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Investments in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2016
Investments In Unconsolidated Joint Ventures [Abstract]  
Investments In Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at June 30, 2016 and December 31, 2015:
 
 
 
 
 
Nominal %
Ownership
 
 
Carrying Value of Investment (1)
 
Entity
 
Properties
 
 
 
June 30, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
(in thousands)
 
Square 407 Limited Partnership
 
Market Square North
 
50.0
%
 
 
$
(9,005
)
 
$
(9,951
)
 
The Metropolitan Square Associates LLC
 
Metropolitan Square
 
51.0
%
 
 
9,401

 
9,179

 
BP/CRF 901 New York Avenue LLC
 
901 New York Avenue
 
25.0
%
(2) 
 
(11,280
)
 
(11,958
)
 
WP Project Developer LLC
 
Wisconsin Place Land and Infrastructure
 
33.3
%
(3) 
 
42,533

 
43,524

 
Annapolis Junction NFM, LLC
 
Annapolis Junction
 
50.0
%
(4) 
 
21,424

 
29,009

 
540 Madison Venture LLC
 
540 Madison Avenue
 
60.0
%
 
 
68,729

 
68,983

 
500 North Capitol LLC
 
500 North Capitol Street, NW
 
30.0
%
 
 
(3,644
)
 
(3,292
)
 
501 K Street LLC
 
1001 6th Street
 
50.0
%
(5) 
 
42,544

 
42,584

 
Podium Developer LLC
 
The Hub on Causeway
 
50.0
%
 
 
27,858

 
18,508

 
1265 Main Office JV LLC
 
1265 Main Street
 
50.0
%
 
 
21,616

 
11,916

 
BNY Tower Holdings LLC (6)
 
Dock72 at the Brooklyn Navy Yard
 
50.0
%
 
 
18,513

 
11,521

 
 
 
 
 
 
 
 
$
228,689

 
$
210,023

 
 _______________
(1)
Investments with deficit balances aggregating approximately $23.9 million and $25.2 million at June 30, 2016 and December 31, 2015, 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 for this land parcel, the partner will be entitled to up to two additional payments from the venture based on increases in total entitled square footage of the project above 520,000 square feet and achieving certain project returns at stabilization.
(6)
The entity is a VIE (See Note 2).
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:
 
June 30, 2016
 
December 31, 2015
 
(in thousands)
ASSETS
 
 
 
Real estate and development in process, net
$
1,124,267

 
$
1,072,412

Other assets
237,196

 
252,285

Total assets
$
1,361,463

 
$
1,324,697

LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
 
 
 
Mortgage and notes payable, net
$
827,987

 
$
830,125

Other liabilities
47,685

 
44,549

Members’/Partners’ equity
485,791

 
450,023

Total liabilities and members’/partners’ equity
$
1,361,463

 
$
1,324,697

Company’s share of equity
$
255,362

 
$
237,070

Basis differentials (1)
(26,673
)
 
(27,047
)
Carrying value of the Company’s investments in unconsolidated joint ventures (2)
$
228,689

 
$
210,023

 _______________
(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 $23.9 million and $25.2 million at June 30, 2016 and December 31, 2015, 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 unconsolidated joint ventures are as follows:
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(in thousands)
 
Total revenue (1)
$
38,368

 
$
39,152

 
$
76,037

 
$
78,684

 
Expenses
 
 
 
 
 
 
 
 
Operating
16,359

 
15,824

 
33,026

 
32,099

 
Depreciation and amortization
9,204

 
8,951

 
18,268

 
18,022

 
Total expenses
25,563

 
24,775

 
51,294

 
50,121

 
Operating income
12,805

 
14,377

 
24,743

 
28,563

 
Other expense
 
 
 
 
 
 
 
 
Interest expense
8,383

 
7,986

 
16,772

 
15,966

 
Net income
$
4,422

 
$
6,391

 
$
7,971

 
$
12,597

 
 
 
 
 
 
 
 
 
 
Company’s share of net income
$
2,052

 
$
2,902

 
$
3,651

 
$
17,544

(2)
Basis differential
182

 
176

 
374

 
368

 
Income from unconsolidated joint ventures
$
2,234

 
$
3,078

 
$
4,025

 
$
17,912

 
 _______________ 
(1)
Includes straight-line rent adjustments of approximately $3.6 million and $0.3 million for the three months ended June 30, 2016 and 2015, respectively, and approximately $5.8 million and $2.0 million for the six months ended June 30, 2016 and 2015, respectively.
(2)
During the six months ended June 30, 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 six months ended June 30, 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.