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Real Estate Investments - Summary of Office Properties Sold (Parenthetical) (Details)
3 Months Ended 12 Months Ended
Oct. 18, 2017
USD ($)
ft²
property
Oct. 17, 2017
property
Mar. 31, 2017
USD ($)
property
segment
Feb. 02, 2017
property
Dec. 31, 2017
USD ($)
ft²
property
Mar. 31, 2017
USD ($)
property
segment
Dec. 31, 2016
USD ($)
ft²
property
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
ft²
Storey
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2017
USD ($)
ft²
property
Dec. 31, 2016
USD ($)
ft²
property
Dec. 31, 2015
USD ($)
ft²
property
Storey
Oct. 17, 2014
ft²
property
Jul. 31, 2014
ft²
property
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Number of Properties | property         93               93        
Provision for impairment               $ 1,800,000         $ 3,057,000 $ 40,517,000 $ 82,208,000    
Proceeds from the sale of properties                         171,860,000 784,331,000 247,228,000    
Assets held for sale, net         $ 392,000   $ 41,718,000           392,000 41,718,000      
Gain (Loss) on Sale                         31,657,000 116,983,000 20,496,000    
Proceeds after closing costs and prorations                         0 0 62,800,000    
Gain (loss) on real estate venture transactions                         $ 80,526,000 $ 20,000,000 $ 7,229,000    
Austin Joint Venture [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Number of Properties | property                               7 2
Rentable Square Feet | ft² 1,164,496       1,570,123               1,570,123     590,881 232,274
Sales Price $ 333,250,000                                
Number of Properties Sold | property 8 7     8                        
Gain (loss) on real estate venture transactions $ 40,092,000       $ 52,200,000                        
Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Number of Properties | property         81               81        
Rentable Square Feet | ft²             5,239,632     2,649,926       5,239,632 2,649,926    
Sales Price             $ 820,000,000     $ 374,600,000       $ 820,000,000 $ 374,600,000    
Proceeds from the sale of properties                           769,799,000 340,098,000    
Gain (Loss) on Sale                           $ 116,983,000 [1] 22,002,000 [2],[3]    
Deferred gain on sale                   500,000         $ 500,000    
Number of Properties Sold | property                           66 27    
Deferred gain                   500,000         $ 500,000    
Other Segments                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Number of Properties     4     4 3             3      
Provision for impairment         $ 0                        
Carrying value of real estate prior to impairment         $ 10,200,000   $ 25,800,000           $ 10,200,000 $ 25,800,000      
Aggregate carrying value             18,500,000             $ 18,500,000      
Impairment Hold Period     10 years                     10 years      
Residual Capitalization Rates     9.00%                     8.75%      
Discount Rates     9.25%                     9.00%      
Impairment of properties held for use     $ 1,000,000                     $ 7,300,000      
Two, Four A, Four B and Five Eves Drive (Evesham Corporate Center) [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Provision for impairment           $ 1,000,000                      
Carrying value of real estate prior to impairment     10,200,000     10,200,000                      
Aggregate carrying value     $ 9,200,000     $ 9,200,000                      
Impairment Hold Period           10 years                      
Residual Capitalization Rates           9.00%                      
Discount Rates           9.25%                      
Two, Four A, Four B and Five Eves Drive (Evesham Corporate Center) [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²         134,794               134,794        
Sales Price         $ 9,700,000               $ 9,700,000        
Proceeds from the sale of properties                         8,650,000        
Gain (Loss) on Sale [1],[4]                         $ (325,000)        
Number of Properties Sold | property                         4        
Two, Four A, Four B and Five Eves Drive (Evesham Corporate Center) [Member] | Other Segments                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Number of Properties | property     4     4                      
200, 210 & 220 Lake Drive East (Woodland Falls) [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Provision for impairment             7,300,000                    
Carrying value of real estate prior to impairment             25,800,000             25,800,000      
Aggregate carrying value             $ 18,500,000             $ 18,500,000      
Impairment Hold Period             10 years                    
Residual Capitalization Rates             8.75%                    
Discount Rates             9.00%                    
200, 210 & 220 Lake Drive East (Woodland Falls) [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²         215,465               215,465        
Sales Price         $ 19,000,000               $ 19,000,000        
Proceeds from the sale of properties                         17,771,000        
Gain (Loss) on Sale [1],[5]                         $ (249,000)        
Number of Properties Sold | property                         3        
200, 210 & 220 Lake Drive East (Woodland Falls) [Member] | Other Segments                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Number of Properties | property             3             3      
Philadelphia Marine Center (Marine Piers) [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²         181,900               181,900        
Sales Price         $ 21,400,000               $ 21,400,000        
Payment by cash on purchases                         12,000,000        
Balance payment on purchases         9,400,000               $ 9,400,000        
Date of second installment payment                         Jan. 31, 2020        
Proceeds from the sale of properties                         $ 11,200,000        
Assets held for sale, net         4,700,000               4,700,000        
Gain (Loss) on Sale                         6,500,000        
Deferred gain on sale         9,400,000               9,400,000        
Deferred gain         $ 9,400,000               $ 9,400,000        
11700, 11710, 11720 & 11740 Beltsville Drive (Calverton) [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Provision for impairment on assets held for sale           $ 1,700,000 $ 3,000,000                    
Purchase price reduction           $ 1,700,000                      
11700, 11710, 11720 & 11740 Beltsville Drive (Calverton) [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²         313,810               313,810        
Sales Price         $ 9,000,000               $ 9,000,000        
Proceeds from the sale of properties                         8,354,000        
Gain (Loss) on Sale [1],[6]                         $ 0        
Number of Properties Sold | property                         3        
1200 & 1220 Concord Avenue (Concord Airport Plaza) [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Provision for impairment on assets held for sale                         $ 32,000        
Proceeds after closing costs and prorations             $ 11,500                    
1200 & 1220 Concord Avenue (Concord Airport Plaza) [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²         350,256               350,256        
Sales Price         $ 33,100,000               $ 33,100,000        
Proceeds from the sale of properties                         32,010,000        
Gain (Loss) on Sale [1],[7]                         $ 551,000        
Number of Properties Sold | property       2                 2        
196/198 Van Buren Street (Herndon Metro Plaza I&II) [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²             197,225             197,225      
Sales Price             $ 44,500,000             $ 44,500,000      
Proceeds from the sale of properties                           43,412,000      
Gain (Loss) on Sale [1],[8]                           $ (752,000)      
Impairment of properties held for use                 $ 7,400,000                
Number of Properties Sold | property                           2      
Och Ziff Portfolio [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²             3,924,783             3,924,783      
Sales Price             $ 398,100,000             $ 398,100,000      
Proceeds from the sale of properties                           353,971,000      
Gain (Loss) on Sale [1],[9]                           $ (372,000)      
Provision for impairment on assets held for sale                   $ 45,400,000              
Number of Properties Sold | property                           58      
Encino Trace [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²                   320,000         320,000    
Number of floors of a building | Storey                   4         4    
Number of Properties Sold | property                             2    
Encino Trace [Member] | Austin Joint Venture [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Non-Recourse Debt                   $ 30,000,000         $ 30,000,000    
Amount Of Participant Contribution                   1,800,000         1,800,000    
Encino Trace [Member] | Brandywine Realty Trust [Member] | Austin Joint Venture [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Development costs                   76,700,000         76,700,000    
Proceeds from Equity Method Investment, Dividends or Distributions                             50,200,000    
Capital contribution                   23,300,000         23,300,000    
Gain (loss) on real estate venture transactions                             2,000,000    
Additional borrowing fund to tenant improvements and leasing commissions                   29,700,000         29,700,000    
Encino Trace [Member] | DRA Advisors LLC [Member] | Austin Joint Venture [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Working capital contribution                   1,800,000         1,800,000    
Encino Trace [Member] | DRA Advisors LLC [Member] | Brandywine Realty Trust [Member] | Austin Joint Venture [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Amount Of Participant Contribution                   $ 25,100,000         $ 25,100,000    
Encino Trace [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²                   320,000         320,000    
Sales Price                   $ 76,700,000         $ 76,700,000    
Proceeds from the sale of properties                             50,158,000    
Gain (Loss) on Sale [2],[10]                             $ 2,008,000    
Number of Properties Sold | property                             2    
Carlsbad, CA [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Gain (Loss) on Sale                   0              
Provision for impairment on assets held for sale                   $ 6,300,000              
100 Gateway Centre Parkway [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²                   74,991         74,991    
Sales Price                   $ 4,100,000         $ 4,100,000    
Proceeds from the sale of properties                             3,911,000    
Gain (Loss) on Sale                     $ 0       $ 0 [2],[11]    
Provision for impairment on assets held for sale                     $ 800,000            
Number of Properties Sold | property                             1    
Lake Merritt Tower [Member] | Office Properties [Member]                                  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]                                  
Rentable Square Feet | ft²                   204,336         204,336    
Sales Price                   $ 65,000,000         $ 65,000,000    
Proceeds from the sale of properties                             62,800,000    
Gain (Loss) on Sale                       $ 0     $ 0 [2],[12]    
Provision for impairment on assets held for sale                       $ 1,700,000          
Number of Properties Sold | property                             1    
[1] Gain/(Loss) on Sale is net of closing and other transaction related costs.
[2] Gain on Sale is net of closing and other transaction related costs.
[3] Total gain on sale does not include a deferred gain of $0.5 million related to a prior sale.
[4] As of March 31, 2017, the Company evaluated the recoverability of the carrying value of its properties that triggered assessment under the undiscounted cash flow model. Based on the Company’s evaluation, it was determined that due to the reduction in the Company’s intended hold period of four properties located in the Other segment, the Company would not recover the carrying values of these properties. Accordingly, the Company recorded impairment charges on these properties of $1.0 million at March 31, 2017, which reduced the aggregate carrying values of the properties from $10.2 million to their estimated fair value of $9.2 million. The Company measured these impairments based on a discounted cash flow analysis, using a hold period of 10 years and residual capitalization rates and discount rates of 9.00% and 9.25%, respectively. The results were comparable to indicative pricing in the market. The assumptions used to determine fair value under the income approach are Level 3 inputs in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures.” The loss on sale in the table above represents additional closing costs.
[5] As of December 31, 2016, the Company evaluated the recoverability of the carrying value of its properties that triggered assessment under the undiscounted cash flow model. Based on the Company’s evaluation, it was determined that due to the reduction in the Company’s intended hold period of three properties located in the Other segment, the Company would not recover the carrying values of these properties. Accordingly, the Company recorded impairment charges on these properties of $7.3 million at December 31, 2016, reducing the aggregate carrying values of the properties from $25.8 million to their estimated fair value of $18.5 million. The Company measured these impairments based on a discounted cash flow analysis, using a hold period of 10 years and residual capitalization rates and discount rates of 8.75% and 9.00%, respectively. The results were comparable to indicative pricing in the market. The assumptions used to determine fair value under the income approach are Level 3 inputs in accordance with the fair value hierarchy established by Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures.” The loss on sale in the table above represents additional closing costs.
[6] During the fourth quarter of 2016, the Company recognized a $3.0 million impairment related to these properties. During the first quarter of 2017, there was a price reduction of $1.7 million under the agreement of sale and an additional impairment of $1.7 million was recognized.
[7] During the fourth quarter of 2016, the Company recognized an $11.5 million impairment related to these properties. This sale was designated as a like-kind exchange under Section 1031 of the Internal Revenue Code (“IRC”) and, as such, the proceeds, totaling $32.0 million after closing costs and prorations, were deposited with a Qualified Intermediary, as defined under the IRC. The proceeds received at closing were recorded as “Other assets” in the Company’s consolidated balance sheets. During the third quarter of 2017, the Company acquired 3000 Market Street in Philadelphia, Pennsylvania using the full balance of the Section 1031 proceeds. See “Acquisition” section above.
[8] During the three-month period ended March 31, 2016, the Company recognized a provision for impairment totaling approximately $7.4 million on the properties. See “Held for Use Impairment” section below. The loss on sale primarily relates to additional closing costs recognized at closing.
[9] During the three-month period ended December 31, 2015, the Company recognized a provision for impairment totaling approximately $45.4 million. The loss on sale represents additional closing costs recognized at closing.
[10] On December 31, 2015, the Company contributed two newly constructed four-story, Class A office buildings, commonly known as “Encino Trace,” containing an aggregate of approximately 320,000 square feet in Austin, Texas to one of its existing real estate ventures (the “Austin Venture”) that the Company formed in 2013 with G&I VII Austin Office LLC, an investment vehicle advised by DRA Advisors LLC (“DRA”). When these two properties were contributed to the Austin Venture the Company had incurred a total of $76.7 million of development costs, representing the contribution value. In conjunction with the contribution: (i) the Austin Venture obtained a $30.0 million mortgage loan; (ii) DRA contributed $25.1 million in net cash to the capital of the Austin Venture, including a $1.8 million working capital contribution; and (iii) the Austin Venture distributed $50.2 million to the Company and credited the Company with a $23.3 million capital contribution to the Austin Venture. In addition to the contribution of the properties, the Company also made a $1.8 million cash contribution to the Austin Venture for working capital. The Company recognized a $2.0 million gain on the contribution. Under the Encino Trace loan agreement, the Austin Venture has the option, subject to certain leasing and loan-to-value requirements, to borrow an additional $29.7 million to fund tenant improvements and leasing commissions.
[11] The Company recorded an impairment loss of $0.8 million for 100 Gateway Centre Parkway during the second quarter of 2015. As such, there was no gain at disposition for this property.
[12] The Company recorded an impairment loss of $1.7 million for Lake Merritt Tower on March 31, 2015. As such, there was no gain at disposition for this property. Sales proceeds were deposited in escrow under Section 1031 of the Internal Revenue Code and applied to purchase the Broadmoor Austin portfolio. Refer to Broadmoor Austin Associates acquisition summary, above, for further details.