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Investment in Unconsolidated Ventures (Tables)
 12 Months Ended
Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments [Table Text Block]
The Company’s investment in Real Estate Ventures as of December 31, 2014 and the Company’s share of the Real Estate Ventures’ income (loss) for the year ended December 31, 2014 was as follows (in thousands):
 
 
Ownership
Percentage (a)
 
Carrying
Amount
 
Company’s Share
of 2014 Real
Estate Venture
Income (Loss)
 
Real Estate
Venture
Debt at 100%
 
Current
Interest
Rate
 
Debt
Maturity
Office Properties
 
 
 
 
 
 
 
 
 
 
 
 
Broadmoor Austin Associates (b)
50
%
 
$
65,407

 
$
(460
)
 
$
53,516

 
7.04
%
 
Apr 2023
 
Brandywine-AI Venture LLC
50
%
 
45,712

 
(185
)
 
133,843

 
3.93
%
 
(c)
 
DRA (G&I) Austin (b)
50
%
 
40,374

 
(574
)
 
382,100

 
3.57
%
 
(d)
 
1000 Chesterbrook Blvd.
50
%
 
2,152

 
388

 
24,251

 
4.75
%
 
Dec 2021
 
Four Tower Bridge
65
%
 
1,474

 
(144
)
 
10,353

 
5.20
%
 
Feb 2021
 
PJP VII
25
%
 
911

 
177

 
5,785

 
L+2.65%

 
Dec 2019
 
PJP II
30
%
 
403

 
73

 
3,492

 
6.12
%
 
Nov 2023
 
PJP V
25
%
 
216

 
166

 
5,242

 
6.47
%
 
Aug 2019
 
PJP VI
25
%
 
45

 
(67
)
 
8,168

 
6.08
%
 
Apr 2023
 
G&I Interchange Office LLC (DRA — N. PA) (e) (b)
20
%
 
—

 
(658
)
 
174,595

 
5.78
%
 
Feb 2015
 
Invesco, L.P. (i)
 
 
—

 
989

 
—

 
 
 
 
 
Coppell Associates (f)
50
%
 
(1,214
)
 
(45
)
 
15,747

 
5.75
%
 
Feb 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
Residence Inn Tower Bridge
50
%
 
723

 
107

 
13,394

 
5.63
%
 
Feb 2016
 
HSRE-Campus Crest IX, LLC (b)
30
%
 
14,314

 
67

 
90,245

 
L+2.20%

 
Jul 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Development Properties
 
 
 
 
 
 
 
 
 
 
 
 
4040 Wilson LLC
50
%
 
27,415

 
(132
)
 
—

 
 
 
 
 
Brandywine 1919 Ventures (b) (g)
50
%
 
12,823

 
(21
)
 
—

 
L+2.25%

 
Oct 2018
 
TB-BDN Plymouth Apartments
50
%
 
12,720

 
(83
)
 
29,481

 
L+1.70%

 
Dec 2017
 
Seven Tower Bridge
20
%
 
315

 
(388
)
 
14,865

 
3.78
%
 
(h)
 
 
 
 
$
223,790

 
$
(790
)
 
$
965,077

 
 
 
 

(a)
Ownership percentage represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
(b)
The basis differences associated with these ventures are allocated between cost and the underlying equity in the net assets of the investee and is accounted for as if the entity were consolidated (i.e., allocated to the Company’s relative share of assets and liabilities with an adjustment to recognize equity in earnings for the appropriate depreciation/amortization).
(c)
The debt for these properties is comprised of three fixed rate mortgages: (1) $39.3 million with a 4.40% fixed interest rate due January 1, 2019, (2) $28.0 million with a 4.65% fixed interest rate due January 1, 2022, and (3) $66.5 million with a 3.22% fixed interest rate due August 1, 2019, resulting in a time weighted average rate of 3.93%.
(d)
The debt for these properties includes five mortgages: (1) $34.0 million that was swapped to a 1.59% fixed rate (or an all-in fixed rate of 3.52% incorporating the 1.93% spread) due November 1, 2018, (2) $56.0 million that was swapped to a 1.49% fixed rate (or an all-in rate of 3.19% incorporating the 1.70% spread) due October 15, 2018, (3) $140.6 million that was swapped to a 1.43% fixed rate (for an all-in fixed rate of 3.44% incorporating the 2.01% spread) due November 1, 2018, (4) $29.0 million with a 4.50% fixed interest rate due April 6, 2019, and (5) $34.5 million with a 3.87% fixed interest rate due August 6, 2019, resulting in a time and dollar weighted average rate of 3.57%. Also, includes an $88.0 million bridge loan from BDN Austin Properties, LLC, a subsidiary of Brandywine, carrying a 4.00% fixed interest rate until December 31, 2014 and increased to 5.00% through January 31, 2015. See Note 21, "Subsequent Events," for repayment of this note.
(e)
Proceeds received by the Company from the sale of an 80% ownership stake in the properties exceeded the historical cost of those properties. No investment in the real estate venture was reflected on the balance sheet at formation.
(f)
Carrying amount represents the negative investment balance of the venture and is included in other liabilities.
(g)
The stated rate for the construction loan is LIBOR + 2.25%. The interest rate spread decreases to 2.00% upon receipt of certificate of occupancy. It is further reduced to 1.75% upon stabilization. To fulfill interest rate protection requirements an interest rate cap was purchased at 4.50%.
(h)
Comprised of two fixed rate mortgages totaling $8.0 million that mature on March 1, 2017 and accrue interest at a current rate of 7.00%, a $1.0 million 3.00% fixed rate loan through its September 1, 2025 maturity, a $2.0 million 4.00% fixed rate loan with interest only through its February 7, 2016 maturity and a $3.9 million 3.00% fixed rate loan with interest only beginning March 11, 2018 through its March 11, 2020 maturity, resulting in a time and dollar weighted average rate of 3.78%.
(i)
The ownership interest in this property was disposed of prior to December 31, 2014.
Financial position of unconsolidated Real Estate Ventures
The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2014 and December 31, 2013 (in thousands):
 
December 31,
2014
 
December 31,
2013
Net property
$
1,281,282

 
$
965,475

Other assets
195,121

 
164,152

Other liabilities
68,481

 
49,442

Debt
965,077

 
699,860

Equity
442,845

 
380,325

Company’s share of equity (Company’s basis) (a)
225,004

(b)

180,512


(a)
This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.
(b)
Does not include the negative investment balance of one real estate venture totaling $1.2 million as of December 31, 2014, which is included in other liabilities.
Summary of results of operations of unconsolidated Real Estate Ventures
The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests as of December 31, 2014, 2013 and 2012 (in thousands):
 
Years ended December 31,
 
2014
 
2013
 
2012
Revenue
$
147,236

 
$
102,919

 
$
164,013

Operating expenses
(61,268
)
 
(40,436
)
 
(70,775
)
Interest expense, net
(36,511
)
 
(26,529
)
 
(41,633
)
Depreciation and amortization
(57,109
)
 
(35,138
)
 
(50,241
)
Net income (loss)
(7,652
)
 
816

 
1,364

Company’s share of income (loss) (Company’s basis)
(790
)
 
3,664

 
2,741
Schedule of Maturities of Long-term Debt [Table Text Block]
As of December 31, 2014, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2015
$
279,351

2016
133,809

2017
44,465

2018
231,030

2019
182,522

Thereafter
93,900

 
$
965,077

As of December 31, 2014, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, were as follows (in thousands):
2015
$
102,030

2016
367,703

2017
330,323

2018
336,954

2019
213,155

Thereafter
1,109,298

Total principal payments
2,459,463

Net unamortized premiums/(discounts)
(8,155
)
Outstanding indebtedness
$
2,451,308