XML 58 R44.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investment in Unconsolidated Joint Ventures (Narrative) (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 09, 2022
USD ($)
ft²
Sep. 08, 2022
USD ($)
Sep. 01, 2022
USD ($)
ft²
Aug. 08, 2022
USD ($)
ft²
Aug. 07, 2022
USD ($)
Jun. 17, 2022
USD ($)
Jun. 16, 2022
USD ($)
ft²
May 13, 2022
USD ($)
loanExtension
years
Apr. 18, 2022
USD ($)
ft²
Mar. 28, 2022
USD ($)
loanExtension
years
Mar. 27, 2022
USD ($)
loanExtension
years
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Feb. 02, 2022
ft²
Jan. 18, 2022
ft²
Dec. 31, 2021
USD ($)
Schedule of Equity Method Investments [Line Items]                                    
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)                       $ 3,271,157   $ 3,271,157       $ 3,267,914
Payment for Debt Extinguishment or Debt Prepayment Cost                           0 $ 185      
Loss from early extinguishment of debt                       $ 0 $ 0 $ 0 (898)      
Gateway Commons Complex [Member]                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage [1]                       50.00%   50.00%        
Gateway Commons Complex [Member] | 651 Gateway | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                                 50.00%  
Platform 16                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage [2]                       55.00%   55.00%        
Platform 16 | Platform 16 | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                               55.00%    
Net Rentable Area (in sf) | ft²                               1,100,000    
BP/CRF Metropolitan Square LLC [Member]                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                       20.00%   20.00%        
BP/CRF Metropolitan Square LLC [Member] | Metropolitan Square | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                   20.00%                
Net Rentable Area (in sf) | ft²     657,000                              
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)                   $ 420,000 $ 294,100              
Debt Instrument, Description of Variable Rate Basis                     the greater of (x) LIBOR or (y) 0.65%              
Debt Instrument, Basis Spread on Variable Rate                   2.75% 4.75%              
Number of extensions | loanExtension                   3 2              
Extension Option (in years) | years                   1 1              
Payment for Debt Extinguishment or Debt Prepayment Cost                   $ 0                
Loss from early extinguishment of debt                   (1,300)                
Proceeds from mortgage notes payable                   100,500                
BP/CRF Metropolitan Square LLC [Member] | Metropolitan Square | Unconsolidated Properties | Interest Rate Cap                                    
Schedule of Equity Method Investments [Line Items]                                    
Debt Instrument, Description of Variable Rate Basis     SOFR                              
Derivative, Notional Amount     $ 420,000                              
Derivative, Cap Interest Rate     4.50%                              
Residential Tower Developer LLC [Member]                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                       50.00%   50.00%        
Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                 50.00%                  
Proceeds from mortgage notes payable           $ 6,800                        
Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | Interest Rate Swap                                    
Schedule of Equity Method Investments [Line Items]                                    
Derivative, Notional Amount           $ 185,000                        
Derivative, Forward Interest Rate           4.432%                        
Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties | Adjustable Rate Loans                                    
Schedule of Equity Method Investments [Line Items]                                    
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)           $ 185,000 $ 176,700   $ 176,500                  
Debt Instrument, Basis Spread on Variable Rate           1.35%     2.00%                  
PR II BXP Reston Gateway LLC                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage [3]                       20.00%   20.00%        
751 Gateway Holdings LLC                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage [1]                       49.00%   49.00%        
BNY Tower Holdings LLC [Member]                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage                       50.00%   50.00%        
BNY Tower Holdings LLC [Member] | Dock 72 [Member] | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage       50.00%                            
Net Rentable Area (in sf) | ft²       669,000                            
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)       $ 198,400 $ 198,400                          
Debt Instrument, Description of Variable Rate Basis       the greater of (x) SOFR or (y) 0.25% LIBOR                          
Debt Instrument, Basis Spread on Variable Rate       3.10% 3.35%                          
Debt instrument, borrowing capacity         $ 250,000                          
Safeco Plaza REIT LLC                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage [4]                       33.67%   33.67%        
Safeco Plaza REIT LLC | Safeco Plaza | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage 33.67%                                  
Net Rentable Area (in sf) | ft² 765,000                                  
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)   $ 250,000                                
Debt Instrument, Description of Variable Rate Basis the greater of (x) 2.35% or (y) SOFR the greater of (x) 2.35% or (y) LIBOR                                
Debt Instrument, Basis Spread on Variable Rate 2.32% 2.20%                                
Safeco Plaza REIT LLC | Safeco Plaza | Unconsolidated Properties | Minimum [Member]                                    
Schedule of Equity Method Investments [Line Items]                                    
Debt Instrument, Interest Rate, Stated Percentage 2.35% 2.35%                                
Safeco Plaza REIT LLC | Safeco Plaza | Unconsolidated Properties | Interest Rate Cap                                    
Schedule of Equity Method Investments [Line Items]                                    
Debt Instrument, Description of Variable Rate Basis SOFR                                  
Derivative, Notional Amount $ 250,000                                  
Derivative, Cap Interest Rate 2.50%                                  
Joint Venture Partner [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Payments to Acquire Interest in Joint Venture               $ 500                    
Joint Venture Partner [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage               80.00%                    
Payments to Acquire Interest in Joint Venture               $ 58,700                    
Joint Venture Partner [Member] | 751 Gateway Holdings LLC | 751 Gateway | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage             51.00%                      
Contribution of Property             $ 53,900                      
Payments to Acquire Interest in Joint Venture             $ 4,900                      
Unconsolidated Joint Ventures [Member]                                    
Schedule of Equity Method Investments [Line Items]                                    
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)                       $ 3,425,972   $ 3,425,972       $ 3,214,961
Loss from early extinguishment of debt                       $ 0 $ 0 $ (1,327) $ 0      
Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Contribution of Property               11,300                    
Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan                                    
Schedule of Equity Method Investments [Line Items]                                    
Payments to Acquire Interest in Joint Venture               $ 3,500                    
Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Adjustable Rate Loans                                    
Schedule of Equity Method Investments [Line Items]                                    
Debt Instrument, Description of Variable Rate Basis               SOFR                    
Debt Instrument, Basis Spread on Variable Rate               2.00%                    
Number of extensions | loanExtension               2                    
Extension Option (in years) | years               1                    
Debt Instrument, Unused Borrowing Capacity, Amount               $ 140,000                    
Unconsolidated Joint Ventures [Member] | 751 Gateway Holdings LLC | 751 Gateway | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage             49.00%                      
Contribution of Property             $ 53,900                      
Payments to Acquire Interest in Joint Venture             $ 2,600                      
Company's Share [Member] | BP/CRF Metropolitan Square LLC [Member] | Metropolitan Square                                    
Schedule of Equity Method Investments [Line Items]                                    
Proceeds from mortgage notes payable                   $ 20,100                
Company's Share [Member] | Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Proceeds from mortgage notes payable           $ 3,400                        
Company's Share [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage               96.00%                    
Company's Share [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan                                    
Schedule of Equity Method Investments [Line Items]                                    
Ownership Percentage               20.00%                    
Construction | Gateway Commons Complex [Member] | 651 Gateway | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Net Rentable Area (in sf) | ft²                                 327,000  
Construction | Platform 16 | Platform 16 | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Net Rentable Area (in sf) | ft²                               390,000    
Construction | 751 Gateway Holdings LLC | 751 Gateway | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Net Rentable Area (in sf) | ft²             231,000                      
Construction | Unconsolidated Joint Ventures [Member] | PR II BXP Reston Gateway LLC | Reston Next Residential | Unconsolidated Properties | Scenario, Plan                                    
Schedule of Equity Method Investments [Line Items]                                    
Number of Units in Real Estate Property               508                    
Residential Building | Residential Tower Developer LLC [Member] | Hub50House [Member] | Unconsolidated Properties                                    
Schedule of Equity Method Investments [Line Items]                                    
Net Rentable Area (in sf) | ft²                 320,000                  
Number of Units in Real Estate Property                 440                  
[1] On June 16, 2022, in accordance with the Gateway Commons joint venture agreement, 751 Gateway was segregated into a new single-purpose joint venture.
[2] This entity is a VIE (See Note 2).
[3] The Company’s partner will fund required capital until its aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
[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 through which each partner owns its interest in the joint venture.