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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Financial Position | The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2019 and December 31, 2018 (in thousands):
| December 31, 2019
| MAP Venture |  | Brandywine-AI Venture LLC |  | Other |  | Total
Net property | 192,582 |  |  | 24,651 |  |  | 617,134 |  |  | $ | 834,367 |
Other assets (a) | 256,453 |  |  | 3,000 |  |  | 82,549 |  |  | 342,002 |
Other liabilities (a) | 266,200 |  |  | 824 |  |  | 23,047 |  |  | 290,071 |
Debt, net (b) | 181,525 |  |  | — |  |  | 403,543 |  |  | 585,068 |
Equity (c) | 1,310 |  |  | 26,827 |  |  | 273,093 |  |  | 301,230 |
| December 31, 2018
| MAP Venture |  | Brandywine-AI Venture LLC |  | Other |  | Total
Net property | 198,043 |  |  | 47,043 |  |  | 590,897 |  |  | 835,983 |
Other assets (a) | 65,465 |  |  | 11,206 |  |  | 82,828 |  |  | 159,499 |
Other liabilities (a) | 59,348 |  |  | 2,002 |  |  | 24,331 |  |  | 85,681 |
Debt, net (b) | 180,555 |  |  | 26,020 |  |  | 159,132 |  |  | 365,707 |
Equity (c) | 23,605 |  |  | 30,227 |  |  | 490,262 |  |  | 544,094 |
(a) | The increase is primarily due to the recording of lease related assets and liabilities of $197.1 million and $206.4 million, respectively, for MAP Venture in connection with the adoption of Topic 842.
(b) | The increase is primarily due to third-party debt financing received by Herndon Innovation Center Venture during 2019. See “Herndon Innovation Center Metro Portfolio Venture” section below for further information.
(c) | This amount does not include 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.
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, 2019 and 2018, and the Company’s share of the Real Estate Ventures’ income (loss) for the years ended December 31, 2019 and 2018 was as follows (in thousands):
| Ownership Percentage (a) |  | Carrying Amount |  | Company's Share of Real Estate Venture Income (Loss) |  | Real Estate Venture Debt at 100%, gross
|  |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Office Properties |  |  |  |  |  |  |  |  |  |  |  |  |
Brandywine - AI Venture LLC | 50% |  | $ | 10,116 |  |  | $ | 11,731 |  |  | $ | (2,800 | ) |  | $ | (14,559 | ) |  | $ | — |  |  | $ | 26,111 |
Herndon Innovation Center Metro Portfolio Venture, LLC | 15% |  | 16,446 |  |  | 47,834 |  |  | (498 | ) |  | 83 |  |  | 207,302 |  |  | — |
MAP Venture | 50% |  | (70 | ) |  | 11,173 |  |  | (6,102 | ) |  | (2,155 | ) |  | 185,000 |  |  | 185,000 |
PJP VII | 25% (b) |  | — |  |  | 1,100 |  |  | 190 |  |  | 157 |  |  | — |  |  | 3,777 |
PJP II | 30% (b) |  | — |  |  | 663 |  |  | 81 |  |  | 179 |  |  | — |  |  | 2,214 |
PJP VI | 25% (b) |  | — |  |  | 125 |  |  | (185 | ) |  | 71 |  |  | — |  |  | 7,069 |
Austin Venture | 50% (c) |  | — |  |  | — |  |  | — |  |  | 1,687 |  |  | — |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |
1919 Venture | 50% |  | 17,524 |  |  | 19,897 |  |  | 328 |  |  | 253 |  |  | 88,860 |  |  | 88,860 |
evo at Cira Centre South Venture | 50% |  | — |  |  | — |  |  | — |  |  | (358 | ) |  | — |  |  | — |
Development Properties |  |  |  |  |  |  |  |  |  |  |  |  |
4040 Wilson Venture (d) | 50% |  | 37,002 |  |  | 37,371 |  |  | (368 | ) |  | (192 | ) |  | 114,845 |  |  | 57,288 |
JBG - 51 N Street (d) | 70% |  | 21,531 |  |  | 21,368 |  |  | (313 | ) |  | (137 | ) |  | — |  |  | — |
JBG - 1250 First Street Office (d) | 70% |  | 17,745 |  |  | 17,838 |  |  | (255 | ) |  | (260 | ) |  | — |  |  | — |
|  |  | $ | 120,294 |  |  | $ | 169,100 |  |  | $ | (9,922 | ) |  | $ | (15,231 | ) |  | $ | 596,007 |  |  | $ | 370,319 |
(a) | Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable.
(b) | On October 29, 2019. The Company sold its interest in PJP II, PJP VI and PJP VII. See "PJP Ventures" section below for more information on the disposal.
(c) | The Company’s purchased its partner’s entire 50% interest in this venture on December 11, 2018. Refer to the "Austin Venture" section below for more information.
(d) | This entity is a VIE.
The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2019 and December 31, 2018 (in thousands):
| December 31, 2019
| MAP Venture |  | Brandywine-AI Venture LLC |  | Other |  | Total
Net property | 192,582 |  |  | 24,651 |  |  | 617,134 |  |  | $ | 834,367 |
Other assets (a) | 256,453 |  |  | 3,000 |  |  | 82,549 |  |  | 342,002 |
Other liabilities (a) | 266,200 |  |  | 824 |  |  | 23,047 |  |  | 290,071 |
Debt, net (b) | 181,525 |  |  | — |  |  | 403,543 |  |  | 585,068 |
Equity (c) | 1,310 |  |  | 26,827 |  |  | 273,093 |  |  | 301,230 |
| December 31, 2018
| MAP Venture |  | Brandywine-AI Venture LLC |  | Other |  | Total
Net property | 198,043 |  |  | 47,043 |  |  | 590,897 |  |  | 835,983 |
Other assets (a) | 65,465 |  |  | 11,206 |  |  | 82,828 |  |  | 159,499 |
Other liabilities (a) | 59,348 |  |  | 2,002 |  |  | 24,331 |  |  | 85,681 |
Debt, net (b) | 180,555 |  |  | 26,020 |  |  | 159,132 |  |  | 365,707 |
Equity (c) | 23,605 |  |  | 30,227 |  |  | 490,262 |  |  | 544,094 |
(a) | The increase is primarily due to the recording of lease related assets and liabilities of $197.1 million and $206.4 million, respectively, for MAP Venture in connection with the adoption of Topic 842.
(b) | The increase is primarily due to third-party debt financing received by Herndon Innovation Center Venture during 2019. See “Herndon Innovation Center Metro Portfolio Venture” section below for further information.
(c) | This amount does not include 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.
The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during the twelve-month periods ended December 31, 2019, 2018 and 2017 (in thousands):
| Year Ended December 31, 2019
| MAP Venture |  | Brandywine-AI Venture LLC |  | Other |  | Total
Revenue | $ | 70,366 |  |  | $ | 6,022 |  |  | $ | 55,970 |  |  | $ | 132,358 |
Operating expenses | (47,362 | ) |  | (2,912 | ) |  | (21,510 | ) |  | (71,784 | )
Provision for impairment | — |  |  | (5,664 | ) |  | — |  |  | (5,664 | )
Interest expense, net | (9,752 | ) |  | (698 | ) |  | (11,458 | ) |  | (21,908 | )
Depreciation and amortization | (25,413 | ) |  | (2,514 | ) |  | (25,404 | ) |  | (53,331 | )
Loss on extinguishment of debt | — |  |  | — |  |  | (1,231 | ) |  | (1,231 | )
Net loss | $ | (12,161 | ) |  | $ | (5,766 | ) |  | $ | (3,633 | ) |  | $ | (21,560 | )
Ownership interest % | 50 | % |  | 50 | % |  | Various |  |  | Various |
Company's share of net loss | $ | (6,081 | ) |  | $ | (2,883 | ) |  | $ | (901 | ) |  | $ | (9,865 | )
Basis adjustments and other | (21 | ) |  | 83 |  |  | (119 | ) |  | (57 | )
Equity in loss of Real Estate Ventures | $ | (6,102 | ) |  | $ | (2,800 | ) |  | $ | (1,020 | ) |  | $ | (9,922 | )
| Year Ended December 31, 2018
| MAP Venture |  | Austin Venture |  | Brandywine-AI Venture LLC |  | evo at Cira Centre South |  | Other |  | Total
Revenue | $ | 68,622 |  |  | $ | 53,476 |  |  | $ | 23,515 |  |  | $ | 163 |  |  | $ | 19,550 |  |  | $ | 165,326 |
Operating expenses | (41,056 | ) |  | (22,994 | ) |  | (10,483 | ) |  | (256 | ) |  | (7,246 | ) |  | (82,035 | )
Interest expense, net | (12,690 | ) |  | (9,083 | ) |  | (3,478 | ) |  | (123 | ) |  | (4,400 | ) |  | (29,774 | )
Depreciation and amortization | (18,891 | ) |  | (19,226 | ) |  | (8,991 | ) |  | (409 | ) |  | (6,309 | ) |  | (53,826 | )
Provision for impairment | — |  |  | — |  |  | (20,832 | ) |  | — |  |  | — |  |  | (20,832 | )
Loss on extinguishment of debt | (334 | ) |  | (356 | ) |  | (695 | ) |  | — |  |  | — |  |  | (1,385 | )
Net income (loss) | $ | (4,349 | ) |  | $ | 1,817 |  |  | $ | (20,964 | ) |  | $ | (625 | ) |  | $ | 1,595 |  |  | $ | (22,526 | )
Ownership interest % | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | Various |  |  | Various |
Company's share of net income (loss) | $ | (2,175 | ) |  | $ | 909 |  |  | $ | (10,482 | ) |  | $ | (313 | ) |  | $ | 137 |  |  | $ | (11,924 | )
Other than temporary impairment | — |  |  | — |  |  | (4,076 | ) |  | — |  |  | — |  |  | (4,076 | )
Basis adjustments and other | 20 |  |  | 778 |  |  | (1 | ) |  | (45 | ) |  | 17 |  |  | 769 |
Equity in income (loss) of Real Estate Ventures | $ | (2,155 | ) |  | $ | 1,687 |  |  | $ | (14,559 | ) |  | $ | (358 | ) |  | $ | 154 |  |  | $ | (15,231 | )
| Year Ended December 31, 2017
| MAP Venture |  | Austin Venture |  | Brandywine-AI Venture LLC |  | evo at Cira Centre South |  | Other |  | Total
Revenue | $ | 68,573 |  |  | $ | 85,500 |  |  | $ | 29,500 |  |  | $ | 12,285 |  |  | $ | 20,413 |  |  | $ | 216,271 |
Operating expenses | (40,035 | ) |  | (35,997 | ) |  | (12,298 | ) |  | (3,075 | ) |  | (7,935 | ) |  | (99,340 | )
Interest expense, net | (13,677 | ) |  | (13,985 | ) |  | (4,707 | ) |  | (4,092 | ) |  | (3,752 | ) |  | (40,213 | )
Depreciation and amortization | (21,202 | ) |  | (34,026 | ) |  | (11,428 | ) |  | (4,512 | ) |  | (7,272 | ) |  | (78,440 | )
Loss on extinguishment of debt | — |  |  | (2,613 | ) |  | (811 | ) |  | — |  |  | — |  |  | (3,424 | )
Net income (loss) | $ | (6,341 | ) |  | $ | (1,121 | ) |  | $ | 256 |  |  | $ | 606 |  |  | $ | 1,454 |  |  | $ | (5,146 | )
Ownership interest % | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | Various |  |  |
Company's share of net income (loss) | $ | (3,171 | ) |  | $ | (560 | ) |  | $ | 128 |  |  | $ | 303 |  |  | $ | 1,436 |  |  | $ | (1,864 | )
Other than temporary impairment | — |  |  | — |  |  | (4,844 | ) |  | — |  |  | — |  |  | (4,844 | )
Basis adjustments and other | (272 | ) |  | (429 | ) |  | 251 |  |  | 146 |  |  | (1,294 | ) |  | (1,598 | )
Equity in income (loss) of Real Estate Ventures | $ | (3,443 | ) |  | $ | (989 | ) |  | $ | (4,465 | ) |  | $ | 449 |  |  | $ | 142 |  |  | $ | (8,306 | )
Schedule of Maturities of Long-term Debt | As of December 31, 2019, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2020 | $ | — |
2021 | 114,845 |
2022 | — |
2023 | 273,860 |
2024 | 207,302 |
Thereafter | — |
Total principal payments | 596,007 |
Net deferred financing costs | (10,939 | )
Outstanding indebtedness | $ | 585,068 |
As of December 31, 2019, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2020 | $ | 87,226 |
2021 | 15,143 |
2022 | 256,332 |
2023 | 556,736 |
2024 | 350,000 |
Thereafter | 878,610 |
Total principal payments | 2,144,047 |
Net unamortized premiums/(discounts) | 10,707 |
Net deferred financing costs | (10,336 | )
Outstanding indebtedness | $ | 2,144,418 |
Summary of Gain on Sale for Each Land Parcel | The following table summarizes the properties sold during the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):
Property/Portfolio Name |  | Disposition Date |  | Location |  | Property Type |  | Rentable Square Feet/ Acres |  | Sales Price |  | Gain/(Loss) on Sale (a)
1900 Gallows Rd |  | September 11, 2019 |  | Vienna, VA |  | Office |  | 210,632 |  |  | $ | 36,400 |  |  | $ | (367 | )
9 Presidential Boulevard |  | March 15, 2019 |  | Bala Cynwyd, PA |  | Land |  | 2.7 Acres |  |  | 5,325 |  |  | 751 |
Subaru National Training Center (b) |  | December 21, 2018 |  | Camden, NJ |  | Mixed-use |  | 83,000 |  |  | 45,300 |  |  | 2,570 |
Rockpoint Portfolio (c) |  | December 20, 2018 |  | Herndon, VA |  | Office |  | 1,293,197 |  |  | 312,000 |  |  | 397 |
20 East Clementon Road |  | June 21, 2018 |  | Gibbsboro, NJ |  | Office |  | 38,260 |  |  | 2,000 |  |  | (35 | )
Garza Ranch - Office (d) |  | March 16, 2018 |  | Austin, TX |  | Land |  | 6.6 acres |  |  | 14,571 |  |  | 1,515 |
Westpark Land |  | January 10, 2018 |  | Durham, NC |  | Land |  | 13.1 acres |  |  | 485 |  |  | 22 |
11, 14, 15, 17 and 18 Campus Boulevard (Newtown Square) |  | November 22, 2017 |  | Newtown Square, PA |  | Office |  | 252,802 |  |  | 42,000 |  |  | 19,642 |
630 Allendale Road |  | October 31, 2017 |  | King of Prussia, PA |  | Office |  | 150,000 |  |  | 17,500 |  |  | 3,605 |
50 E. Swedesford Square |  | September 13, 2017 |  | Malvern, PA |  | Land |  | 12.0 acres |  |  | 7,200 |  |  | 882 |
Bishop's Gate |  | July 18, 2017 |  | Mount Laurel, NJ |  | Land |  | 49.5 acres |  |  | 6,000 |  |  | 71 |
Two, Four A, Four B and Five Eves Drive (Evesham Corporate Center) (e) |  | June 27, 2017 |  | Marlton, NJ |  | Office |  | 134,794 |  |  | 9,700 |  |  | (325 | )
7000 Midlantic Drive |  | June 12, 2017 |  | Mount Laurel, NJ |  | Retail |  | 10,784 |  |  | 8,200 |  |  | 1,413 |
Garza Ranch - Multi-family (d) |  | April 28, 2017 |  | Austin, TX |  | Land |  | 8.4 acres |  |  | 11,800 |  |  | 1,311 |
200, 210 & 220 Lake Drive East (Woodland Falls) |  | March 30, 2017 |  | Cherry Hill, NJ |  | Office |  | 215,465 |  |  | 19,000 |  |  | (249 | )
Philadelphia Marine Center (Marine Piers) (f) |  | March 15, 2017 |  | Philadelphia, PA |  | Mixed-use |  | 181,900 |  |  | 21,400 |  |  | 6,498 |
11700, 11710, 11720 & 11740 Beltsville Drive (Calverton) (g) |  | March 13, 2017 |  | Beltsville, MD |  | Office |  | 313,810 |  |  | 9,000 |  |  | — |
Gateway Land - Site C |  | February 15, 2017 |  | Richmond, VA |  | Land |  | 4.8 acres |  |  | 1,100 |  |  | — |
1200 & 1220 Concord Avenue (Concord Airport Plaza) |  | February 2, 2017 |  | Concord, CA |  | Office |  | 350,256 |  |  | 33,100 |  |  | 551 |
Garza Ranch - Hotel (d) |  | January 30, 2017 |  | Austin, TX |  | Land |  | 1.7 acres |  |  | 3,500 |  |  | 192 |
(a) | Gain/(Loss) on Sale is net of closing and other transaction related costs.
(b) | During the third quarter of 2018, the tenant, Subaru, exercised its purchase option for the Subaru National Training Center Development. The lease with Subaru was classified as a direct finance lease within "Other assets" on the consolidated balance sheets. In connection with the lease, the Company recognized $1.6 million in interest income during the twelve months ended December 31, 2018, in accordance with accounting guidance for direct finance leases under ASC 840.
(c) | For information related to this transaction, see the “Herndon Innovation Center Metro Portfolio Venture, LLC” section in Note 4, “Investment in Unconsolidated Real Estate Ventures.”
(d) | The Company had continuing involvement in these properties through a completion guaranty, which required the Company, as developer, to complete certain infrastructure improvements on behalf of the buyers of the land parcels. The Company recorded the cash received at settlement as “Deferred income, gains and rent” on the consolidated balance sheet. The Company subsequently recognized the land sales and the $3.0 million gain on sale during the twelve months ended December 31, 2018 upon substantial completion of the infrastructure improvements and transfer of control to the buyer.
(e) | As of March 31, 2017, the Company evaluated the recoverability of the carrying value of its properties that triggered assessment under the undiscounted cash flow model. Based on the Company’s evaluation, it was determined that due to the reduction in the Company’s intended hold period of four properties located in the Other segment, the Company would not recover the carrying values of these properties. Accordingly, the Company recorded impairment charges on these properties of $1.0 million at March 31, 2017, which reduced the aggregate carrying values of the properties from $10.2 million to their estimated fair value of $9.2 million. The Company measured these impairments based on a discounted cash flow analysis, using a hold period of 10 years and residual capitalization rates and discount rates of 9.00% and 9.25%, respectively. The results were comparable to indicative pricing in the market. The assumptions used to determine fair value under the income approach are Level 3 inputs in accordance with the fair value hierarchy. The loss on sale in the table above represents additional closing costs.
(f) | On the closing date, the buyer paid $12.0 million in cash and the Company received cash proceeds of $11.2 million, after closing costs and prorations. The $9.4 million balance of the purchase price was due on (a) January 31, 2020, in the event that the tenant at the Marine Piers does not exercise an option it holds to extend the term of the sublease or (b) January 15, 2024, in the event that the tenant does exercise the option to extend the term of the sublease. The Company determined that it was appropriate to recognize the sale of the sublease interest in the Marine Piers and to defer the remaining $9.4 million balance due under the purchase and sale agreement until collectability can be determined. During the first quarter of 2019, the tenant at the Marine Piers exercised its option to extend the term of its sublease. As a result, the $9.4 million balance of the purchase price is due on January 15, 2024, and the Company will recognize the additional gain on sale when the gain is realized or realizable.
(g) | During the twelve months ended 2017, there was a price reduction of $1.7 million under the agreement of sale and additional impairment of $1.7 million was recognized.
The summary of the transaction is as follows (in thousands);
| October 18, 2017
Gross sales price | $ | 333,250 |
Debt principal | (150,968 | )
Debt prepayment penalties | (2,120 | )
Closing costs and net prorations | (7,420 | )
Cash to Austin Venture | $ | 172,742 |
Company's ownership interest | 50 | %
Cash to the Company | $ | 86,371 |
Cash to Austin Venture | $ | 172,742 |
Austin Venture basis of sold properties | (92,559 | )
Austin Venture gain on sale | $ | 80,183 |
Company's ownership interest | 50 | %
Company's share of gain | $ | 40,092 |
Company's share of gain | $ | 40,092 |
Deferred gain from partial sale | 12,072 |
Gain on real estate venture transactions | $ | 52,164 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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