XML 63 R48.htm IDEA: XBRL DOCUMENT v3.21.2
Investment in Unconsolidated Joint Ventures (Narrative) (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 01, 2021
USD ($)
ft²
Aug. 31, 2021
USD ($)
ft²
years
loanExtension
Jun. 15, 2021
Apr. 01, 2021
USD ($)
Mar. 30, 2021
USD ($)
ft²
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Jun. 11, 2021
ft²
Feb. 25, 2021
ft²
Dec. 31, 2020
USD ($)
Schedule of Equity Method Investments [Line Items]                        
Mortgage notes payable, net           $ 2,898,699   $ 2,898,699       $ 2,909,081
Debt Instrument, Basis Spread on Variable Rate     0.775%                  
Proceeds from Sale of Equity Method Investments               17,789 $ 0      
Payments to Acquire Equity Method Investments               95,462 158,374      
Income (Loss) from Equity Method Investments           $ (5,597) $ (6,873) (1,745) (5,410)      
Capital distributions from unconsolidated joint ventures               122 55,123      
Proceeds from sales of real estate               0 505,679      
Repayments of Secured Debt               $ 13,261 12,795      
Gateway Commons Complex [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage           50.00% [1]   50.00% [1]     54.00% 55.00%
Gateway Commons Complex [Member] | Scenario, Plan                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage           50.00%   50.00%        
Gateway Commons Complex [Member] | Scenario, Plan | 751 Gateway                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage           49.00%   49.00%        
Gateway Commons Complex prior to deferred contribution [Member] [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage           52.00%   52.00%       55.00%
Platform 16                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage [2]           55.00%   55.00%        
Annapolis Junction NFM, LLC [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage         50.00%             50.00% [3]
Contractual Sales Price         $ 65,900              
Proceeds from Sale of Equity Method Investments         17,800              
Capital distributions from unconsolidated joint ventures       $ 5,800                
Gain on Sale of Investments         10,300     $ 10,300        
Repayments of Secured Debt         $ 15,100              
Annapolis Junction NFM, LLC [Member] | Annapolis Junction Building Six and Seven | Unconsolidated Properties                        
Schedule of Equity Method Investments [Line Items]                        
Net Rentable Area (in sf) | ft²         247,000              
One Hundred Causeway Street [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage           50.00%   50.00%        
One Hundred Causeway Street [Member] | Unconsolidated Properties                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage                   50.00%    
Net Rentable Area (in sf) | ft²                   632,000    
Safeco Plaza REIT LLC                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage 33.67%         33.67% [4]   33.67% [4]        
Mortgage notes payable, net $ 250,000                      
Net Rentable Area (in sf) | ft² 765,000                      
Payments to Acquire Equity Method Investments $ 72,600                      
Debt Instrument, Description of Variable Rate Basis variable rate equal to the greater of (x) 2.35% or (y) LIBOR plus 2.20% per annum                      
Aggregate purchase price $ 465,000                      
Number of floors 50                      
number of investors 2                      
Podium Developer LLC [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage   50.00%       50.00%   50.00%        
Mortgage notes payable, net   $ 174,300                    
Debt Instrument, Basis Spread on Variable Rate   2.25%                    
Net Rentable Area (in sf) | ft²   382,000                    
Number of extensions | loanExtension   2                    
Extension Option (in years) | years   1                    
Unconsolidated Joint Ventures [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Mortgage notes payable, net           $ 2,995,161   $ 2,995,161       $ 2,637,911
Income (Loss) from Equity Method Investments           (5,597) (6,873) (1,745) (5,410)      
Gain on Sale of Investments           $ 0 $ 0 $ 10,257 [5] $ 0      
Construction in Progress | Gateway Commons Complex [Member] | 751 Gateway | Unconsolidated Properties                        
Schedule of Equity Method Investments [Line Items]                        
Net Rentable Area (in sf) | ft²                     229,000  
Company's Share [Member] | Safeco Plaza REIT LLC                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage 33.00%                      
Company's Share [Member] | Safeco Partner Entity One [Member]                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage 1.00%                      
Company's Share [Member] | Safeco Partner Entity Two                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage 1.00%                      
Institutional investor number one | Safeco Plaza REIT LLC                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage 33.165%                      
Payments to Acquire Equity Method Investments $ 71,900                      
Institutional investor number two | Safeco Plaza REIT LLC                        
Schedule of Equity Method Investments [Line Items]                        
Ownership Percentage 33.165%                      
Payments to Acquire Equity Method Investments $ 71,900                      
[1] As a result of the partner’s deferred contribution, the Company owned an approximately 52% and 55% interest in the joint venture at September 30, 2021 and December 31, 2020, respectively. (9)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities (each, a “Safeco Partner Entity”) through which each partner owns its interest in the joint venture.
[2] This entity is a VIE (See Note 2).
[3] On March 30, 2021, the Company sold its interest in the joint venture to the partner. See below for additional details.
[4] The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities (each, a “Safeco Partner Entity”) through which each partner owns its interest in the joint venture.
[5] During the nine months ended September 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million.