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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]  
Investments In Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at September 30, 2023 and December 31, 2022:
 Carrying Value of Investment (1)
EntityPropertiesNominal % OwnershipSeptember 30, 2023December 31, 2022
(in thousands)
Square 407 Limited PartnershipMarket Square North50.00 %$(6,020)$(6,198)
BP/CRF Metropolitan Square LLCMetropolitan Square20.00 %(2)— (37,629)
901 New York, LLC901 New York Avenue25.00 %(3)(11,944)(12,493)
WP Project Developer LLC
Wisconsin Place Land and Infrastructure
33.33 %(4)30,890 31,971 
500 North Capitol Venture LLC500 North Capitol Street, NW30.00 %(9,815)(9,185)
501 K Street LLC
1001 6th Street
50.00 %44,506 42,922 
Podium Developer LLCThe Hub on Causeway - Podium50.00 %46,811 46,839 
Residential Tower Developer LLCHub50House50.00 %45,413 45,414 
Hotel Tower Developer LLC
The Hub on Causeway - Hotel Air Rights
50.00 %12,033 12,366 
Office Tower Developer LLC100 Causeway Street50.00 %58,174 59,716 
1265 Main Office JV LLC1265 Main Street50.00 %3,564 3,465 
BNY Tower Holdings LLCDock 72 50.00 %(5)(12,195)(19,921)
CA-Colorado Center, LLCColorado Center50.00 %237,286 233,862 
7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 %50,442 52,152 
BP-M 3HB Venture LLC3 Hudson Boulevard25.00 %115,142 116,397 
SMBP Venture LPSanta Monica Business Park55.00 %158,561 164,735 
Platform 16 Holdings LPPlatform 1655.00 %(6)(7)35,719 158,109 
Gateway Portfolio Holdings LLCGateway Commons50.00 %362,995 324,038 
Rosecrans-Sepulveda Partners 4, LLCBeach Cities Media Campus50.00 %27,021 27,000 
Safeco Plaza REIT LLCSafeco Plaza33.67 %(7)(8)42,330 69,785 
360 PAS Holdco LLC360 Park Avenue South42.21 %(7)(9)59,979 114,992 
PR II/BXP Reston Gateway LLCSkymark - Reston Next Residential20.00 %14,551 11,351 
751 Gateway Holdings LLC751 Gateway 49.00 %90,733 80,714 
200 Fifth Avenue JV LLC200 Fifth Avenue26.69 %(7)83,244 120,083 
ABXP Worldgate Investments LLC13100 and 13150 Worldgate Drive50.00 %17,428 N/A
$1,496,848 $1,630,485 
 _______________
(1)Investments with deficit balances aggregating approximately $40.0 million and $85.4 million at September 30, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2)This entity is a VIE as of September 30, 2023 (See Note 2). During the three months ended September 30, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 5 and Note 14.
(3)The Company’s economic ownership has increased based on the achievement of certain return thresholds. At September 30, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%.
(4)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
(5)This property includes net equity balances from the amenity joint venture.
(6)At December 31, 2022, this entity was a VIE.
(7)During the three months ended September 30, 2023, the Company recognized an other-than-temporary impairment loss on its investment.
(8)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.
(9)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
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: 
September 30, 2023December 31, 2022
 (in thousands)
ASSETS
Real estate and development in process, net (1)$6,852,171 $6,537,554 
Other assets812,748 756,786 
Total assets$7,664,919 $7,294,340 
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net$4,048,987 $4,022,746 
Other liabilities (2)782,238 716,271 
Members’/Partners’ equity2,833,694 2,555,323 
Total liabilities and members’/partners’ equity$7,664,919 $7,294,340 
Company’s share of equity$1,331,257 $1,238,929 
Basis differentials (3)165,591 391,556 
Carrying value of the Company’s investments in unconsolidated joint ventures (4)$1,496,848 $1,630,485 
_______________
(1)At September 30, 2023 and December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At September 30, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.3 million and $21.2 million, respectively.
(2)At September 30, 2023 and December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $378.4 million and $382.2 million, respectively. At September 30, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
(3)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 result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the three months ended September 30, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 5. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
September 30, 2023December 31, 2022
Property(in thousands)
Colorado Center$299,637 $301,820 
200 Fifth Avenue60,874 94,497 
Gateway Commons48,199 47,808 
Metropolitan Square37,053 1,320 
Safeco Plaza(29,962)(15)
360 Park Avenue South(47,147)3,798 
Dock 72(96,366)(98,980)
Platform 16(143,803)7,108 
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
(4)Investments with deficit balances aggregating approximately $40.0 million and $85.4 million at September 30, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in 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 September 30,Nine months ended September 30,
 2023202220232022
 (in thousands)
Total revenue (1)$153,551 $127,996 $469,745 $373,358 
Expenses
Operating65,119 52,886 183,348 143,880 
Transaction costs78 (65)179 746 
Depreciation and amortization49,840 44,132 151,051 132,089 
Total expenses115,037 96,953 334,578 276,715 
Other income (expense)
Loss from early extinguishment of debt— — (3)(1,327)
Interest expense(60,737)(40,678)(176,786)(103,270)
Unrealized gain on derivative instruments10,242 — 14,089 — 
Net loss$(11,981)$(9,635)$(27,533)$(7,954)
Company’s share of net income (loss)$(4,476)$(2,251)$(10,739)$2,225 
Gain on investment (2)35,756 — 35,756 — 
Impairment losses on investments (3)(272,603)— (272,603)— 
Basis differential (4)(6,233)(1,273)(14,207)(3,614)
Loss from unconsolidated joint ventures$(247,556)$(3,524)$(261,793)$(1,389)
_______________ 
(1)Includes straight-line rent adjustments of approximately $7.7 million and $9.6 million for the three months ended September 30, 2023 and 2022, respectively, and approximately $20.9 million and $54.9 million for the nine months ended September 30, 2023 and 2022, respectively.
(2)During the three months ended September 30, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 5.
(3)During the three months ended September 30, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million respectively, as described below in this Note 5.
(4)Includes straight-line rent adjustments of approximately $0.4 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and approximately $1.1 million and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and approximately $0.6 million and $0.3 million for the nine months ended September 30, 2023 and 2022.