 101,079 |  |  |  | 160,630 |  |  |  | (55,062 | ) |  |  | 105,568 |  |  |  | 153,426 |  |  |  | (54,506 | ) |  |  | 98,920 |
Metropolitan Washington, D.C. |  | 110,657 |  |  |  | (44,294 | ) |  |  | 66,363 |  |  |  | 113,834 |  |  |  | (43,399 | ) |  |  | 70,435 |  |  |  | 116,048 |  |  |  | (42,641 | ) |  |  | 73,407 |
New Jersey/Delaware |  | 47,726 |  |  |  | (26,854 | ) |  |  | 20,872 |  |  |  | 60,403 |  |  |  | (31,650 | ) |  |  | 28,753 |  |  |  | 60,262 |  |  |  | (29,981 | ) |  |  | 30,281 |
Richmond, Virginia |  | 36,486 |  |  |  | (15,073 | ) |  |  | 21,413 |  |  |  | 34,180 |  |  |  | (15,399 | ) |  |  | 18,781 |  |  |  | 35,058 |  |  |  | (14,916 | ) |  |  | 20,142 |
California |  | 14,587 |  |  |  | (7,677 | ) |  |  | 6,910 |  |  |  | 19,388 |  |  |  | (10,165 | ) |  |  | 9,223 |  |  |  | 18,369 |  |  |  | (9,411 | ) |  |  | 8,958 |
Austin, Texas (b) |  | 20,910 |  |  |  | (8,010 | ) |  |  | 12,900 |  |  |  | 5,610 |  |  |  | (3,223 | ) |  |  | 2,387 |  |  |  | 31,451 |  |  |  | (13,298 | ) |  |  | 18,153 |
Corporate |  | 4,569 |  |  |  | (1,508 | ) |  |  | 3,061 |  |  |  | 1,128 |  |  |  | (1,805 | ) |  |  | (677 | ) |  |  | 1,515 |  |  |  | (1,314 | ) |  |  | 201 |
Operating Properties | $ | 602,631 |  |  | $ | (238,087 | ) |  | $ | 364,544 |  |  | $ | 596,982 |  |  | $ | (235,965 | ) |  | $ | 361,017 |  |  | $ | 562,210 |  |  | $ | (221,769 | ) |  | $ | 340,441 |
(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. As such, the Company has seven wholly owned properties in its Austin, Texas business segment at December 31, 2015. See Note 3, "Real Estate Investments," for further information regarding these transactions.
Schedule of Segment Reporting Information, by Segment |
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, 2015 |  |  | December 31, 2014 |  |  | December 31, 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Philadelphia CBD (a) | $ | 44,089 |  |  | $ | 27,137 |  |  | $ | 19,975 |  |  | $ | (188 | ) |  | $ | 46 |  |  | $ | 1,547 |
Pennsylvania Suburbs |  | 16,408 |  |  |  | 17,385 |  |  |  | 17,272 |  |  |  | 310 |  |  |  | (777 | ) |  |  | 925 |
Metropolitan Washington, D.C. (b) |  | 118,422 |  |  |  | 73,127 |  |  |  | 59,905 |  |  |  | (336 | ) |  |  | (317 | ) |  |  | 130 |
New Jersey/Delaware |  | - |  |  |  | - |  |  |  | - |  |  |  | 348 |  |  |  | 989 |  |  |  | 1,245 |
Richmond, Virginia |  | 1,657 |  |  |  | 1,574 |  |  |  | 1,400 |  |  |  | 582 |  |  |  | 349 |  |  |  | 381 |
Austin, Texas (c) (d) |  | 60,428 |  |  |  | 105,781 |  |  |  | 81,960 |  |  |  | (1,527 | ) |  |  | (1,080 | ) |  |  | (564 | )
Total | $ | 241,004 |  |  | $ | 225,004 |  |  | $ | 180,512 |  |  | $ | (811 | ) |  | $ | (790 | ) |  | $ | 3,664 |
(a) | evo at Cira was placed into service during the third quarter ended September 30, 2014.
(b) | Investment in real estate ventures as of December 31, 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 December 31, 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, the equity method investment at December 31, 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, as defined by GAAP:
| Years Ended December 31, |
| 2015 |  |  | 2014 |  |  | 2013 |
Consolidated net operating income | $ | 364,544 |  |  | $ | 361,017 |  |  | $ | 340,441 |
Less: |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | (110,717 | ) |  |  | (124,329 | ) |  |  | (121,937 | )
Interest expense - amortization of deferred financing costs |  | (4,557 | ) |  |  | (5,148 | ) |  |  | (4,676 | )
Interest expense - financing obligation |  | (1,237 | ) |  |  | (1,144 | ) |  |  | (972 | )
Depreciation and amortization |  | (219,029 | ) |  |  | (208,569 | ) |  |  | (197,021 | )
General and administrative expenses |  | (29,406 | ) |  |  | (26,779 | ) |  |  | (27,628 | )
Equity in income (loss) of real estate ventures |  | (811 | ) |  |  | (790 | ) |  |  | 3,664 |
Provision for impairment |  | (82,208 | ) |  |  | (1,765 | ) |  |  | - |
Plus: |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 1,224 |  |  |  | 3,974 |  |  |  | 1,044 |
Tax credit transaction income |  | 19,955 |  |  |  | 11,853 |  |  |  | 11,853 |
Recognized hedge activity |  | - |  |  |  | (828 | ) |  |  | - |
Net gain from remeasurement of investments in real estate ventures |  | 758 |  |  |  | 458 |  |  |  | 6,866 |
Net gain on sales of interests in real estate |  | 20,496 |  |  |  | 4,901 |  |  |  | - |
Net gain (loss) on sale of undepreciated real estate |  | 3,019 |  |  |  | 1,184 |  |  |  | (137 | )
Net gain (loss) on real estate venture transactions |  | 7,229 |  |  |  | (417 | ) |  |  | 29,604 |
Loss on early extinguishment of debt |  | - |  |  |  | (7,594 | ) |  |  | (2,119 | )
Income (loss) from continuing operations |  | (30,740 | ) |  |  | 6,024 |  |  |  | 38,982 |
Income from discontinued operations |  | - |  |  |  | 918 |  |  |  | 4,207 |
Net income (loss) | $ | (30,740 | ) |  | $ | 6,942 |  |  | $ | 43,189 |

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