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Investment in Unconsolidated Real Estate Ventures (Tables) | 12 Months Ended
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Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items] |
Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss) | The Company’s investment in Real Estate Ventures as of December 31, 2016 and 2015, and the Company’s share of the Real Estate Ventures’ income (loss) for the years ended December 31, 2016 and 2015 was as follows (in thousands):
|  |  |  |  |  | Carrying Amount |  |  | Company's Share of Real Estate Venture Income (Loss) |  |  | Real Estate Venture Debt at 100% |  |  |  |  |  |  |
|  | Ownership Percentage (a) |  |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | Current Interest Rate |  |  | Debt Maturity
Office Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brandywine-AI Venture LLC (b) |  |  | 50% |  |  | $ | 67,809 |  |  | $ | 50,760 |  |  | $ | (5,895 | ) |  | $ | (229 | ) |  | $ | 131,539 |  |  | $ | 132,717 |  |  |  | 3.96 | % |  | (c)
DRA (G&I) Austin (d) |  |  | 50% |  |  |  | 52,886 |  |  |  | 60,427 |  |  |  | (1,880 | ) |  |  | (1,235 | ) |  |  | 405,734 |  |  |  | 410,066 |  |  |  | 3.36 | % |  | (e)
MAP Venture (f) |  |  | 50% |  |  |  | 20,893 |  |  |  | - |  |  |  | (4,218 | ) |  |  | - |  |  |  | 180,800 |  |  |  | - |  |  | L+6.25% |  |  | Feb 2018
Four Tower Bridge |  |  | 65% |  |  |  | 2,286 |  |  |  | 1,684 |  |  |  | 602 |  |  |  | 211 |  |  |  | 9,961 |  |  |  | 10,162 |  |  |  | 5.20 | % |  | Feb 2021
PJP VII |  |  | 25% |  |  |  | 980 |  |  |  | 872 |  |  |  | 233 |  |  |  | 211 |  |  |  | 4,956 |  |  |  | 5,621 |  |  | L+2.65% |  |  | Dec 2019
PJP II |  |  | 30% |  |  |  | 532 |  |  |  | 435 |  |  |  | 97 |  |  |  | 32 |  |  |  | 2,893 |  |  |  | 3,201 |  |  |  | 6.12 | % |  | Nov 2023
PJP VI |  |  | 25% |  |  |  | 142 |  |  |  | 45 |  |  |  | 97 |  |  |  | 151 |  |  |  | 7,652 |  |  |  | 7,918 |  |  |  | 6.08 | % |  | Apr 2023
1000 Chesterbrook Blvd. (g) |  |  |  |  |  |  | - |  |  |  | 1,895 |  |  |  | 160 |  |  |  | 117 |  |  |  | - |  |  |  | 23,610 |  |  |  |  |  |  |
PJP V (g) |  |  |  |  |  |  | - |  |  |  | 305 |  |  |  | 127 |  |  |  | 189 |  |  |  | - |  |  |  | 5,035 |  |  |  |  |  |  |
Invesco, L.P. (g) |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 261 |  |  |  | 349 |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Broadmoor Austin Associates (g) |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (377 | ) |  |  | - |  |  |  | - |  |  |  |  |  |  |
Coppell Associates (h) |  |  |  |  |  |  | - |  |  |  | (1,130 | ) |  |  | 12 |  |  |  | 84 |  |  |  | - |  |  |  | 15,515 |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
HSRE-BDN I, LLC (d) |  |  | 50% |  |  |  | 21,228 |  |  |  | 15,003 |  |  |  | 843 |  |  |  | (188 | ) |  |  | 105,000 |  |  |  | 95,562 |  |  | L+2.25% |  |  | Oct 2019
TB-BDN Plymouth Apartments |  |  | 50% |  |  |  | 12,450 |  |  |  | 12,338 |  |  |  | 119 |  |  |  | (252 | ) |  |  | 53,967 |  |  |  | 50,964 |  |  | L+1.70% |  |  | Dec 2017
Brandywine 1919 Ventures (d) (i) |  |  | 50% |  |  |  | 27,462 |  |  |  | 29,086 |  |  |  | (1,529 | ) |  |  | - |  |  |  | 79,250 |  |  |  | 19,411 |  |  | L+2.00% |  |  | Oct 2018
Residence Inn Tower Bridge (g) |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 367 |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Development Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4040 Wilson |  |  | 50% |  |  |  | 36,356 |  |  |  | 36,626 |  |  |  | (270 | ) |  |  | (106 | ) |  |  | 1,004 |  |  |  | - |  |  | L+2.40% |  |  | Mar 2019
51 N Street |  |  | 70% |  |  |  | 20,318 |  |  |  | 16,725 |  |  |  | (114 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
1250 First Street Office |  |  | 70% |  |  |  | 17,304 |  |  |  | 14,312 |  |  |  | (15 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Seven Tower Bridge |  |  | 20% |  |  |  | 685 |  |  |  | 491 |  |  |  | (133 | ) |  |  | (135 | ) |  |  | 14,710 |  |  |  | 14,789 |  |  |  | 3.71 | % |  | (j)
|  |  |  |  |  | $ | 281,331 |  |  | $ | 239,874 |  |  | $ | (11,503 | ) |  | $ | (811 | ) |  | $ | 997,466 |  |  | $ | 794,571 |  |  |  |  |  |  |
(a) | Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable.
(b) | See “Brandywine AI Venture: 3141 Fairview Park Drive” section below for information discussing activity that occurred during 2016 relating to this venture.
(c) | The debt for these properties is comprised of three fixed rate mortgages: (1) $37.9 million with a 4.40% fixed interest rate due January 1, 2019, (2) $27.1 million with a 4.65% fixed interest rate due January 1, 2022, and (3) $66.5 million with a 3.22% fixed interest rate due August 1, 2019, resulting in a time weighted average rate of 3.96%.
(d) | The basis differences associated with these ventures are allocated between cost and the underlying equity in the net assets of the investee and is accounted for as if the entity were consolidated (i.e., allocated to the Company’s relative share of assets and liabilities with an adjustment to recognize equity in earnings for the appropriate depreciation/amortization). The Company increased its ownership interest in the HSRE-BDN I, LLC venture (also referred to as the “Evo at Cira South Venture”) to 50% on March 2, 2016. On June 10, 2016, HSRE-BDN I, LLC refinanced its debt. See “Evo at Cira South Venture” section below for further details on these transactions.
(e) | The debt for these properties includes seven mortgages: (1) $33.9 million that was swapped to a 1.59% fixed rate (or an all-in fixed rate of 3.52% incorporating the 1.93% spread) due November 1, 2018, (2) $54.7 million that was swapped to a 1.49% fixed rate (or an all-in rate of 3.19% incorporating the 1.70% spread) due October 15, 2018, (3) $137.0 million that was swapped to a 1.43% fixed rate (for an all-in fixed rate of 3.44% incorporating the 2.01% spread) due November 1, 2018, (4) $29.0 million with a 4.50% fixed interest rate due April 6, 2019, (5) $34.3 million with a 3.87% fixed interest rate due August 6, 2019, (6) $86.7 million that was swapped to a 1.36% fixed rate (or all-in fixed rate of 3.36% incorporating the 2.00% spread) due February 10, 2020, and (7) $30.0 million with a rate of LIBOR + 1.85% with a cap of 2.75% due January 1, 2021, resulting in a time and dollar weighted average rate of 3.36%.
(f) | In order to fulfill interest rate protection requirements, a LIBOR interest rate cap of 1.75% was purchased, effective February 3, 2016 and maturing February 9, 2018, for a notional amount of $200.8 million. There are three options to extend the maturity date of the debt for three successive terms, each year representing a separate option.
(g) | The Company liquidated its 25% ownership interest in the PJP V real estate venture on September 22, 2016. On June 30, 2016, the Company liquidated its 50% ownership interest in the venture known as 1000 Chesterbrook. The ownership interest in Invesco, L.P. was sold prior to December 31, 2015, and on August 19, 2016, the Company assigned its residual profits interest to the general partner of Invesco. The Company purchased the remaining 50% interest in Broadmoor Austin Associates on June 22, 2015. The ownership interest in Residence Inn Tower Bridge was sold on December 30, 2015. See below for further detail on 2016 dispositions.
(h) | Carrying amount represents the negative investment balance of the venture that was included in other liabilities as of December 31, 2015. The ownership interest in this venture was disposed of on January 29, 2016.
(i) | The stated rate for the construction loan is LIBOR + 2.00%. It is further reduced to 1.75% upon reaching 90% residential occupancy and commencement of the lease in the retail space. To fulfill interest rate protection requirements, an interest rate cap was purchased at 4.50%.
(j) | Comprised of two fixed rate mortgages totaling $8.0 million that mature on March 1, 2017 and accrue interest at a current rate of 7.00%, a $0.8 million 3.00% fixed rate loan through its September 1, 2025 maturity, a $2.0 million 4.00% fixed rate loan with interest only through its February 7, 2017 maturity and a $3.9 million 3.25% fixed rate loan with interest only beginning March 11, 2018 through its March 11, 2020 maturity, resulting in a time and dollar weighted average rate of 3.42%.
The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2016 and December 31, 2015 (in thousands):
| December 31, 2016 |  |  | December 31, 2015 |
Net property | $ | 1,483,067 |  |  | $ | 1,258,999 |
Other assets |  | 231,972 |  |  |  | 158,672 |
Other liabilities |  | 129,486 |  |  |  | 69,028 |
Debt, net |  | 989,738 |  |  |  | 794,571 |
Equity |  | 595,815 |  |  |  | 554,072 |
Company’s share of equity (Company’s basis) (a) (b) | $ | 281,331 |  |  | $ | 241,004 |
(a) | This amount includes the effect of the basis difference between the Company’s historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.
(b) | Does not include the negative investment balance of one real estate venture totaling $1.1 million as of December 31, 2015, which is included in other liabilities. The Company disposed of its interest in this venture on January 29, 2016. See “Coppell Associates” section below for further details.
The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests as of December 31, 2016, 2015 and 2014 (in thousands):
| Years Ended December 31, |
| 2016 |  |  | 2015 |  |  | 2014 |
Revenue | $ | 214,452 |  |  | $ | 164,928 |  |  | $ | 147,236 |
Operating expenses |  | (110,265 | ) |  |  | (70,136 | ) |  |  | (61,268 | )
Provision for impairment (a) |  | (10,476 | ) |  |  | - |  |  |  | - |
Interest expense, net |  | (43,283 | ) |  |  | (34,584 | ) |  |  | (36,511 | )
Depreciation and amortization |  | (85,738 | ) |  |  | (68,100 | ) |  |  | (57,109 | )
Net loss (b) | $ | (35,310 | ) |  | $ | (7,892 | ) |  | $ | (7,652 | )
Equity in loss of Real Estate Ventures | $ | (11,503 | ) |  | $ | (811 | ) |  | $ | (790 | )
(a) During the year ended December 31, 2016, Brandywine - AI Venture LLC recorded a property level impairment charge of $10.4 million. See additional details in the “Station Square Impairment” disclosure below. (b) During the year ended December 31, 2016, there were $7.1 million of acquisition deal costs related to the formation of the MAP Venture.
Schedule of Maturities of Long-term Debt | As of December 31, 2016, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2017 | $ | 304,931 |
2018 |  | 331,601 |
2019 |  | 7,360 |
2020 |  | 86,978 |
2021 |  | 6,099 |
Thereafter |  | 1,291,679 |
Total principal payments |  | 2,028,648 |
Net unamortized premiums/(discounts) |  | (7,439 | )
Net deferred financing costs |  | (8,097 | )
Outstanding indebtedness | $ | 2,013,112 |
Unconsolidated Real Estate Ventures [Member] |
Schedule Of Equity Method Investments [Line Items] |
Schedule of Maturities of Long-term Debt | As of December 31, 2016, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2017 |  | $ | 72,520 |
2018 |  |  | 485,847 |
2019 |  |  | 274,445 |
2020 |  |  | 92,261 |
2021 |  |  | 40,498 |
Thereafter |  |  | 31,895 |
Total principal payments |  |  | 997,466 |
Net deferred financing costs |  |  | (7,728 | )
Outstanding indebtedness |  | $ | 989,738 |

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