Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at December 31, 2015 and 2014:

					Carrying Value of Investment (1)
Entity	Properties	Nominal % Ownership			December 31, 2015			December 31, 2014
					(in thousands)
Square 407 Limited Partnership	Market Square North	50.0	%		$	(9,951	)	$	(8,022	)
The Metropolitan Square Associates LLC	Metropolitan Square	51.0	%		9,179			8,539
BP/CRF 901 New York Avenue LLC	901 New York Avenue	25.0	%	(2)	(11,958		)	(1,080		)
WP Project Developer LLC	Wisconsin Place Land and Infrastructure	33.3	%	(3)	43,524			45,514
Annapolis Junction NFM, LLC	Annapolis Junction	50.0	%	(4)	29,009			25,246
540 Madison Venture LLC	540 Madison Avenue	60.0	%		68,983			68,128
500 North Capitol LLC	500 North Capitol Street, NW	30.0	%		(3,292		)	(2,250		)
501 K Street LLC	1001 6th Street	50.0	%	(5)	42,584			41,736
Podium Developer LLC	The Hub on Causeway	50.0	%		18,508			4,231
1265 Main Office JV LLC	1265 Main Street	50.0	%		11,916			N/A
BNY Tower Holdings LLC	Dock72 at the Brooklyn Navy Yard	50.0	%		11,521			N/A
					$	210,023		$	182,042

 _______________

(1) Investments with deficit balances aggregating approximately $25.2 million and $11.4 million at December 31, 2015 and 2014, respectively, have been reflected within Other Liabilities on the Company's Consolidated Balance Sheets.

(2) The Company’s economic ownership has increased based on the achievement of certain return thresholds.

(3) The Company’s wholly-owned entity that owns the office component of the project also owns a 33.3% interest in the entity owning the land, parking garage and infrastructure of the project.

(4) The joint venture owns four in-service buildings and two undeveloped land parcels.

(5) Under the joint venture agreement, the partner may be entitled to up to two additional payments from the venture based on increases in total square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.

Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block]

The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:

	December 31, 2015			December 31, 2014
	(in thousands)
ASSETS
Real estate and development in process, net	$	1,072,412		$	1,034,552
Other assets	256,055			264,097
Total assets	$	1,328,467		$	1,298,649
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable	$	833,895		$	830,075
Other liabilities	44,549			34,211
Members’/Partners’ equity	450,023			434,363
Total liabilities and members’/partners’ equity	$	1,328,467		$	1,298,649
Company’s share of equity	$	237,070		$	209,828
Basis differentials (1)	(27,047		)	(27,786		)
Carrying value of the Company’s investments in unconsolidated joint ventures (2)	$	210,023		$	182,042

 _______________

(1) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from impairment of investments and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level.

(2) Investments with deficit balances aggregating approximately $25.2 million and $11.4 million at December 31, 2015 and 2014, respectively, have been reflected within Other Liabilities on the Company's Consolidated Balance Sheets.

Statements Of Operations Of The Joint Ventures

The combined summarized statements of operations of the Company’s joint ventures are as follows:

	For the year ended December 31,
	2015				2014			2013
	(in thousands)
Total revenue (1)	$	155,642			$	158,161		$	311,548
Expenses
Operating	65,093				62,974			105,319
Depreciation and amortization	36,057				37,041			86,088
Total expenses	101,150				100,015			191,407
Operating income	54,492				58,146			120,141
Other income (expense)
Interest expense	(32,176		)		(31,896		)	(112,535		)
Losses from early extinguishments of debt	—				—			(1,677		)
Income from continuing operations	22,316				26,250			5,929
Gains on sales of real estate	—				—			14,207
Net income	$	22,316			$	26,250		$	20,136
Company’s share of net income	$	22,031		(2)	$	11,913		$	4,612
Gains on sales of real estate	—				—			54,501
Basis differential	739				856			(1,017		)
Elimination of inter-entity interest on partner loan	—				—			16,978
Income from unconsolidated joint ventures	$	22,770			$	12,769		$	75,074
Gains on consolidation of joint ventures	$	—			$	—		$	385,991

_______________ 

(1) Includes straight-line rent adjustments of $3.9 million, $3.0 million and $7.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Includes net above-/below-market rent adjustments of $(0.2) million, $(0.1) million and $33.7 million for the years ended December 31, 2015, 2014 and 2013, respectively.

(2) During the year ended December 31, 2015, the Company received a distribution of approximately $24.5 million, which was generated from the excess loan proceeds from the refinancing of 901 New York Avenue’s mortgage loan to a new 10-year mortgage loan totaling $225.0 million.  The Company’s allocation of income and distributions for the year ended December 31 2015 was not proportionate to its nominal ownership interest as a result of the achievement of specified investment return thresholds, as provided for in the joint venture agreement.