Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Entity Registrant Name | BRANDYWINE REALTY TRUST | ||
Entity Central Index Key | 790816 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,416,656,732 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 179,699,423 | ||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||
Entity Registrant Name | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Entity Central Index Key | 1060386 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Rents | $483,682 | $461,387 | $437,560 |
Tenant reimbursements | 84,879 | 79,087 | 77,060 |
Termination fees | 8,000 | 4,497 | 3,233 |
Third party management fees, labor reimbursement and leasing | 17,200 | 13,053 | 12,116 |
Other | 3,221 | 4,186 | 5,710 |
Total revenue | 596,982 | 562,210 | 535,679 |
Operating Expenses: | |||
Property operating expenses | 177,330 | 160,406 | 152,319 |
Real estate taxes | 51,844 | 55,612 | 53,402 |
Third party management expenses | 6,791 | 5,751 | 5,127 |
Depreciation and amortization | 208,569 | 197,021 | 188,382 |
General and administrative expenses | 26,779 | 27,628 | 25,413 |
Total operating expenses | 471,313 | 446,418 | 424,643 |
Operating income | 125,669 | 115,792 | 111,036 |
Other Income (Expense): | |||
Interest Income | 3,974 | 1,044 | 3,008 |
Historic tax credit transaction income | 11,853 | 11,853 | 11,840 |
Interest expense | -124,329 | -121,937 | -132,939 |
Interest expense - amortization of deferred financing costs | -5,148 | -4,676 | -6,208 |
Interest expense — financing obligation | -1,144 | -972 | -850 |
Recognized hedge activity | -828 | 0 | -2,985 |
Equity in income (loss) of real estate ventures | -790 | 3,664 | 2,741 |
Net gain from remeasurement of investments in real estate ventures | 4,901 | 0 | 0 |
Net gain (loss) on sale of undepreciated real estate | 1,184 | -137 | 0 |
Net gain (loss) on sale of undepreciated real estate | 458 | 6,866 | 0 |
Net gain (loss) on real estate venture transactions | -417 | 29,604 | -950 |
Loss on early extinguishment of debt | -7,594 | -2,119 | -22,002 |
Provision for impairment on assets held for sale | -1,765 | 0 | 0 |
Income (loss) from continuing operations | 6,024 | 38,982 | -37,309 |
Discontinued operations: | |||
Income from discontinued operations | 18 | 825 | 9,064 |
Net gain (loss) on disposition of discontinued operations | 900 | 3,382 | 34,774 |
Total discontinued operations | 918 | 4,207 | 43,838 |
Net income (loss) | 6,942 | 43,189 | 6,529 |
Net income from discontinued operations attributable to non-controlling interests - LP units | -10 | -55 | -797 |
Net loss attributable to non-controlling interests | 44 | 0 | 0 |
Net (income) loss attributable to non-controlling interests — LP units | -1 | -357 | 863 |
Net (income) loss attributable to non-controlling interest - partner's share of consolidated real estate ventures | 33 | -412 | 66 |
Distribution to Preferred Units | -6,900 | -6,900 | -10,405 |
Preferred share/unit redemption charge | 0 | 0 | -4,052 |
Amount allocated to unvested restricted shareholders | -349 | -363 | -376 |
Net income (loss) attributable to Common Shareholders/Unitholders | -274 | 35,514 | -8,238 |
Net income (loss) | 6,975 | 42,777 | 6,595 |
Basic income (loss) per Common Share/Unit: | |||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) |
Discontinued operations (in dollars per share) | $0.01 | $0.03 | $0.30 |
Basic income (loss) per Common Share (in dollars per share) | $0 | $0.23 | ($0.06) |
Diluted income (loss) per Common Share/Unit: | |||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) |
Discontinued operations (in dollars per share) | $0.01 | $0.03 | $0.30 |
Diluted income (loss) per Common Share/Unit (in dollars per share) | $0 | $0.23 | ($0.06) |
Basic weighted average shares outstanding (in shares) | 166,202,649 | 153,140,458 | 143,257,097 |
Diluted weighted average shares outstanding (in shares) | 166,202,649 | 154,414,311 | 143,257,097 |
Net income (loss) | |||
Income (loss) from continuing operations | 6,067 | 38,625 | -36,446 |
Income (loss) from discontinued operations | 908 | 4,152 | 43,041 |
Net income (loss) | 6,975 | 42,777 | 6,595 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||
Revenue: | |||
Rents | 483,682 | 461,387 | 437,560 |
Tenant reimbursements | 84,879 | 79,087 | 77,060 |
Termination fees | 8,000 | 4,497 | 3,233 |
Third party management fees, labor reimbursement and leasing | 17,200 | 13,053 | 12,116 |
Other | 3,221 | 4,186 | 5,710 |
Total revenue | 596,982 | 562,210 | 535,679 |
Operating Expenses: | |||
Property operating expenses | 177,330 | 160,406 | 152,319 |
Real estate taxes | 51,844 | 55,612 | 53,402 |
Third party management expenses | 6,791 | 5,751 | 5,127 |
Depreciation and amortization | 208,569 | 197,021 | 188,382 |
General and administrative expenses | 26,779 | 27,628 | 25,413 |
Total operating expenses | 471,313 | 446,418 | 424,643 |
Operating income | 125,669 | 115,792 | 111,036 |
Other Income (Expense): | |||
Interest Income | 3,974 | 1,044 | 3,008 |
Historic tax credit transaction income | 11,853 | 11,853 | 11,840 |
Interest expense | -124,329 | -121,937 | -132,939 |
Interest expense - amortization of deferred financing costs | -5,148 | -4,676 | -6,208 |
Interest expense — financing obligation | -1,144 | -972 | -850 |
Recognized hedge activity | -828 | 0 | -2,985 |
Equity in income (loss) of real estate ventures | -790 | 3,664 | 2,741 |
Net gain from remeasurement of investments in real estate ventures | 4,901 | 0 | 0 |
Net gain (loss) on sale of undepreciated real estate | 1,184 | -137 | 0 |
Net gain (loss) on sale of undepreciated real estate | 458 | 6,866 | 0 |
Net gain (loss) on real estate venture transactions | -417 | 29,604 | -950 |
Loss on early extinguishment of debt | -7,594 | -2,119 | -22,002 |
Provision for impairment on assets held for sale | -1,765 | 0 | 0 |
Income (loss) from continuing operations | 6,024 | 38,982 | -37,309 |
Discontinued operations: | |||
Income from discontinued operations | 18 | 825 | 9,064 |
Net gain (loss) on disposition of discontinued operations | 900 | 3,382 | 34,774 |
Total discontinued operations | 918 | 4,207 | 43,838 |
Net income (loss) | 6,942 | 43,189 | 6,529 |
Net loss attributable to non-controlling interests | 44 | 0 | 0 |
Distribution to Preferred Units | -6,900 | -6,900 | -10,405 |
Preferred share/unit redemption charge | 0 | 0 | -4,052 |
Amount allocated to unvested restricted shareholders | -349 | -363 | -376 |
Net income (loss) attributable to Common Shareholders/Unitholders | -263 | 35,926 | -8,304 |
Net income (loss) | 6,942 | 43,189 | 6,529 |
Basic income (loss) per Common Share/Unit: | |||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) |
Discontinued operations (in dollars per share) | $0.01 | $0.03 | $0.30 |
Basic income (loss) per Common Share (in dollars per share) | $0 | $0.23 | ($0.06) |
Diluted income (loss) per Common Share/Unit: | |||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) |
Discontinued operations (in dollars per share) | $0.01 | $0.03 | $0.30 |
Diluted income (loss) per Common Share/Unit (in dollars per share) | $0 | $0.23 | ($0.06) |
Basic weighted average shares outstanding (in shares) | 167,942,246 | 154,929,545 | 145,883,217 |
Diluted weighted average shares outstanding (in shares) | 167,942,246 | 156,203,398 | 145,883,217 |
Net income (loss) | |||
Income (loss) from continuing operations | 6,024 | 38,982 | -37,309 |
Income (loss) from discontinued operations | 918 | 4,207 | 43,838 |
Net income (loss) | $6,942 | $43,189 | $6,529 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ||
Operating properties | $4,603,692 | $4,669,289 |
Accumulated depreciation | -1,067,829 | -983,808 |
Operating real estate investments, net | 3,535,863 | 3,685,481 |
Construction-in-progress | 201,360 | 74,174 |
Land inventory | 90,603 | 93,351 |
Total real estate investments, net | 3,827,826 | 3,853,006 |
Cash and cash equivalents | 257,502 | 263,207 |
Accounts receivable, net | 18,757 | 17,389 |
Accrued rent receivable, net | 134,051 | 126,295 |
Assets held for sale, net | 18,295 | 0 |
Investment in real estate ventures, at equity | 225,004 | 180,512 |
Deferred costs, net | 125,224 | 122,954 |
Intangible assets, net | 99,403 | 132,329 |
Notes receivable | 88,000 | 7,026 |
Other assets | 65,111 | 62,377 |
Total assets | 4,859,173 | 4,765,095 |
LIABILITIES AND BENEFICIARIES' EQUITY | ||
Mortgage notes payable | 654,590 | 670,151 |
Unsecured term loans | 200,000 | 450,000 |
Unsecured senior notes, net of discounts | 1,596,718 | 1,475,230 |
Accounts payable and accrued expenses | 96,046 | 83,693 |
Distributions payable | 28,871 | 25,584 |
Deferred income, gains and rent | 59,452 | 71,635 |
Acquired lease intangibles, net | 26,010 | 34,444 |
Other liabilities | 37,558 | 32,923 |
Liabilities related to assets held for sale, net | 602 | 0 |
Total liabilities | 2,699,847 | 2,843,660 |
Commitments and contingencies (Note 20) | ||
Brandywine Realty Trust's equity: | ||
6.90% Series E Preferred Shares/Units; issued and outstanding- 4,000,000 in 2014 and 2013 | 40 | 40 |
Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; 400,000,000 and 200,000,000 shares authorized in 2014 and 2013, respectively; 179,293,160 and 156,731,993 issued and outstanding in 2014 and 2013, respectively | 1,793 | 1,566 |
Additional paid-in capital | 3,314,693 | 2,971,596 |
Deferred compensation payable in common shares | 6,219 | 5,407 |
Common shares in grantor trust, 384,386 in 2014 and 312,280 in 2013 | -6,219 | -5,407 |
Cumulative earnings | 529,487 | 522,528 |
Accumulated other comprehensive loss | -4,607 | -2,995 |
Cumulative distributions | -1,700,579 | -1,592,515 |
Total equity, excluding non-controlling interests | 2,140,827 | 1,900,220 |
Non-controlling interests | 18,499 | 21,215 |
Total equity | 2,159,326 | 1,921,435 |
Total liabilities and equity | 4,859,173 | 4,765,095 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Real estate investments: | ||
Operating properties | 4,603,692 | 4,669,289 |
Accumulated depreciation | -1,067,829 | -983,808 |
Operating real estate investments, net | 3,535,863 | 3,685,481 |
Construction-in-progress | 201,360 | 74,174 |
Land inventory | 90,603 | 93,351 |
Total real estate investments, net | 3,827,826 | 3,853,006 |
Cash and cash equivalents | 257,502 | 263,207 |
Accounts receivable, net | 18,757 | 17,389 |
Accrued rent receivable, net | 134,051 | 126,295 |
Assets held for sale, net | 18,295 | 0 |
Investment in real estate ventures, at equity | 225,004 | 180,512 |
Deferred costs, net | 125,224 | 122,954 |
Intangible assets, net | 99,403 | 132,329 |
Notes receivable | 88,000 | 7,026 |
Other assets | 65,111 | 62,377 |
Total assets | 4,859,173 | 4,765,095 |
LIABILITIES AND BENEFICIARIES' EQUITY | ||
Mortgage notes payable | 654,590 | 670,151 |
Unsecured term loans | 200,000 | 450,000 |
Unsecured senior notes, net of discounts | 1,596,718 | 1,475,230 |
Accounts payable and accrued expenses | 96,046 | 83,693 |
Distributions payable | 28,871 | 25,584 |
Deferred income, gains and rent | 59,452 | 71,635 |
Acquired lease intangibles, net | 26,010 | 34,444 |
Other liabilities | 37,558 | 32,923 |
Liabilities related to assets held for sale, net | 602 | 0 |
Total liabilities | 2,699,847 | 2,843,660 |
Commitments and contingencies (Note 20) | ||
Redeemable limited partnership units at redemption value; | ||
Redeemable limited partnership units at redemption value; 1,535,102 and 1,763,739 issued and outstanding in 2014 and 2013, respectively | 24,571 | 26,486 |
Brandywine Realty Trust's equity: | ||
6.90% Series E Preferred Shares/Units; issued and outstanding- 4,000,000 in 2014 and 2013 | 96,850 | 96,850 |
General Partnership Capital, 179,293,160 and 156,731,993 units issued and outstanding in 2014 and 2013, respectively | 2,041,902 | 1,800,530 |
Accumulated other comprehensive loss | -5,007 | -3,377 |
Total equity, excluding non-controlling interests | 2,133,745 | 1,894,003 |
Non-controlling interests | 1,010 | 946 |
Total equity | 2,134,755 | 1,894,949 |
Total liabilities and equity | 4,859,173 | 4,765,095 |
Series E-linked Preferred Stock [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Brandywine Realty Trust's equity: | ||
Total equity | 96,850 | 96,850 |
Noncontrolling Interest [Member] | ||
Brandywine Realty Trust's equity: | ||
Total equity | 18,499 | 21,215 |
Noncontrolling Interest [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Brandywine Realty Trust's equity: | ||
Total equity | $1,010 | $946 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred Stock, Value, Issued | $40 | $40 |
Brandywine Realty Trust's equity: | ||
Preferred shares, shares authorized | 20,000,000 | 20,000,000 |
Preferred shares, dividend rate (as a percent) | 6.90% | 6.90% |
Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Preferred shares, shares issued | 4,000,000 | 4,000,000 |
Preferred shares, shares outstanding | 4,000,000 | 4,000,000 |
Common shares in grantor trust | $0.01 | $0.01 |
Common shares of Brandywine Realty Trust's beneficial interest, shares authorized | 400,000,000 | 200,000,000 |
Common shares of Brandywine Realty Trust's beneficial interest, shares issued | 179,293,160 | 156,731,993 |
Common shares of Brandywine Realty Trust's beneficial interest, shares outstanding | 179,293,160 | 156,731,993 |
Common shares in grantor trust | 384,386 | 312,280 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Preferred Stock, Value, Issued | $96,850 | $96,850 |
Brandywine Realty Trust's equity: | ||
Preferred shares, dividend rate (as a percent) | 6.90% | 6.90% |
Preferred shares, shares issued | 4,000,000 | 4,000,000 |
Preferred shares, shares outstanding | 4,000,000 | 4,000,000 |
Redeemable Limited Partnership, units issued | 1,535,102 | 1,763,739 |
Redeemable Limited Partnership, units outstanding | 1,535,102 | 1,763,739 |
General Partners' Capital account, units issued | 179,293,160 | 156,731,993 |
General Partners' Capital account, units outstanding | 179,293,160 | 156,731,993 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $6,942 | $43,189 | $6,529 |
Comprehensive income (loss): | |||
Unrealized gain (loss) on derivative financial instruments | -1,190 | 12,789 | -7,338 |
Loss on settlement of interest rate swaps | -828 | 0 | -2,985 |
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 388 | 286 | 297 |
Total comprehensive income (loss) | -1,630 | 13,075 | -10,026 |
Comprehensive (income) loss attributable to non-controlling interest | 51 | -564 | 261 |
Comprehensive income (loss) | 5,312 | 56,264 | -3,497 |
Comprehensive income (loss) attributable to Brandywine Realty Trust | 5,363 | 55,700 | -3,236 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||
Net income (loss) | 6,942 | 43,189 | 6,529 |
Comprehensive income (loss): | |||
Unrealized gain (loss) on derivative financial instruments | -1,190 | 12,789 | -7,338 |
Loss on settlement of interest rate swaps | -828 | 0 | -2,985 |
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 388 | 286 | 297 |
Total comprehensive income (loss) | -1,630 | 13,075 | -10,026 |
Comprehensive (income) loss attributable to non-controlling interest | 44 | 0 | 0 |
Comprehensive income (loss) | $5,356 | $56,264 | ($3,497) |
Consolidated_Statements_of_Ben
Consolidated Statements of Beneficiaries' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock | Deferred Compensation Payable in Common Shares | Common Shares in Grantor Trust | Additional Paid-in Capital | Cumulative Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Non-Controlling Interests | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] |
In Thousands, except Share data | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests | Series D Preferred Stock [Member] | Total partners equity [Member] | Series E-linked Preferred Stock [Member] | |||||||||||
Beginning Balance at Dec. 31, 2011 | $1,889,696 | $43 | $1,424 | $5,631 | ($5,631) | $2,776,197 | $477,338 | ($6,079) | ($1,392,332) | $33,105 | ($6,426) | $47,912 | $1,851,326 | $0 | ||
Beginning Balance, shares at Dec. 31, 2011 | 4,300,000 | 142,690,755 | 292,646 | 2,000,000 | 0 | |||||||||||
Net income (loss) | 6,529 | 6,595 | -66 | 6,529 | 6,529 | |||||||||||
Comprehensive income (loss) | -10,026 | -9,839 | -187 | -10,026 | -10,026 | -10,026 | ||||||||||
Issuance of Common Shares of Beneficial Interest, shares | 4,000,000 | 4,000,000 | ||||||||||||||
Issuance of Common Shares of Beneficial Interest | 96,850 | 40 | 96,810 | 96,850 | 96,850 | |||||||||||
Preferred share issuance costs | -613 | -613 | -613 | |||||||||||||
Redemption of preferred shares | -103,448 | -43 | -103,405 | -47,912 | -103,450 | |||||||||||
Conversion of LP Units to Common Shares | -167 | 1 | 149 | -49 | -268 | -49 | ||||||||||
Stock Issued During Period, Shares, Other | 35,703 | |||||||||||||||
Conversion of LP Units to Common Shares, shares | 20,464 | |||||||||||||||
Redemption of preferred shares, Shares | -4,300,000 | -2,000,000 | ||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 797,375 | 9,036 | ||||||||||||||
Conversion of LP units to cash | -9,741 | -4,185 | -5,556 | -9,741 | ||||||||||||
Share Issuance from/to Deferred Compensation Plan, shares | -5,564 | -10,937 | ||||||||||||||
Share Issuance from/to Deferred Compensation Plan | 0 | -279 | 279 | |||||||||||||
Bonus share issuance | 387 | 387 | 387 | |||||||||||||
Share-based compensation activity | 6,432 | 9 | 6,388 | 35 | 6,432 | |||||||||||
Adjustment to Non-controlling Interest | 0 | 4,281 | -4,281 | |||||||||||||
Preferred Share distributions | -10,405 | -10,405 | -10,405 | |||||||||||||
Preferred share/unit redemption charge | -4,052 | -4,052 | -4,052 | -4,052 | ||||||||||||
Distributions declared ($0.60) per share in each of 2014, 2013, and 2012 | -87,926 | -86,417 | -1,509 | |||||||||||||
Ending Balance at Dec. 31, 2012 | 1,773,516 | 40 | 1,434 | 5,352 | -5,352 | 2,780,194 | 479,734 | -15,918 | -1,493,206 | 21,238 | -16,452 | 0 | 0 | 1,746,739 | 96,850 | |
Ending Balance, shares at Dec. 31, 2012 | 4,000,000 | 143,538,733 | 290,745 | 0 | 4,000,000 | |||||||||||
Net income (loss) | 43,189 | 42,777 | 412 | 43,189 | 43,189 | |||||||||||
Comprehensive income (loss) | 13,075 | 12,923 | 152 | 13,075 | 13,075 | 13,075 | ||||||||||
Issuance of Common Shares of Beneficial Interest, shares | 12,650,000 | |||||||||||||||
Issuance of Common Shares of Beneficial Interest | 182,034 | 127 | 181,907 | |||||||||||||
Preferred share issuance costs | -744 | -744 | ||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 946 | 946 | 946 | 946 | ||||||||||||
Conversion of LP Units to Common Shares | 0 | 1 | 1,239 | -1,240 | 1,240 | |||||||||||
Stock Issued During Period, Shares, Other | 27,918 | |||||||||||||||
Conversion of LP Units to Common Shares, shares | 81,998 | |||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 438,356 | 34,117 | ||||||||||||||
Share Issuance from/to Deferred Compensation Plan, shares | -5,012 | -12,583 | ||||||||||||||
Share Issuance from/to Deferred Compensation Plan | 0 | 55 | -55 | |||||||||||||
Bonus share issuance | 361 | 361 | 361 | |||||||||||||
Share-based compensation activity | 9,438 | 4 | 9,417 | 17 | 9,437 | |||||||||||
Adjustment to Non-controlling Interest | 0 | -778 | 778 | |||||||||||||
Preferred Share distributions | -6,900 | -6,900 | -6,900 | |||||||||||||
Preferred share/unit redemption charge | 0 | 0 | ||||||||||||||
Distributions declared ($0.60) per share in each of 2014, 2013, and 2012 | -93,480 | -92,409 | -1,071 | |||||||||||||
Ending Balance at Dec. 31, 2013 | 1,921,435 | 40 | 1,566 | 5,407 | -5,407 | 2,971,596 | 522,528 | -2,995 | -1,592,515 | 21,215 | 1,894,949 | -3,377 | 946 | 0 | 1,894,949 | 96,850 |
Ending Balance, shares at Dec. 31, 2013 | 4,000,000 | 156,731,993 | 312,279 | 0 | 4,000,000 | |||||||||||
Net income (loss) | 6,942 | 6,975 | -33 | 6,942 | -44 | 6,898 | ||||||||||
Comprehensive income (loss) | -1,630 | -1,612 | -18 | -1,630 | -1,630 | -1,630 | ||||||||||
Issuance of Common Shares of Beneficial Interest, shares | 21,850,000 | 21,850,000 | ||||||||||||||
Issuance of Common Shares of Beneficial Interest | 335,398 | 219 | 335,179 | |||||||||||||
Preferred share issuance costs | -495 | -495 | ||||||||||||||
Conversion of LP Units to Common Shares | 0 | 2 | 3,612 | -3,614 | 3,614 | |||||||||||
Conversion of LP Units to Common Shares, shares | 228,536 | |||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 403,902 | |||||||||||||||
Share Issuance from/to Deferred Compensation Plan, shares | 80,152 | 72,257 | ||||||||||||||
Share Issuance from/to Deferred Compensation Plan | -90 | 812 | -812 | -90 | ||||||||||||
Share Choice Plan Issuance Shares | 0 | -1,423 | ||||||||||||||
Share-based compensation activity | 6,847 | 6 | 6,857 | -16 | 6,847 | |||||||||||
Adjustment to Non-controlling Interest | 0 | -1,966 | 1,966 | |||||||||||||
Preferred Share distributions | -6,900 | -6,900 | -6,900 | |||||||||||||
Preferred share/unit redemption charge | 0 | 0 | ||||||||||||||
Distributions declared ($0.60) per share in each of 2014, 2013, and 2012 | -102,181 | -101,164 | -1,017 | |||||||||||||
Ending Balance at Dec. 31, 2014 | $2,159,326 | $40 | $1,793 | $6,219 | ($6,219) | $3,314,693 | $529,487 | ($4,607) | ($1,700,579) | $18,499 | $2,134,755 | ($5,007) | $1,010 | $0 | $2,134,755 | $96,850 |
Ending Balance, shares at Dec. 31, 2014 | 4,000,000 | 179,293,160 | 384,536 | 0 | 4,000,000 |
Consolidated_Statements_of_Ben1
Consolidated Statements of Beneficiaries' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions Declared, Per Share | $0.60 | $0.60 |
Cumulative Distributions | ||
Distributions Declared, Per Share | $0.60 | $0.60 |
Non-Controlling Interests | ||
Distributions Declared, Per Share | $0.60 | $0.60 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $6,942 | $43,189 | $6,529 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 208,569 | 198,731 | 198,579 |
Amortization of deferred financing costs | 5,148 | 4,676 | 6,208 |
Amortization of debt discount/(premium), net | -531 | 2,480 | 1,760 |
Amortization of stock compensation costs | 4,137 | 6,998 | 5,685 |
Shares used for employee taxes upon vesting of share awards | -1,177 | -1,062 | -2,493 |
Recognized hedge activity | 828 | 0 | 2,985 |
Straight-line rent income | -16,046 | -20,136 | -23,566 |
Amortization of above (below) Market Leases, Net | -6,377 | -7,170 | -6,084 |
Straight-line ground rent expense | 89 | 1,509 | 1,897 |
Provision for doubtful accounts | 1,763 | 2,467 | 2,198 |
Net gain on sale of interests in real estate | -6,085 | -29,166 | -34,774 |
Loss on real estate venture formation | 0 | 0 | 950 |
Net gain on real estate venture transactions | 417 | -3,683 | 0 |
Net gain from remeasurement of investments in real estate ventures | -458 | -6,866 | 0 |
Loss on early extinguishment of debt | 7,594 | 2,119 | 22,002 |
Provision for impairment on assets held for sale | 1,765 | 0 | 0 |
Historic tax credit transaction income | -11,853 | -11,853 | -11,840 |
Real estate venture income in excess of distributions | 1,954 | -2,014 | -1,517 |
Deferred financing obligation | -1,147 | -974 | -1,803 |
Changes in assets and liabilities: | |||
Accounts receivable | -2,869 | -4,048 | 262 |
Other assets | -4,111 | 5,440 | 4,244 |
Accounts payable and accrued expenses | 962 | -526 | -8,355 |
Deferred income, gains and rent | 2,436 | 3,758 | -2,167 |
Other liabilities | -2,951 | -385 | -1,590 |
Net cash from operating activities | 188,999 | 183,484 | 159,110 |
Cash flows from investing activities: | |||
Acquisition of properties | -18,443 | -161,604 | -77,555 |
Investments in available-for-sale securities | 0 | 0 | -105,250 |
Proceeds from the sale of available-for-sale securities | 0 | 0 | 105,250 |
Sales of properties, net | 118,855 | 423,480 | 170,918 |
Net proceeds from the contribution of land to an unconsolidated real estate venture | 8,212 | 0 | 0 |
Distribution of sales proceeds of real estate ventures | 0 | 16,963 | 0 |
Proceeds from repayment of mortgage notes receivable | 7,026 | 200 | 23,364 |
Capital expenditures for tenant improvements | -131,077 | -109,357 | -86,986 |
Capital expenditures for redevelopments | -19,245 | -6,265 | -11,964 |
Capital expenditures for developments | -86,608 | -5,490 | -162 |
Reimbursement from real estate venture pre-formation development costs | 0 | 1,976 | 0 |
Advances for purchase of tenant assets, net of repayments | -540 | -127 | 270 |
Loan proceeds from an unconsolidated real estate venture | 0 | 0 | 566 |
Loan provided to unconsolidated real estate venture | -88,000 | 0 | 0 |
Investment in unconsolidated real estate venture | -46,098 | -33,069 | -65,354 |
Increase (Decrease) in escrow cash | 283 | 1,902 | -1,827 |
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 9,767 | 7,496 | 5,109 |
Leasing costs | -24,917 | -31,397 | -31,243 |
Net cash from (used in) investing activities | -270,785 | 104,708 | -74,864 |
Cash flows from financing activities: | |||
Proceeds from unsecured term loans | 0 | 0 | 600,000 |
Proceeds from Credit Facility borrowings | 0 | 186,000 | 90,500 |
Repayments of Credit Facility borrowings | 0 | -255,000 | -297,000 |
Repayments of mortgage notes payable | -13,441 | -11,268 | -68,513 |
Proceeds from unsecured notes | 496,459 | 0 | 248,183 |
Deferred financing obligation interest expense | 0 | 0 | 935 |
Net proceeds from issuance of common stock | 335,016 | 181,527 | 0 |
Net proceeds from issuance of preferred shares | 0 | 0 | 96,237 |
Redemption of preferred units | 0 | 0 | -108,536 |
Redemption of partnership units | 0 | 0 | -9,676 |
Redemption of unsecured notes | -383,768 | -31,369 | -338,097 |
Repayments of unsecured term loan | -250,828 | 0 | -190,485 |
Debt financing costs | -3,705 | -355 | -10,128 |
Exercise of stock options | 2,143 | 2,381 | 976 |
Distributions paid to shareholders/unitholders | -104,731 | -97,367 | -96,030 |
Distributions to noncontrolling interest | -1,064 | -1,083 | -1,473 |
Net cash from (used in) financing activities | 76,081 | -26,534 | -83,107 |
Increase (decrease) in cash and cash equivalents | -5,705 | 261,658 | 1,139 |
Cash and cash equivalents at beginning of period | 263,207 | 1,549 | 410 |
Cash and cash equivalents at end of period | 257,502 | 263,207 | 1,549 |
Supplemental disclosure: | |||
Cash paid for interest, net of capitalized interest during the years ended December 31, 2014, 2013, and 2012 of $6,802, $3,137 and $2,560, respectively | 129,160 | 118,714 | 137,823 |
Supplemental disclosure of non-cash activity: | |||
Change in operating real estate related to a non-cash acquisition of an operating property | 0 | ||
Change in operating real estate related to a non-cash acquisition of an operating property | 0 | -21,649 | |
Change in intangible assets, net related to non-cash acquisition of an operating property | 0 | -3,517 | 0 |
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property | 0 | 462 | 0 |
Change in investments in joint venture related to non-cash acquisition of property | 0 | 13,040 | 0 |
Change in investments in joint venture related to non-cash disposition of property | -5,897 | -17,628 | 0 |
Change in operating real estate related to non-cash adjustment to land | 0 | 7,752 | 0 |
Change in receivable from settlement of acquisitions | 619 | 0 | 0 |
Change in mortgage notes payable related to acquisition of an operating property | 0 | 238,082 | 0 |
Change in investments in joint venture related to a contribution of land at period end | -1,182 | -6,058 | -15,222 |
Change in investments in joint venture related to a contribution of services | 0 | 0 | -711 |
Change in capital expenditures financed through accounts payable at period end | 7,336 | 11,703 | 7,059 |
Change in capital expenditures financed through retention payable at period end | 6,164 | -204 | 566 |
Change in unfunded tenant allowance | -955 | -969 | -1,089 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||
Cash flows from operating activities: | |||
Net income (loss) | 6,942 | 43,189 | 6,529 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 208,569 | 198,731 | 198,579 |
Amortization of deferred financing costs | 5,148 | 4,676 | 6,208 |
Amortization of debt discount/(premium), net | -531 | 2,480 | 1,760 |
Amortization of stock compensation costs | 4,137 | 6,998 | 5,685 |
Shares used for employee taxes upon vesting of share awards | -1,177 | -1,062 | -2,493 |
Recognized hedge activity | 828 | 0 | 2,985 |
Straight-line rent income | -16,046 | -20,136 | -23,566 |
Amortization of above (below) Market Leases, Net | -6,377 | -7,170 | -6,084 |
Straight-line ground rent expense | 89 | 1,509 | 1,897 |
Provision for doubtful accounts | 1,763 | 2,467 | 2,198 |
Net gain on sale of interests in real estate | -6,085 | -29,166 | -34,774 |
Loss on real estate venture formation | 0 | 0 | 950 |
Net gain from remeasurement of investments in real estate ventures | -458 | -6,866 | 0 |
Net gain (loss) on real estate venture transactions | 417 | -3,683 | 0 |
Loss on early extinguishment of debt | 7,594 | 2,119 | 22,002 |
Provision for impairment on assets held for sale | 1,765 | 0 | 0 |
Historic tax credit transaction income | -11,853 | -11,853 | -11,840 |
Real estate venture income in excess of distributions | 1,954 | -2,014 | -1,517 |
Cumulative interest accretion of repayments of unsecured notes | 0 | 0 | 0 |
Contributions from historic tax credit transaction, net of deferred costs | 0 | 0 | 0 |
Deferred financing obligation | -1,147 | -974 | -1,803 |
Changes in assets and liabilities: | |||
Accounts receivable | -2,869 | -4,048 | 262 |
Other assets | -4,111 | 5,440 | 4,244 |
Accounts payable and accrued expenses | 962 | -526 | -8,355 |
Deferred income, gains and rent | 2,436 | 3,758 | -2,167 |
Other liabilities | -2,951 | -385 | -1,590 |
Net cash from operating activities | 188,999 | 183,484 | 159,110 |
Cash flows from investing activities: | |||
Acquisition of properties | -18,443 | -161,604 | -77,555 |
Investments in available-for-sale securities | 0 | 0 | -105,250 |
Proceeds from the sale of available-for-sale securities | 0 | 0 | 105,250 |
Sales of properties, net | 118,855 | 423,480 | 170,918 |
Net proceeds from the contribution of land to an unconsolidated real estate venture | 8,212 | 0 | 0 |
Distribution of sales proceeds of real estate ventures | 0 | 16,963 | |
Proceeds from repayment of mortgage notes receivable | 7,026 | 200 | 23,364 |
Capital expenditures for tenant improvements | -131,077 | -109,357 | -86,986 |
Capital expenditures for redevelopments | -19,245 | -6,265 | -11,964 |
Capital expenditures for developments | -86,608 | -5,490 | -162 |
Reimbursement from real estate venture pre-formation development costs | 0 | 1,976 | |
Advances for purchase of tenant assets, net of repayments | -540 | -127 | 270 |
Loan proceeds from an unconsolidated real estate venture | 0 | 0 | 566 |
Loan provided to unconsolidated real estate venture | -88,000 | 0 | 0 |
Investment in unconsolidated real estate venture | -46,098 | -33,069 | -65,354 |
Increase (Decrease) in escrow cash | 283 | 1,902 | -1,827 |
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 9,767 | 7,496 | 5,109 |
Leasing costs | -24,917 | -31,397 | -31,243 |
Net cash from (used in) investing activities | -270,785 | 104,708 | -74,864 |
Cash flows from financing activities: | |||
Proceeds from unsecured term loans | 0 | 0 | 600,000 |
Proceeds from Credit Facility borrowings | 0 | 186,000 | 90,500 |
Repayments of Credit Facility borrowings | 0 | -255,000 | -297,000 |
Repayments of mortgage notes payable | -13,441 | -11,268 | -68,513 |
Proceeds from unsecured notes | 496,459 | 0 | 248,183 |
Deferred financing obligation interest expense | 0 | 0 | 935 |
Net proceeds from issuance of common stock | 335,016 | 181,527 | 0 |
Net proceeds from issuance of preferred shares | 0 | 0 | 96,237 |
Redemption of preferred units | 0 | 0 | -108,536 |
Redemption of partnership units | 0 | 0 | -9,676 |
Redemption of unsecured notes | -383,768 | -31,369 | -338,097 |
Repayments of unsecured term loan | -250,828 | 0 | -190,485 |
Debt financing costs | -3,705 | -355 | -10,128 |
Exercise of stock options | 2,143 | 2,381 | 976 |
Distributions paid to shareholders/unitholders | -105,795 | -98,450 | -97,503 |
Net cash from (used in) financing activities | 76,081 | -26,534 | -83,107 |
Increase (decrease) in cash and cash equivalents | -5,705 | 261,658 | 1,139 |
Cash and cash equivalents at beginning of period | 263,207 | 1,549 | 410 |
Cash and cash equivalents at end of period | 257,502 | 263,207 | 1,549 |
Supplemental disclosure: | |||
Cash paid for interest, net of capitalized interest during the years ended December 31, 2014, 2013, and 2012 of $6,802, $3,137 and $2,560, respectively | 129,160 | 118,714 | 137,823 |
Supplemental disclosure of non-cash activity: | |||
Change in operating real estate related to a non-cash acquisition of an operating property | 0 | -21,649 | 0 |
Change in intangible assets, net related to non-cash acquisition of an operating property | 0 | -3,517 | |
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property | 0 | 462 | |
Change in investments in joint venture related to non-cash acquisition of property | 0 | 13,040 | |
Change in investments in joint venture related to non-cash disposition of property | -5,897 | -17,628 | |
Change in operating real estate related to non-cash adjustment to land | 0 | 7,752 | |
Change in receivable from settlement of acquisitions | 619 | 0 | 0 |
Change in mortgage notes payable related to acquisition of an operating property | 0 | 238,082 | 0 |
Change in investments in joint venture related to a contribution of land at period end | -1,182 | -6,058 | -15,222 |
Change in investments in joint venture related to a contribution of services | 0 | 0 | -711 |
Change in capital expenditures financed through accounts payable at period end | 7,336 | 11,703 | 7,059 |
Change in capital expenditures financed through retention payable at period end | 6,164 | -204 | 566 |
Change in unfunded tenant allowance | ($955) | ($969) | ($1,089) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental disclosure: | |||
Capitalized interest | $6,802 | $3,137 | $2,560 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||
Supplemental disclosure: | |||
Capitalized interest | $6,802 | $3,137 | $2,560 |
Consolidated_Statement_of_Part
Consolidated Statement of Partners' Equity (USD $) | Total | BRANDYWINE OPERATING PARTNERSHIP, L.P. | Series E Preferred Stock [Member] | Series E-linked Preferred Stock [Member] | General Partner [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Total partners equity [Member] |
In Thousands, except Share data | BRANDYWINE OPERATING PARTNERSHIP, L.P. | BRANDYWINE OPERATING PARTNERSHIP, L.P. | BRANDYWINE OPERATING PARTNERSHIP, L.P. | BRANDYWINE OPERATING PARTNERSHIP, L.P. | BRANDYWINE OPERATING PARTNERSHIP, L.P. | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||
Beginning Balance at Dec. 31, 2011 | $1,889,696 | $55,538 | $0 | $1,754,302 | ($6,079) | ($6,426) | $33,105 | $1,851,326 | ||
Beginning Balance, shares at Dec. 31, 2011 | 2,300,000 | 0 | 142,690,755 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,529 | 6,529 | 6,529 | -66 | 6,529 | |||||
Comprehensive income (loss) | -10,026 | -10,026 | -9,839 | -10,026 | -187 | -10,026 | ||||
Deferred Compensation Obligation Shares | -5,564 | |||||||||
Deferred Compensation Obligation | 0 | |||||||||
Stock Issued During Period, Shares, New Issues | 4,000,000 | |||||||||
Stock Issued During Period, Value, New Issues | 96,850 | 96,850 | 96,850 | |||||||
Preferred share issuance costs | -613 | -613 | -613 | |||||||
Redemption of preferred shares, Value | -103,448 | -55,538 | -103,450 | |||||||
Redemption of preferred shares, Shares | -2,300,000 | |||||||||
Share-based compensation activity | 6,432 | 6,432 | 6,432 | |||||||
Stock Issued During Period, Shares, Other | 35,703 | |||||||||
Bonus share issuance | 387 | 387 | 387 | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 797,375 | |||||||||
Stock Issued During Period, Value, Conversion of Units | -167 | -49 | -268 | -49 | ||||||
Stock Issued During Period, Shares, Conversion of Units | 20,464 | |||||||||
Conversion of LP units to cash | -9,741 | -9,741 | -5,556 | -9,741 | ||||||
Adjustment of Redeemable Partnership Units to Liquidation Value at Period End | 9,968 | 9,968 | ||||||||
Dividends, Preferred Stock, Cash | -10,405 | -10,405 | -10,405 | |||||||
Preferred share/unit redemption charge | -4,052 | -4,052 | -4,052 | -4,052 | ||||||
Partners' Capital Account, Distributions | -86,417 | -86,417 | ||||||||
Ending Balance at Dec. 31, 2012 | 1,773,516 | 0 | 96,850 | 1,666,341 | -15,918 | -16,452 | 21,238 | 0 | 1,746,739 | |
Ending Balance, shares at Dec. 31, 2012 | 0 | 4,000,000 | 143,538,733 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 43,189 | 43,189 | 43,189 | 412 | 43,189 | |||||
Comprehensive income (loss) | 13,075 | 13,075 | 12,923 | 13,075 | 152 | 13,075 | ||||
Deferred Compensation Obligation Shares | -5,012 | |||||||||
Deferred Compensation Obligation | 0 | |||||||||
Stock Issued During Period, Value, New Issues | 182,034 | |||||||||
Issuance of LP Units | 181,289 | 181,289 | ||||||||
Issuance of LP Units Shares | 12,650,000 | |||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | ||||||||
Preferred share issuance costs | -744 | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 946 | 946 | 946 | 946 | ||||||
Share-based compensation activity | 9,438 | 9,437 | 9,437 | |||||||
Stock Issued During Period, Shares, Other | 27,918 | |||||||||
Bonus share issuance | 361 | 361 | 361 | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 438,356 | |||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,240 | -1,240 | 1,240 | ||||||
Stock Issued During Period, Shares, Conversion of Units | 81,998 | |||||||||
Adjustment of Redeemable Partnership Units to Liquidation Value at Period End | -778 | -778 | ||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | -1,240 | -1,240 | ||||||||
Dividends, Preferred Stock, Cash | -6,900 | -6,900 | -6,900 | |||||||
Preferred share/unit redemption charge | 0 | 0 | ||||||||
Partners' Capital Account, Distributions | -92,409 | -92,409 | ||||||||
Ending Balance at Dec. 31, 2013 | 1,921,435 | 1,894,949 | 0 | 96,850 | 1,800,530 | -2,995 | -3,377 | 21,215 | 946 | 1,894,949 |
Ending Balance, shares at Dec. 31, 2013 | 0 | 4,000,000 | 156,731,993 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,942 | 6,942 | 6,942 | -33 | -44 | 6,898 | ||||
Comprehensive income (loss) | -1,630 | -1,630 | -1,612 | -1,630 | -18 | -1,630 | ||||
Deferred Compensation Obligation Shares | 80,152 | |||||||||
Deferred Compensation Obligation | -90 | -90 | ||||||||
Stock Issued During Period, Shares, New Issues | 21,850,000 | |||||||||
Stock Issued During Period, Value, New Issues | 335,398 | |||||||||
Issuance of LP Units | 334,903 | 334,903 | ||||||||
Issuance of LP Units Shares | 21,850,000 | |||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | ||||||||
Preferred share issuance costs | -495 | |||||||||
Share-based compensation activity | 6,847 | 6,847 | 6,847 | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 403,902 | |||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 3,614 | -3,614 | 3,614 | ||||||
Stock Issued During Period, Shares, Conversion of Units | 228,536 | |||||||||
Share Choice Plan Issuance Shares | 0 | -1,423 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 184,116 | |||||||||
Adjustment of Redeemable Partnership Units to Liquidation Value at Period End | 942 | 942 | ||||||||
adjustment to non controlling interest | -108 | 108 | ||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | -3,614 | -3,614 | ||||||||
Dividends, Preferred Stock, Cash | -6,900 | -6,900 | -6,900 | |||||||
Preferred share/unit redemption charge | 0 | 0 | ||||||||
Partners' Capital Account, Distributions | -101,164 | -101,164 | ||||||||
Ending Balance at Dec. 31, 2014 | $2,159,326 | $2,134,755 | $0 | $96,850 | $2,041,902 | ($4,607) | ($5,007) | $18,499 | $1,010 | $2,134,755 |
Ending Balance, shares at Dec. 31, 2014 | 0 | 4,000,000 | 179,293,160 |
Organization_of_The_Parent_Com
Organization of The Parent Company and The Operating Partnership | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP | ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP |
The Parent Company is a self-administered and self-managed real estate investment trust (“REIT”) that provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office and industrial properties. The Parent Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Parent Company is the sole general partner of the Operating Partnership and, as of December 31, 2014, owned a 99.0% interest in the Operating Partnership. The Parent Company’s common shares of beneficial interest are publicly traded on the New York Stock Exchange under the ticker symbol “BDN”. | |
As of December 31, 2014, the Company owned 200 properties, consisting of 167 office properties, 20 industrial facilities, five mixed-use properties, one retail property (193 core properties), three development properties, two properties classified as held for sale, one redevelopment property and one re-entitlement property (collectively, the “Properties”) containing an aggregate of approximately 25.1 million net rentable square feet. In addition, as of December 31, 2014, the Company owned economic interests in 17 unconsolidated real estate ventures that contain approximately 6.7 million net rentable square feet (collectively, the “Real Estate Ventures”). As of December 31, 2014, the Company also owned 415 acres of undeveloped land, and held options to purchase approximately 63 additional acres of undeveloped land. As of December 31, 2014, the total potential development that these land parcels could support, under current zoning, entitlements or combination thereof, amounted to an estimated 6.0 million square feet. The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; Southern New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas and Oakland, Concord and Carlsbad, California. In addition to managing properties that the Company owns, as of December 31, 2014, the Company was managing approximately 8.9 million net rentable square feet of office and industrial properties for third parties and Real Estate Ventures. | |
All references to building square footage, acres, occupancy percentage and the number of buildings are unaudited. | |
The Company conducts its third-party real estate management services business primarily through six management companies (collectively, the “Management Companies”): Brandywine Realty Services Corporation (“BRSCO”), BTRS, Inc. (“BTRS”), Brandywine Properties I Limited, Inc. (“BPI”), BDN Brokerage, LLC (“BBL”), Brandywine Properties Management, L.P. (“BPM”) and Brandywine Brokerage Services, LLC (“BBS”). Each of BRSCO, BTRS and BPI is a taxable REIT subsidiary. As of December 31, 2014, the Operating Partnership owns, directly and indirectly, 100% of each of BRSCO, BTRS, BPI, BBL, BPM and BBS. As of December 31, 2014, the Management Companies were managing properties containing an aggregate of approximately 33.9 million net rentable square feet, of which approximately 25.0 million net rentable square feet related to Properties owned by the Company and approximately 8.9 million net rentable square feet related to properties owned by third parties and Real Estate Ventures. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Reclassifications | ||||||||||||
Reclassifications are related to the treatment of sold properties as discontinued operations on the statement of operations for all periods presented. See Recent Accounting Pronouncements below for revisions to the accounting guidance for discontinued operations. | ||||||||||||
Principles of Consolidation | ||||||||||||
When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with the accounting standard for the consolidation of variable interest entities. The accounting standard for the consolidation of VIEs requires the Company to qualitatively assess if the Company was the primary beneficiary of the VIEs based on whether the Company had (i) the power to direct those matters that most significantly impacted the activities of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. For entities determined to be VIEs, but for which the Company is not the primary beneficiary, the Company's maximum exposure to loss is the carrying amount of its investments. As of December 31, 2014, the Company has provided guarantees on behalf of certain real estate ventures, consisting of (i) a $24.7 million payment guaranty on the construction loan for the project being undertaken by evo at Cira; (ii) a $3.2 million payment guarantee on the construction loan for a project being undertaken by TB-BDN Plymouth Apartments; and (iii) a $0.5 million payment guarantee on a loan provided to PJP VII. | ||||||||||||
When an entity is not deemed to be a VIE, the Company considers the provisions of the same accounting standard to determine whether a general partner/managing member, or the general partners/managing members as a group, controls a limited partnership or similar entity when the limited partners/non-managing members have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary and (ii) entities that are non-VIEs and controlled by the Company and in which the limited partners neither have the ability to dissolve the entity or remove the Company without cause nor any substantive participating rights. Entities that the Company accounts for under the equity method (i.e., at cost, increased or decreased by the Company's share of earnings or losses, plus contributions, less distributions) include (i) entities that are VIEs and of which the Company is not deemed to be the primary beneficiary (ii) entities that are non-VIEs which the Company does not control, but over which the Company has the ability to exercise significant influence and (iii) entities that are non-VIEs for which the Company maintains an ownership interest through its general partner/managing member status, but the limited partners/non-managing members in the entity have the substantive ability to dissolve the entity or remove the Company without cause or have substantive participating rights. Currently there are no real estate ventures that a limited partner/non-managing member has the unilateral right to dissolve. The Company continuously assesses its determination of whether an entity is a VIE and who the primary beneficiary is, and whether or not the limited partners/non-managing members in an entity have substantive rights, more particularly if certain events occur that are likely to cause a change in the original determinations. The Company's assessment includes a review of applicable documents such as, but not limited to, applicable partnership agreements, LLC and other real estate venture agreements and management and leasing agreements to determine whether the Company has control to direct the business activities of the entities. The portion of the consolidated entities that is not owned by the Company is presented as non-controlling interest as of and during the periods consolidated. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue, valuation of real estate and related intangible assets and liabilities, impairment of long-lived assets, allowance for doubtful accounts and deferred costs. | ||||||||||||
Operating Properties | ||||||||||||
Operating properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of operating properties reflects their purchase price or development cost. Acquisition costs related to business combinations are expensed as incurred, whereas the costs related to asset acquisitions are capitalized as incurred. Costs incurred for the renovation and betterment of an operating property are capitalized to the Company’s investment in that property. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. | ||||||||||||
Purchase Price Allocation | ||||||||||||
The Company allocates the purchase price of properties considered to be business combinations to net tangible and identified intangible assets acquired based on fair values. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) the Company’s estimate of the fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease (including the below market fixed renewal period, if applicable). Capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market fixed-rate renewal periods. | ||||||||||||
Other intangible assets also include in-place leases based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal and other related expenses. This intangible asset is amortized to expense over the remaining term of the respective leases and any fixed-rate bargain renewal periods. Company estimates of value are made using methods similar to those used by independent appraisers or by using independent appraisals. Factors considered by the Company in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from four to twelve months. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also uses the information obtained as a result of its pre-acquisition due diligence as part of its consideration of the accounting standard governing asset retirement obligations and when necessary, will record a conditional asset retirement obligation as part of its purchase price. Though the Company considers the value of tenant relationships, the amounts are determined on a tenant-specific basis. On certain of our acquisitions this intangible has been deemed immaterial. In these instances no related intangible value is assigned. | ||||||||||||
In the event that a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values and tenant relationship values, is charged to expense and market rate adjustments (above or below) are recorded to revenue. | ||||||||||||
Depreciation and Amortization | ||||||||||||
The costs of buildings and improvements are depreciated using the straight-line method based on the following useful lives: buildings and improvements (5 to 55 years) and tenant improvements (the shorter of (i) the life of the asset, 1 to 16 years, or (ii) the lease term). | ||||||||||||
Construction in Progress | ||||||||||||
Project costs directly associated with the development and construction of a real estate project are capitalized as construction in progress. Construction in progress also includes costs related to ongoing tenant improvement projects. In addition, interest, real estate taxes and other expenses that are directly associated with the Company’s development activities are capitalized until the property is placed in service. Internal direct costs are capitalized to projects in which qualifying expenditures are being incurred. Internal direct construction costs totaling $5.2 million in 2014, $3.7 million in 2013, $4.7 million in 2012 and interest totaling $4.8 million in 2014, $2.6 million in 2013, and $2.6 million in 2012 were capitalized related to development of certain properties and land holdings. The increase in capitalized costs is due to the development activity. See Item 1., "Business - Developments," for further discussion. | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company's internal direct construction costs are comprised entirely of capitalized salaries. The following table shows the amount of compensation costs (including bonuses and benefits) capitalized for the years presented (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Development | $ | 1,749 | $ | 156 | $ | 57 | ||||||
Redevelopment | 184 | 194 | 353 | |||||||||
Tenant Improvements | 3,261 | 3,323 | 4,259 | |||||||||
Total | $ | 5,194 | $ | 3,673 | $ | 4,669 | ||||||
Impairment or Disposal of Long-Lived Assets | ||||||||||||
The Company reviews its long-lived assets for impairment following the end of each quarter and when there is an event or change in circumstances that indicates an impairment in value. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. In such case, an impairment loss is recognized in the amount of the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Since cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company's established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company's holding strategy were to change or if market conditions were to otherwise dictate an earlier sale date, then an impairment loss may be recognized and such loss could be material. If the Company determines that impairment has occurred, the affected assets must be reduced to their fair value. | ||||||||||||
The Company generally consider assets to be “held for sale” when the transaction has been approved by our Board of Trustees, or by officers vested with authority to approve the transaction and there are no known significant contingencies relating to the sale of the property within one year of the consideration date and the consummation of the transaction is otherwise considered probable. | ||||||||||||
Following the classification of a property as “held for sale,” no further depreciation is recorded on the assets, and the asset is written down to the lower of carrying value or fair market value. | ||||||||||||
The relevant accounting guidance for impairments requires that qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as “held for sale,” be presented as discontinued operations in all periods presented if the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. The components of the property’s net income that is reflected as discontinued operations include the net gain (or loss) upon the disposition of the property held for sale, operating results, depreciation and interest expense (if the property is subject to a secured loan). | ||||||||||||
The Company recorded a provision for impairment on assets held for sale during the twelve months ended December 31, 2014 of $1.8 million. These properties were sold on October 24, 2014, at which time the Company recorded a $0.2 million gain. For further information regarding the impairment, see Note 3, "Real Estate Investments." During its impairment review as of December 31, 2014, the Company determined that no additional impairment charges were necessary. The Company determined during its impairment review of the years ended December 31, 2013 and 2012, that no impairment charges were necessary. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company maintains cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. | ||||||||||||
Restricted Cash | ||||||||||||
Restricted cash consists of cash held as collateral to provide credit enhancement for the Company’s mortgage debt, cash for property taxes, capital expenditures and tenant improvements. | ||||||||||||
Accounts Receivable and Accrued Rent Receivable | ||||||||||||
Leases with tenants are accounted for as operating leases. Minimum annual rentals under tenant leases are recognized on a straight-line basis over the term of the related lease. The cumulative difference between lease revenue recognized under the straight-line method and contractual lease payment terms is recorded as “accrued rent receivable, net” on the accompanying balance sheets. Included in current tenant receivables are tenant reimbursements which are comprised of amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred. As of December 31, 2014 and 2013, no tenant represented more than 10% of accounts receivable and accrued rent receivable. | ||||||||||||
Tenant receivables and accrued rent receivables are carried net of the allowances for doubtful accounts of $2.0 million and $13.4 million in 2014, respectively and $3.2 million and $13.0 million in 2013, respectively. The allowance is an estimate based on two calculations that are combined to determine the total amount reserved. First, the Company evaluates specific accounts where it has determined that a tenant may have an inability to meet its financial obligations. In these situations, the Company uses its judgment, based on the facts and circumstances, and records a specific reserve for that tenant against amounts due to reduce the receivable to the amount that the Company expects to collect. These reserves are reevaluated and adjusted as additional information becomes available. Second, a reserve is established for all tenants based on a range of percentages applied to receivable aging categories for tenant receivables. For accrued rent receivables, the Company considers the results of the evaluation of specific accounts and also considers other factors including assigning risk factors to different industries based on its tenants SIC classification. Considering various factors including assigning a risk factor to different industries, these percentages are based on historical collection and write-off experience adjusted for current market conditions, which requires management’s judgments. | ||||||||||||
Investments in Unconsolidated Real Estate Ventures | ||||||||||||
The Company accounts for its investments in unconsolidated Real Estate Ventures under the equity method of accounting as it is not the primary beneficiary (for VIEs) and the Company exercises significant influence, but does not control these entities under the provisions of the entities’ governing agreements pursuant to the accounting standard for the consolidation of VIEs. When the Company determines that its investment in an unconsolidated Real Estate Venture does not constitute a VIE, the Company utilizes the voting interest model under the accounting standard for consolidation to determine whether to consolidate the venture. | ||||||||||||
Under the equity method, investments in unconsolidated Real Estate Ventures are recorded initially at cost, as investments in Real Estate Ventures, and subsequently adjusted for equity in earnings, cash contributions, less distributions and impairments. For Real Estate Ventures that are constructing assets to commence planned principal operations, the Company capitalizes interest expense using its weighted average interest rate of consolidated debt and its investment balance as a basis. Planned principal operations commence when a property is available to lease and at that point in time the Company ceases capitalizing interest to its investment basis. During the twelve months ended December 31, 2014 and 2013 the Company capitalized interest expense of $2.0 million and $0.6 million, respectively. | ||||||||||||
On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated Real Estate Ventures may be other than temporarily impaired. An investment is impaired only if the value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent that an impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether an impairment exists requires significant management judgment about the fair value of its ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third party appraisals. | ||||||||||||
When the Company acquires an interest in or contributes assets to a real estate venture project, the difference between the Company’s cost basis in the investment and the value of the real estate venture or asset contributed is amortized over the life of the related assets, intangibles and liabilities and such adjustment is included in the Company’s share of equity in income of unconsolidated Real Estate Ventures. For purposes of cash flow presentation, distributions from unconsolidated Real Estate Ventures are presented as part of operating activities when they are considered as return on investments. Distributions in excess of the Company’s share in the cumulative unconsolidated Real Estate Ventures’ earnings are considered as return of investments and are presented as part of investing activities in accordance with the accounting standard for cash flow presentation. | ||||||||||||
Deferred Costs | ||||||||||||
Costs incurred in connection with property leasing are capitalized as deferred leasing costs. Deferred leasing costs consist primarily of leasing commissions and internal leasing costs that are amortized using the straight-line method over the life of the respective lease which generally ranges from 1 to 15 years. Management re-evaluates the remaining useful lives of leasing costs as economic and market conditions change. | ||||||||||||
Costs incurred in connection with debt financing are capitalized as deferred financing costs and charged to interest expense over the terms of the related debt agreements. Deferred financing costs consist primarily of loan fees which are amortized over the related loan term on a basis that approximates the effective interest method. Deferred financing costs are accelerated, when debt is extinguished, as part of interest expense- amortization of deferred financing costs within the Company's consolidated statements of operations. Original issue discounts are recognized as part of the gain or loss on extinguishment of debt, as appropriate. | ||||||||||||
Notes Receivable | ||||||||||||
The Company accounts for notes receivable on its balance sheet at amortized cost, net of allowance for loan losses. Interest income is recognized over the term of the notes receivable and is calculated based on the terms on the contractual terms of each note agreement. | ||||||||||||
Notes receivable are placed on nonaccrual status when management determines, after considering economic and business conditions and collection efforts, that the loans are impaired or collection of interest is doubtful. Uncollectible interest previously accrued is recognized as bad debt expense. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received. | ||||||||||||
On October 17, 2014, the Austin Venture acquired River Place and funded $88.0 million of the purchase price with a short-term loan, secured by a mortgage. The short-term financing was provided by the Company and the Austin Venture is currently seeking permanent financing. The debt agreement for the short-term loan provides financing through March 2015 at the following tiered interest rates; (i) 4.0% through December 31, 2014, (ii) 5.0% from January 1, 2015 through January 31, 2015, (iii) 7.0% from February 1, 2015 through February 28, 2015 and (iv) 9.0% from March 1, 2015 through March 31, 2015. The Austin Venture may repay the short-term loan at any time without penalty. During 2014 the Company recognized $0.7 million of interest income relating to this note. See Note 21, "Subsequent Events," for repayment of this note. | ||||||||||||
As of December 31, 2013, notes receivable included a purchase money mortgage with a 20-year amortization period bearing interest at 8.5%, which was valued at $7.0 million. The borrower had previously defaulted on the note. As a result, a forbearance agreement dated October 2011, as amended by a second forbearance agreement dated July 9, 2013, was entered into between the Company and the borrower, outlining the repayment terms of the outstanding debt and capping interest at $1.5 million. The Company has determined that the loan modifications represent a troubled debt restructuring due to the fact that the borrower was considered to be in a financial difficulty when it defaulted on the mortgage debt, and that a concession was granted in the form of the forbearance agreements. In accordance with relevant the accounting guidance for troubled debt restructuring, this note remained in a non-accrual status through 2014 and as such, interest is recorded to income as received. During the twelve months ended December 31, 2014, the borrower fully repaid the principal balance of $7.0 million. As to the interest accrued on the notes, $1.5 million has been received in cash and recognized as interest income during the fourth quarter of 2014. | ||||||||||||
During 2012, the $23.5 million seven year purchase money mortgage note receivable (balance as of the payment date, including accrued but unpaid interest), which related to the 2009 sale of two Trenton properties, was paid in full prior to its scheduled maturity of October 2016. The Company also recognized a $12.9 million deferred gain and $1.0 million of interest income at the time of payment, in accordance with the accounting standard for installment sales. | ||||||||||||
Revenue Recognition | ||||||||||||
Rental revenue is recognized on the straight-line basis, which averages minimum rents over the terms of the leases from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases. The straight-line rent adjustment increased revenue by approximately $13.7 million in 2014, $17.7 million in 2013 and $21.1 million in 2012. Deferred rents on the balance sheet represent rental revenue received prior to their due dates and amounts paid by the tenant for certain improvements considered to be landlord assets that will remain as the Company’s property at the end of the tenant’s lease term. The amortization of the amounts paid by the tenant for such improvements is calculated on a straight-line basis over the term of the tenant’s lease and is a component of straight-line rental income and increased revenue by $2.4 million in each of 2014, 2013 and 2012. Lease incentives, which are included as reductions of rental revenue in the accompanying consolidated statements of operations, are recognized on a straight-line basis over the term of the lease. Lease incentives decreased revenue by $1.5 million in 2014, $0.7 million in 2013, and $0.8 million in 2012. | ||||||||||||
The Company's leases also typically provide for tenant reimbursement of a portion of common area maintenance expenses and other operating expenses to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease or to the extent that the tenant has a lease on a triple net basis. For certain leases, the Company makes significant assumptions and judgments in determining the lease term, including assumptions when the lease provides the tenant with an early termination option. The lease term impacts the period over which the Company determines and records minimum rents and also impacts the period over which the Company amortizes lease-related costs. | ||||||||||||
In addition, the Company's rental revenue is impacted by the Company's determination of whether improvements to the properties, whether made by the Company or by the tenant, are landlord assets. The determination of whether an improvement is a landlord asset requires judgment. In making this judgment, our primary consideration is whether the improvement would be utilizable by another tenant upon move out of the improved space by the then-existing tenant. If the Company has funded an improvement that it determines not to be landlord assets, then it treats the costs of the improvement as lease incentives. If the tenant has funded the improvement that the Company determines to be landlord assets, then the Company treats the costs of the improvement as deferred revenue and amortize this cost into revenue over the lease term. | ||||||||||||
Recoveries from tenants, consisting of amounts due from tenants for common area maintenance expenses, real estate taxes and other recoverable costs are recognized as revenue in the period during which the expenses are incurred. | ||||||||||||
Tenant reimbursements are recognized and presented in accordance with accounting guidance which requires that these reimbursements be recorded on a gross basis because the Company is generally the primary obligor with respect to the goods and services the purchase of which gives rise to the reimbursement obligation; because the Company has discretion in selecting the vendors and suppliers; and because the Company bears the credit risk in the event they do not reimburse the Company. The Company also receives payments from third parties for reimbursement of a portion of the payroll and payroll-related costs for certain of the Company's personnel allocated to perform services for these third parties and reflects these payments on a gross basis. | ||||||||||||
The Company recognizes gains on sales of real estate at times and in amounts determined in accordance with the accounting guidance for sales of real estate. The guidance takes into account the terms of the transaction and any continuing involvement, including in the form of management, leasing of space or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, then the Company defers some or all of the gain recognition and account for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery method, as appropriate, until the sales criteria are met. | ||||||||||||
The Company derives parking revenues from leases, monthly parking and transient parking. The Company recognizes parking revenue as earned. | ||||||||||||
The Company receives leasing commission income, management fees and development fees from third parties. | ||||||||||||
Leasing commission income is earned based on a percentage of gross rental income upon a tenant signing a lease with a third party lessor. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. The Company records development fees as earned taking into account the risk associated with each project. Profit on development fees earned from joint venture projects is recognized as revenue to the extent of the third party partners’ ownership interest. | ||||||||||||
No tenant represented greater than 10% of the Company’s rental revenue in 2014, 2013 or 2012. | ||||||||||||
Income Taxes | ||||||||||||
Parent Company | ||||||||||||
The Parent Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to continue to qualify as a REIT, the Parent Company is required to, among other things, distribute at least 90% of its annual REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Parent Company is not subject to federal and state income taxes with respect to the portion of its income that meets certain criteria and is distributed annually to its shareholders. Accordingly, no provision for federal and state income taxes is included in the accompanying consolidated financial statements with respect to the operations of the Parent Company. The Parent Company intends to continue to operate in a manner that allows it to meet the requirements for taxation as a REIT. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income taxes and may not be able to qualify as a REIT for the four subsequent tax years. The Parent Company is subject to certain local income taxes. Provision for such taxes has been included in general and administrative expenses in the Parent Company’s Consolidated Statements of Operations and Comprehensive Income. | ||||||||||||
The tax basis of the Parent Company’s assets was $3.7 billion and $4.0 billion for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
The Parent Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Parent Company’s ordinary income and (b) 95% of the Parent Company’s net capital gain exceeds cash distributions and certain taxes paid by the Parent Company. No excise tax was incurred in 2014, 2013, or 2012. | ||||||||||||
The Parent Company has elected to treat several of its subsidiaries as taxable REIT subsidiaries (each a “TRS”). A TRS is subject to federal, state and local income tax. In general, a TRS may perform non-customary services for tenants, hold assets that the Parent Company, as a REIT, cannot hold directly and generally may engage in any real estate or non-real estate related business. The Company’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items as of December 31, 2014 and 2013. | ||||||||||||
Operating Partnership | ||||||||||||
In general, the Operating Partnership is not subject to federal and state income taxes, and accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. The partners of the Operating Partnership are required to include their respective share of the Operating Partnership’s profits or losses in their respective tax returns. The Operating Partnership’s tax returns and the amount of allocable Partnership profits and losses are subject to examination by federal and state taxing authorities. If such examination results in changes to the Operating Partnership profits or losses, then the tax liability of the partners would be changed accordingly. | ||||||||||||
The tax basis of the Operating Partnership’s assets was $3.7 billion and $4.0 billion for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
The Operating Partnership may elect to treat one or more of its subsidiaries as REITs under Sections 856 through 860 of the Code. Each subsidiary REIT has met the requirements for treatment as a REIT under Sections 856 through 860 of the Code, and, accordingly, no provision has been made for federal and state income taxes in the accompanying consolidated financial statements. If any subsidiary REIT fails to qualify as a REIT in any taxable year, that subsidiary REIT will be subject to federal and state income taxes and may not be able to qualify as a REIT for the four subsequent taxable years. Also, each subsidiary REIT may be subject to certain local income taxes. | ||||||||||||
The Operating Partnership has elected to treat several of its subsidiaries as TRSs, which are subject to federal, state and local income tax. | ||||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders, as adjusted for unallocated earnings, if any, of certain securities, by the weighted average number of shares of common stock outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under share-based compensation plans, including upon the exercise of stock options, and conversion of the noncontrolling interests in the Operating Partnership. | ||||||||||||
Earnings Per Unit | ||||||||||||
Basic EPS is computed by dividing net income available to common unitholders, as adjusted for unallocated earnings, if any, of certain securities issued by the Operating Partnership, by the weighted average number of common unit equivalents outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under share-based compensation plans, including upon the exercise of stock options. | ||||||||||||
Stock-Based Compensation Plans | ||||||||||||
The Parent Company maintains a shareholder-approved equity-incentive plan known as the Amended and Restated 1997 Long-Term Incentive Plan (the “1997 Plan”). The 1997 Plan is administered by the Compensation Committee of the Parent Company’s Board of Trustees. Under the 1997 Plan, the Compensation Committee is authorized to award equity and equity-based awards, including incentive stock options, non-qualified stock options, restricted shares and performance-based shares. On June 2, 2010, the Parent Company’s shareholders approved amendments to the 1997 Plan that, among other things, increased the number of common shares available for future awards under the 1997 Plan by 6,000,000 (of which 3,600,000 shares are available solely for options and share appreciation rights). As of December 31, 2014, 4,304,006 common shares remained available for future awards under the 1997 Plan (including 2,684,795 shares available solely for options and share appreciation rights). Through December 31, 2014 all options awarded under the 1997 Plan had a one to ten-year term. | ||||||||||||
The Company incurred stock-based compensation expense of $6.1 million during 2014, of which $1.7 million was capitalized as part of the Company’s review of employee salaries eligible for capitalization. The Company incurred stock-based compensation expense of $8.3 million and $8.6 million during 2013 and 2012, of which $1.4 million and $2.6 million, respectively, were also capitalized. The expensed amounts are included in general and administrative expense on the Company’s consolidated income statement in the respective periods. | ||||||||||||
Comprehensive Income | ||||||||||||
Comprehensive income is recorded in accordance with the provisions of the accounting standard for comprehensive income. The accounting standard establishes standards for reporting comprehensive income and its components in the financial statements. Comprehensive income includes the effective portions of changes in the fair value of derivatives. | ||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||||
The Company accounts for its derivative instruments and hedging activities in accordance with the accounting standard for derivative and hedging activities. The accounting standard requires the Company to measure every derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record them in the balance sheet as either an asset or liability. See disclosures below related to the accounting standard for fair value measurements and disclosures. | ||||||||||||
For derivatives designated as cash flow hedges, the effective portions of changes in the fair value of the derivative are reported in other comprehensive income while the ineffective portions are recognized in earnings. | ||||||||||||
The Company actively manages its ratio of fixed-to-floating rate debt. To manage its fixed and floating rate debt in a cost-effective manner, the Company, from time to time, enters into interest rate swap agreements as cash flow hedges, under which it agrees to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. | ||||||||||||
Fair Value Measurements | ||||||||||||
The Company estimates the fair value of its derivatives in accordance with the accounting standard for fair value measurements and disclosures. The accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | ||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; | |||||||||||
• | Level 2 inputs are inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and | |||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information. | |||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In August 2014, the Financial Accounting Standards Board ("FASB") issued guidance regarding an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. | ||||||||||||
In May 2014 FASB issued guidance requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. The guidance requires the disclosure of sufficient quantitative and qualitative information for financial statement users to understand the nature, amount, timing and uncertainty of revenue and associated cash flows arising from contracts with customers. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption precluded. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial position or results of operations. | ||||||||||||
In April 2014 the FASB issued revised guidance on discontinued operations and disclosures of disposals of components of an entity. The update revises the definition to include only disposals involving a strategic shift that has a major effect on the entity’s operations and financial results when the disposal asset or group meets the existing criterion for treatment as held for sale. Examples of a strategic shift include the withdrawal from a major geographic area, line of business, equity method investment or any other major parts of a business, as applicable. A component of the entity comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. In addition, the revised standard no longer precludes presentation as a discontinued operation if there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or if there is significant continuing involvement with a component after its disposal. | ||||||||||||
The amendments require additional disclosures about discontinued operations including; the major classes of net income or loss where net income is otherwise presented, the operating and investing cash flows of discontinued operations where net income is otherwise presented, depreciation, amortization, capital expenditures and significant operating and investing non-cash items of the discontinued operation for the periods in which net income is otherwise presented and, if there is a non-controlling interest, the related allocation to the parent company. | ||||||||||||
Application is prospective, and required for periods beginning on or after December 15, 2014. This update should not be applied to assets classified as held for sale before the effective date even if the component of an entity is disposed of after the effective date. Early adoption is permitted for disposals or assets held for sale that have not been reported in the financial statements previously issued or available for issuance. The Company has elected to early adopt this standard as of January 1, 2014. All properties sold or determined held for sale prior to January 1, 2014 are classified as discontinued operations for all periods presented. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate [Abstract] | |||||||||
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS | ||||||||
As of December 31, 2014 and 2013 the gross carrying value of the Company’s Properties was as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land | $ | 669,635 | $ | 680,513 | |||||
Building and improvements | 3,409,303 | 3,504,060 | |||||||
Tenant improvements | 524,754 | 484,716 | |||||||
4,603,692 | 4,669,289 | ||||||||
Assets held for sale - real estate investments (a) | 27,436 | — | |||||||
Total | $ | 4,631,128 | $ | 4,669,289 | |||||
(a) | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. | ||||||||
Acquisitions and Dispositions | |||||||||
2014 | |||||||||
Acquisitions | |||||||||
On February 19, 2014, the Company acquired 54.1 acres of undeveloped land known as Encino Trace in Austin, Texas for $14.0 million. The land is fully entitled with a site plan and building permits in place allowing for the development of two four-story office buildings containing approximately 320,000 net rentable square feet. The purchase price included an in-place lease for 75% of the first building. The Company capitalized $8.4 million in construction in progress, recorded $4.6 million in land inventory and recorded a deposit for a portion of the future development fee held in escrow of $1.0 million. The Company funded the acquisition with available corporate funds. | |||||||||
As of December 31, 2014, each of the two office buildings at Encino Trace was in development, and the Company had funded, through such date, $38.8 million, inclusive of the $14.0 million acquisition cost. During the second quarter of 2014, the Company reclassified the $4.6 million remaining in land inventory to construction in progress in connection with commencement of development of the second building. | |||||||||
Dispositions | |||||||||
On October 24, 2014, the Company sold the Valleybrooke Office Park, comprised of five properties consisting of 279,934 rentable square feet located in Malvern, Pennsylvania for a sales price of $37.9 million. During the third quarter of 2014, the Company recorded a $1.8 million impairment loss on these properties. On October 24, 2014, the Company recorded a gain of approximately $0.2 million upon settlement. | |||||||||
On September 30, 2014, the Company sold an office building, commonly known as “Campus Pointe,” containing 172,943 rentable square feet at 1880 Campus Commons Drive in Reston, Virginia for a sales price of $42.5 million resulting in a gain on sale of real estate of $4.7 million after closing and other transaction related costs. | |||||||||
On April 16, 2014, the Company sold a 5.3 acre parcel of land located in Dallas, Texas for a sales price of $1.6 million resulting in a nominal gain on sale after closing and other transaction related costs. The land parcel was undeveloped as of the date of sale. | |||||||||
On April 3, 2014, the Company contributed two three-story, Class A office buildings, commonly known as “Four Points Centre,” containing an aggregate of approximately 192,396 net rentable square feet in Austin, Texas to an existing real estate venture (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"). The Company contributed the properties to the Austin Venture at an agreed upon value of $41.5 million. In conjunction with the contribution: (i) the Austin Venture obtained a $29.0 million mortgage loan; (ii) DRA contributed $5.9 million in net cash to the capital of the Austin Venture; and (iii) the Austin Venture distributed $34.4 million to the Company and credited the Company with a $5.9 million capital contribution to the Austin Venture. The Company incurred a $0.2 million loss on the contribution, driven primarily by closing costs. | |||||||||
On March 27, 2014, the Company sold a 16.8 acre undeveloped parcel of land located in Austin, Texas for a sales price of $3.5 million resulting in a $1.2 million gain on sale of undepreciated real estate after closing and other transaction related costs. The land parcel was undeveloped as of the date of sale. | |||||||||
Held for Sale | |||||||||
Subsequent to December 31, 2014, the Company sold two office properties, commonly known as "Atrium I," which includes 99,668 square feet of rentable space located in Mt Laurel, New Jersey and "Libertyview," which includes 121,737 square feet of rentable space located in Cherry Hill, New Jersey. See Note 21, "Subsequent Events," for further information regarding this disposition. As of December 31, 2014, the Company classified Atrium I and Libertyview as held for sale in accordance with applicable accounting standard for long lived assets. Accordingly, at December 31, 2014, the properties were required to be measured at the lower of their carrying value or the estimated fair value less costs to sell. No provision for impairment was recognized at December 31, 2014, as the estimated fair value of the properties (based on the executed agreement in place at December 31, 2014) less costs to sell exceeded the carrying value of the properties. | |||||||||
The disposal of the properties referenced above does not represent a strategic shift that has a major effect on our operations and financial results. Accordingly, the operating results of these properties remain classified within continuing operations for all periods presented. | |||||||||
2013 | |||||||||
Acquisitions | |||||||||
One and Two Commerce Square | |||||||||
On December 19, 2013, the Company acquired 99% of the common interests in the One and Two Common Square partnerships ("Commerce Square"), the entities which own two 41-story Trophy-class office towers in Philadelphia, Pennsylvania, from Parkway. The office towers contain 1,896,142 of net rentable square feet and were 86.7% occupied as of December 31, 2013. The Company acquired Commerce Square for an aggregate purchase price of $331.8 million and funded the acquisition via assumption of $237.1 million of existing mortgage debt and a $73.1 million cash payment from available corporate funds. | |||||||||
The Company previously accounted for our non-controlling interest in Commerce Square under the equity method of accounting. As a result of acquiring a 99% common interest in the partnerships the Company obtained control of Commerce Square and our existing investment balance was remeasured based on the fair value of the underlying properties acquired and the existing distribution provisions under the relevant partnership agreements. Accordingly, a loss on remeasurement of $1.0 million was recorded as a result of this transaction. | |||||||||
The Company has treated this transaction as a business combination and allocated the purchase price to the tangible and intangible assets and liabilities. As discussed in Note 2, the Company utilized a number of sources in making estimates of fair values for purposes of allocating the purchase price to tangible and intangibles assets acquired and intangible liabilities assumed. The purchase price is allocated as follows: | |||||||||
December 19, 2013 | |||||||||
Building, land and improvements | $ | 255,705 | |||||||
Intangible assets acquired | 85,036 | ||||||||
Below market lease liabilities assumed | (8,637 | ) | |||||||
$ | 332,104 | ||||||||
Mortgage debt assumed - at fair value (a) | (238,082 | ) | |||||||
Return of existing equity method investment | (30,424 | ) | |||||||
Net working capital assumed | 10,423 | ||||||||
Non-controlling interest | (946 | ) | |||||||
Total cash payment at settlement | $ | 73,075 | |||||||
(a) Principal outstanding on assumed mortgage debt at December 19, 2013 was $237.1 million. | |||||||||
Intangible assets acquired and intangible liabilities assumed consist of the following (in thousands): | |||||||||
December 19, 2013 | Weighted Average Amortization Period (in years) | ||||||||
Intangible assets: | |||||||||
In-place lease value | $ | 80,916 | 7.9 | ||||||
Above market tenant leases acquired | 4,120 | 6.9 | |||||||
Total | $ | 85,036 | |||||||
Intangible liabilities: | |||||||||
Below market leases acquired | $ | (8,637 | ) | 6.5 | |||||
In connection with the acquisition of One Commerce Square, the Company assumed a $125.1 million existing non-recourse first mortgage with a fixed interest rate of 5.67% and a maturity date of January 6, 2016. In accordance with generally accepted accounting principles, the mortgage was recorded at $130.2 million to reflect the fair value. | |||||||||
In connection with the acquisition of Two Commerce Square, the Company assumed a $112.0 million existing non-recourse first mortgage with a fixed interest rate of 3.96% and a maturity date of April 5, 2023. In accordance with generally accepted accounting principles, the mortgage was recorded at $107.9 million to reflect the fair value. | |||||||||
The Company recognized $0.9 million of acquisition related costs which are included as part of general and administrative expenses of the Company’s consolidated statement of operations. | |||||||||
Four Points Centre | |||||||||
On December 19, 2013, the Company acquired two three-story, Class A office buildings totaling 192,396 of net rentable square feet known as Four Points Centre, together with 22.3 acres of nearby parcels of land in Austin, Texas known for an aggregate $47.3 million. This property was 99.2% occupied as of December 31, 2013. The Company funded the acquisition price with available corporate funds, while recognizing $0.1 million of acquisition related costs, which are included as part of general and administrative expenses in the Company's consolidated statements of operations. The acquisition has been treated as a business combination and the total purchase price was allocated as follows: $36.0 million to building, $5.8 million to land, $6.5 million to intangible assets and $1.0 million to below market lease liabilities assumed. | |||||||||
Six Tower Bridge | |||||||||
On June 19, 2013, the Company acquired the remaining ownership interest in the real estate venture known as "Six Tower Bridge" that it did not then already own. See Note 4, "Investments in Unconsolidated Real Estate Ventures," for further discussion. | |||||||||
The unaudited pro forma information below summarizes the Company’s combined results of operations for the years ended December 31, 2014 and 2013 as though the acquisition of One and Two Commerce Square, Four Points Centre and Six Tower Bridge were completed on January 1, 2012. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands except for per share amounts). | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Pro forma revenue | $ | 610,979 | $ | 592,753 | |||||
Pro forma income (loss) from continuing operations | 21,805 | (60,011 | ) | ||||||
Pro forma net income (loss) available to common shareholders | 25,957 | (16,970 | ) | ||||||
Earnings per common share from continuing operations: | |||||||||
Basic -- as reported | $ | 0.2 | $ | (0.36 | ) | ||||
Basic -- as pro forma | $ | 0.14 | $ | (0.42 | ) | ||||
Diluted -- as reported | $ | 0.2 | $ | (0.36 | ) | ||||
Diluted -- as pro forma | $ | 0.14 | $ | (0.42 | ) | ||||
Earnings per common share: | |||||||||
Basic -- as reported | $ | 0.23 | $ | (0.06 | ) | ||||
Basic -- as pro forma | $ | 0.17 | $ | (0.12 | ) | ||||
Diluted -- as reported | $ | 0.23 | $ | (0.06 | ) | ||||
Diluted -- as pro forma | $ | 0.17 | $ | (0.12 | ) | ||||
Included in the consolidated statements of income for the year ended December 31, 2013 are total revenues of $3.4 million and a net loss attributable to common shareholders of $0.2 million from acquisitions made during 2013. | |||||||||
Cira Centre | |||||||||
On November 19, 2013, the Company acquired a 0.8 acre land parcel underlying Cira Centre in Philadelphia, Pennsylvania for $24.6 million. The purchase terminates a long term ground lease agreement entered into during the development of Cira Centre. The Company has accounted for the transaction as an asset acquisition. Prior to the acquisition date, the Company recorded ground rent expense on a straight-line basis, resulting in accrued rent liability of $12.1 million. The accounting guidance for leases requires that an asset purchased which was previously subject to an operating lease cannot result in a gain, accordingly, the basis of the acquired land was reduced by the accrued rent liability and no income was recognized at acquisition. The Company capitalized $1.4 million of acquisition related costs as part of the basis in the operating land. | |||||||||
Three Logan Square | |||||||||
On April 25, 2013, the Company exercised its purchase option under the long term ground lease agreement it held through its acquisition of Three Logan Square on August 5, 2010 and acquired the 1.8 acre land parcel underlying Three Logan Square in Philadelphia, Pennsylvania for $20.8 million. The Company has accounted for the transaction as an asset acquisition. A portion of the original purchase price of Three Logan Square was allocated to a below market ground lease intangible asset. As the sum of the purchase price of the land plus the $4.3 million remaining unamortized balance for the intangible asset approximates the fair value of the land as unencumbered by the ground lease, the remaining intangible asset balance was reclassified to land upon exercise of the purchase option. The Company funded the cost of the acquisition with available corporate funds and capitalized $0.1 million of acquisition related costs as part of the basis in the operating land. | |||||||||
Dispositions | |||||||||
On December 19, 2013, the Company sold a 50,000 net rentable square feet office property located in King of Prussia, Pennsylvania known as 875 First Avenue, for a sales price of $3.8 million resulting in a $0.1 million gain on sale after closing and other transaction related costs. | |||||||||
On October 17, 2013, the Company sold a 39,330 net rentable square feet office property located in West Chester, Pennsylvania known as 1336 Enterprise Drive, for a sales price of $2.6 million resulting in a $0.2 million gain on sale after closing and other transaction related costs. | |||||||||
On October 16, 2013 the Austin portfolio was contributed to a newly formed real estate venture. For additional information, see Note 4, "Investments in Unconsolidated Ventures," to our consolidated financial statements. | |||||||||
On August 5, 2013, the Company sold an eight-acre parcel of land located in Richmond, Virginia known as Dabney Land East, for a sales price of $0.5 million resulting in a $0.1 million loss on sale after closing and other transaction related costs. The land parcel was undeveloped as of the date of sale. | |||||||||
On June 28, 2013, the Company sold 16870 West Bernardo Drive, a 68,708 net rentable square feet office property located in San Diego, California, for a sales price of $18.0 million resulting in a $0.9 million loss on sale after closing and other transaction related costs. | |||||||||
On June 28, 2013, the Company sold 100 Arrandale Boulevard, a 34,931 net rentable square feet office property located in Exton, Pennsylvania, for a sales price of $3.5 million resulting in a $0.4 million loss on sale after closing and other transaction related costs. | |||||||||
On June 19, 2013, the Company sold 1700 Paoli Pike, a 28,000 net rentable square feet office property located in Malvern, Pennsylvania known as 100 Applebrook, for a sales price of $2.7 million resulting in a $0.4 million loss on sale after closing and other transaction related costs. | |||||||||
On June 14, 2013, the Company sold Pacific View Plaza, a 51,695 net rentable square feet office property located in Carlsbad, California, for a sales price of $10.3 million resulting in a $0.5 million loss on sale after closing and other transaction related costs. | |||||||||
On February 25, 2013, the Company sold a portfolio of eight office properties containing 800,546 square feet in Lawrenceville, New Jersey, known as "Princeton Pike Corporate Center," for an aggregate sales price of $121.0 million resulting in a $5.3 million gain on sale after closing and other transaction related costs. | |||||||||
The sales of these properties, with the exception of the Austin portfolio and Dabney Land East, are included in discontinued operations. | |||||||||
2012 | |||||||||
Dispositions | |||||||||
On July 18, 2012, the Company sold a portfolio of 11 flex/office properties, totaling 466,719 square feet, in Exton, Pennsylvania, collectively known as "Oaklands Corporate Center," for a sales price of $52.7 million resulting in a $9.9 million gain on sale after closing and other transaction related costs. | |||||||||
On June 22, 2012, the Company sold Pacific Ridge Corporate Center, a 121,381 net rentable square feet, two-building office property located in Carlsbad, California, for a sales price of $29.0 million resulting in a $2.8 million loss on sale after closing and other transaction related costs. | |||||||||
On March 22, 2012, the Company sold South Lake at Dulles Corner, a 268,240 net rentable square feet office property located in Herndon, Virginia, for a sales price of $91.1 million resulting in a $14.5 million gain on sale after closing and other transaction related costs. | |||||||||
On January 17, 2012, the Company sold 304 Harper Drive, a 32,978 net rentable square feet office property located in Moorestown, New Jersey, for a sales price of $3.0 million resulting in a $0.2 million gain on sale after closing and other transaction related costs. |
Investment_in_Unconsolidated_V
Investment in Unconsolidated Ventures | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED VENTURES | INVESTMENT IN UNCONSOLIDATED VENTURES | ||||||||||||||||||||
As of December 31, 2014, the Company held ownership interests in 17 unconsolidated Real Estate Ventures for an aggregate investment balance of $223.8 million, of which $225.0 million is included in net assets and $1.2 million is included in other liabilities and represents the negative investment balance of one real estate venture. The Company formed or acquired interests in these ventures with unaffiliated parties to develop or manage office properties or to acquire land in anticipation of possible development of office or residential properties. As of December 31, 2014, eleven of the real estate ventures owned 65 office buildings that contain an aggregate of approximately 6.7 million net rentable square feet; one real estate venture owned 3 acres of undeveloped parcels of land; four real estate ventures owned 22.6 acres of land under active development; one Real Estate Venture owned a residential tower that contains 345 apartment units and one real estate venture developed a hotel property that contains 137 rooms in Conshohocken, PA. | |||||||||||||||||||||
The Company accounts for its unconsolidated interests in its Real Estate Ventures using the equity method. The Company’s unconsolidated interests range from 20% to 65%, subject to specified priority allocations of distributable cash in certain of the Real Estate Ventures. | |||||||||||||||||||||
The amounts reflected in the following tables (except for the Company’s share of equity and income) are based on the historical financial information of the individual Real Estate Ventures. The Company does not record operating losses of the Real Estate Ventures in excess of its investment balance unless the Company is liable for the obligations of the Real Estate Venture or is otherwise committed to provide financial support to the Real Estate Venture. | |||||||||||||||||||||
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 | Carrying | Company’s Share | Real Estate | Current | Debt | ||||||||||||||||
Percentage (a) | Amount | of 2014 Real | Venture | Interest | Maturity | ||||||||||||||||
Estate Venture | Debt at 100% | Rate | |||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Office Properties | |||||||||||||||||||||
Broadmoor Austin Associates (b) | 50 | % | $ | 65,407 | $ | (460 | ) | $ | 53,516 | 7.04 | % | Apr-23 | |||||||||
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-21 | |||||||||||||
Four Tower Bridge | 65 | % | 1,474 | (144 | ) | 10,353 | 5.2 | % | Feb-21 | ||||||||||||
PJP VII | 25 | % | 911 | 177 | 5,785 | L+2.65% | Dec-19 | ||||||||||||||
PJP II | 30 | % | 403 | 73 | 3,492 | 6.12 | % | Nov-23 | |||||||||||||
PJP V | 25 | % | 216 | 166 | 5,242 | 6.47 | % | Aug-19 | |||||||||||||
PJP VI | 25 | % | 45 | (67 | ) | 8,168 | 6.08 | % | Apr-23 | ||||||||||||
G&I Interchange Office LLC (DRA — N. PA) (e) (b) | 20 | % | — | (658 | ) | 174,595 | 5.78 | % | Feb-15 | ||||||||||||
Invesco, L.P. (i) | — | 989 | — | ||||||||||||||||||
Coppell Associates (f) | 50 | % | (1,214 | ) | (45 | ) | 15,747 | 5.75 | % | Feb-16 | |||||||||||
Other | |||||||||||||||||||||
Residence Inn Tower Bridge | 50 | % | 723 | 107 | 13,394 | 5.63 | % | Feb-16 | |||||||||||||
HSRE-Campus Crest IX, LLC (b) | 30 | % | 14,314 | 67 | 90,245 | L+2.20% | Jul-16 | ||||||||||||||
Development Properties | |||||||||||||||||||||
4040 Wilson LLC | 50 | % | 27,415 | (132 | ) | — | |||||||||||||||
Brandywine 1919 Ventures (b) (g) | 50 | % | 12,823 | (21 | ) | — | L+2.25% | Oct-18 | |||||||||||||
TB-BDN Plymouth Apartments | 50 | % | 12,720 | (83 | ) | 29,481 | L+1.70% | Dec-17 | |||||||||||||
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. | ||||||||||||||||||||
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, | December 31, | ||||||||||||||||||||
2014 | 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. | ||||||||||||||||||||
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 | |||||||||||||||||
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 | ||||||||||||||||||||
1919 Ventures | |||||||||||||||||||||
On January 20, 2011, the Company acquired a one acre parcel of land in Philadelphia, Pennsylvania for $9.3 million. The Company thereafter contributed the acquired land into a then newly-formed general partnership, referred to below as “1919 Ventures” in return for a 50.0% general partner interest, with the remaining 50.0% interest owned by an unaffiliated third party, who contributed cash in exchange for its interest. On October 15, 2014, the Company acquired the interest of the unaffiliated third party at fair value, which approximates carrying value. No remeasurement gain or loss on our previous investment was recorded at that time. | |||||||||||||||||||||
On October 21, 2014, the Company admitted an unaffiliated third party, LCOR/CalSTRS ("LCOR") into 1919 Ventures, for $8.2 million, reflecting an agreed upon $16.4 million valuation of the land and improvements incurred by the Company on behalf of 1919 Ventures. After giving effect to settlement date contributions, distributions and credits, the Company and LCOR had each made, as of October 21, 2014, an additional $5.2 million capital contribution to 1919 Ventures for closing costs and development. | |||||||||||||||||||||
As of December 31, 2014, there was no outstanding balance on the construction loan and equity contributions totaled $13.4 million from each of us and LCOR. | |||||||||||||||||||||
Based upon the facts and circumstances at formation of 1919 Ventures, the Company determined that 1919 Ventures is a VIE in accordance with the accounting standard for the consolidation of VIEs since the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partner and therefore does not have controlling financial interests in this VIE. | |||||||||||||||||||||
Austin Venture | |||||||||||||||||||||
On October 16, 2013, the Company contributed a portfolio of seven office properties containing an aggregate of 1,398,826 rentable square feet located in Austin, Texas (the "Austin Properties") to a newly-formed joint venture (the "Austin Venture") with G&I VII Austin Office LLC (“DRA”). DRA and the Company, based on arm's-length negotiation, agreed to an aggregate gross sales price of $330.0 million subject to an obligation on the Company's part to fund the first $5.2 million of post-closing capital expenditures, of which $0.8 million was funded by the Company during 2013 and the remaining $4.4 million was funded by the Company during the twelve months ended December 31, 2014. | |||||||||||||||||||||
DRA owns a 50% interest in the Austin Venture and the Company owns a 50% interest in the Austin Venture, subject to the Company's right to receive up to an additional 10% of distributions. | |||||||||||||||||||||
At the closing the Austin Venture obtained third party debt financing of approximately $230.6 million secured by mortgages on the Austin Properties and used proceeds of this financing together with $49.7 million of cash contributions by DRA (less $1.9 million of closing costs and $6.9 million of closing prorations and lender holdbacks) to fund a $271.5 million distribution to the Company. The Company agreed to fund the first $5.2 million of post-closing capital expenditures on behalf of the Austin Venture, resulting in net proceeds of $266.3 million after funding the Company's capital expenditure obligation. As part of the transaction, the Company's subsidiary management company executed an agreement with the Austin Venture to provide property management and leasing services to the Austin Venture in exchange for a market-based fee. | |||||||||||||||||||||
On April 3, 2014, the Company contributed two three-story, Class A office buildings, commonly known as “Four Points Centre,” containing an aggregate of 192,396 net rentable square feet in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution. | |||||||||||||||||||||
On July 31, 2014, the Austin Venture acquired the Crossings at Lakeline, comprised of two three-story buildings containing an aggregate of 232,274 rentable square feet located in Austin, TX for $48.2 million. The transaction was funded with $34.5 million of proceeds of a 3.87% fixed rate mortgage loan from a non-affiliated institutional lender and $12.8 million (net of $0.9 million in purchase adjustments) of cash capital contributions, with $6.4 million made by each of DRA and the Company. The Austin Venture expensed approximately $0.1 million of transaction costs to acquire the property, net of $0.6 million credit from the seller. | |||||||||||||||||||||
On October 17, 2014, the Austin Venture acquired River Place, comprised of seven Class A office buildings containing 590,881 rentable square feet located in Austin, Texas for $128.1 million. The transaction was funded through a combination of an $88.0 million short-term loan, secured by a mortgage, made by the Company to the Austin Venture and cash capital contributions of $18.9 million made by each of DRA and the Company to the Austin Venture. The short-term financing was provided by the Company and the Austin Venture was seeking permanent financing as of December 31, 2014. The Company accounted the short-term financing as a note receivable. See Note 2, "Summary of Significant Accounting Policies," for the Company's accounting treatment. The debt agreement for the short-term loan provides financing through March 2015 at the following tiered interest rates; (i) 4.0% through December 31, 2014, (ii) 5.0% from January 1, 2015 through January 31, 2015, (iii) 7.0% from February 1, 2015 through February 28, 2015 and (iv) 9.0% from March 1, 2015 through March 31, 2015. The Austin Venture may repay the short-term loan at any time without penalty. See Note 21, "Subsequent Events," for repayment of the short-term financing. The Austin Venture expensed approximately $0.2 million of transaction costs to acquire the property. | |||||||||||||||||||||
The Company and DRA, utilizing additional equity funding of up to $100.0 million per partner, of which approximately $69.0 million remained unfunded at December 31, 2014, intend to jointly pursue additional office opportunities in targeted Austin sub-markets that meet certain investment criteria. | |||||||||||||||||||||
Based upon the facts and circumstances at formation of the Austin Venture, the Company determined that the Austin Venture is not a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Austin Venture. Based upon each member's substantive participating rights over the activities of the Austin Venture under the operating and related agreements of the Austin Venture, it is not consolidated by the Company, and is accounted for under the equity method of accounting. As a result, the Company measured its equity interest at fair value based on the fair value of the Austin Properties and the distribution provisions of the real estate venture agreement. Since the Company retains a non-controlling interest in the Austin Properties and there are no other facts and circumstances that preclude the consummation of a sale, the contribution qualifies as a partial sale of real estate under the relevant guidance for sales of real estate. Accordingly, during the fourth quarter of 2013, the Company recorded a gain of approximately $25.9 million, which is reflected in "Net gain (loss) on real estate venture transactions" on the accompanying statement of operations. | |||||||||||||||||||||
The reconsideration event caused by the $88.0 million short-term financing extended from the Company to the Austin Venture did not change this conclusion reached above at formation, as the Austin Venture has sufficient equity at risk, to support the operations of the venture. The equity at risk does not lack decision making rights. There have been no changes to the operating agreement as a result of the Austin Venture entering into the loan agreement with the Company. In addition, the Company concluded that the financing did not change the allocation of the economic benefits of the venture and remains proportionate to the equity ownership and voting rights. | |||||||||||||||||||||
4040 Wilson Venture | |||||||||||||||||||||
On July 31, 2013, the Company formed 4040 Wilson LLC Venture ("4040 Wilson"), a joint venture between the Company and Ashton Park Associates LLC (“Ashton Park”), an unaffiliated third party. Each of the Company and Ashton Park owns a 50% interest in 4040 Wilson. 4040 Wilson expects to construct a 426,900 square foot office representing the final phase of the eight building, mixed-use, Liberty Center complex developed by the parent company of Ashton Park in the Ballston submarket of Arlington, Virginia. 4040 Wilson expects to develop the office building on a 1.3-acre land parcel contributed by Ashton Park to 4040 Wilson at an agreed upon value of $36.0 million. The total estimated project costs are $194.6 million, which the Company expects will be financed through approximately $72.0 million of partner capital contributions (consisting of land with a value of $36.0 million from Ashton Park and $36.0 million in cash from the Company, of which $26.8 million has been funded to date) with the remaining balance funded by debt financing. As part of the 4040 Wilson venture, the Company has agreed to guarantee 100% of any lender mandated recourse. As of December 31, 2014, the Company had not provided any guarantees in respect of 4040 Wilson. | |||||||||||||||||||||
Based upon the facts and circumstances at formation of 4040 Wilson, the Company determined that 4040 Wilson is a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the variable interest model under the accounting standard for consolidation in order to determine whether to consolidate 4040 Wilson. Based upon each member's shared power over the activities of 4040 Wilson under the operating and related agreements of 4040 Wilson, and the Company's lack of control over the development and construction phases of the project, 4040 Wilson is not consolidated by the Company, and is accounted for under the equity method of accounting. | |||||||||||||||||||||
Two and Six Tower Bridge Exchange Transaction | |||||||||||||||||||||
On June 19, 2013, the Company acquired, from an unaffiliated third party, the third party's ownership interest in the Six Tower Bridge real estate venture through a nonmonetary exchange for the Company's ownership interest in the Two Tower Bridge real estate venture. The Six Tower Bridge real estate venture owns an unencumbered office property in Conshohocken, PA. The Company previously accounted for its noncontrolling interest in Six Tower Bridge using the equity method. As a result of the exchange transaction, the Company obtained control of the Six Tower Bridge property and the Company's existing equity interest was remeasured at fair value based on the fair value of the underlying property and the distribution provisions of the real estate venture agreement. Accordingly, during 2013, the Company recorded a gain of approximately $7.8 million, which is reflected in "Net gain from remeasurement of investments in a real estate ventures" on the accompanying statement of operations. Following the acquisition, the Class A office property in Conshohocken, PA is wholly owned by the Company with an unencumbered fair value of $24.5 million. The Company accounted for this transaction as a business combination and allocated the fair value as follows: $14.8 million to building, $6.9 million to land, $3.3 million to intangible assets and $0.5 million to below market lease liabilities assumed. | |||||||||||||||||||||
As mentioned above, the Company exchanged its non-controlling interest in Two Tower Bridge real estate venture in a nonmonetary transaction with an unaffiliated third party for the third party's interest in the Six Tower Bridge real estate venture. The investment in Two Tower Bridge had a fair value of $3.6 million on the date of the exchange transaction based on the fair value of the venture's equity and the distribution provisions of the real estate venture agreement. Based on this fair value and the carrying value for the Company's investment of $(0.1) million, during 2013 the Company recognized a gain on exchange of interests in real estate ventures of $3.7 million, which is reflected in "Net gain (loss) on real estate venture transactions" on the accompanying statement of operations. | |||||||||||||||||||||
evo at Cira Centre South Venture | |||||||||||||||||||||
On January 25, 2013, the Company formed HSRE-Campus Crest IX Real Estate Venture ("evo at Cira"), a joint venture among the Company and two unaffiliated third parties: Campus Crest Properties, LLC ("Campus Crest") and HSRE-Campus Crest IXA, LLC ("HSRE"). evo at Cira has commenced construction of a 33-story, 850-bed student housing tower located in the University City submarket of Philadelphia, Pennsylvania. Each of the Company and Campus Crest owns a 30% interest in evo at Cira and HSRE owns a 40% interest. evo at Cira is developing the project on a one-acre land parcel held under a long-term ground lease with a third party lessor. The Company contributed to evo at Cira its tenancy rights under a long-term ground lease, together with associated development rights, at an agreed-upon value of $8.5 million. The total estimated project costs are $158.5 million, which will be financed through partner capital contributions totaling $60.7 million, with the remaining $97.8 million being financed through construction facilities provided by unaffiliated institutional lenders. As of December 31, 2014, the Company had funded 100% of its share of the equity contributions. | |||||||||||||||||||||
In connection with the development of evo at Cira, each of the Company and Campus Crest provided, in addition to customary non-recourse carve-out guarantees, a completion and cost overrun guaranty, as well as a payment guaranty, on the construction financing (with the Company's share of the payment guaranty being approximately $24.7 million). | |||||||||||||||||||||
The Company's historical cost basis in the development rights that it contributed to the evo at Cira was $4.0 million, thus creating a $4.5 million basis difference at December 31, 2013 between the Company's initial outside investment basis and its $8.5 million initial equity basis. As this basis difference is not related to a physical land parcel, but rather to development rights to construct evo at Cira, the Company will accrete the basis difference as a reduction of depreciation expense over the life of evo at Cira's assets. | |||||||||||||||||||||
Based upon the facts and circumstances at evo at Cira formation, the Company determined that evo at Cira is a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the variable interest model under the accounting standard for consolidation in order to determine whether to consolidate the evo at Cira. Based upon each member's shared power over the activities of evo at Cira under the operating and related agreements of evo at Cira, and the Company's lack of exclusive control over the development and construction phases of the project, evo at Cira is not consolidated by the Company, and is accounted for under the equity method of accounting. Accordingly, the land parcel and associated development rights contributed by the Company to evo at Cira were deconsolidated by the Company upon formation of evo at Cira. | |||||||||||||||||||||
During the third quarter of 2014, evo at Cira placed into service the student housing tower. At December 31, 2014, the project was substantially complete. | |||||||||||||||||||||
BDN Beacon Venture | |||||||||||||||||||||
On March 26, 2013, the Company sold its entire 20% ownership interest in an unconsolidated real estate venture known as BDN Beacon Venture LLC (the "Beacon Venture"). The carrying amount of the Company's investment in the Beacon Venture amounted to $17.0 million at the sale date, with the Company's proceeds effectively matching the carrying amount. | |||||||||||||||||||||
Guarantees | |||||||||||||||||||||
As of December 31, 2014, the Company has provided guarantees on behalf of certain real estate ventures, consisting of (i) a $24.7 million payment guaranty on the construction loan for the project being undertaken by evo at Cira; (ii) a $3.2 million payment guarantee on the construction loan for a project being undertaken by TB-BDN Plymouth Apartments; and (iii) a $0.5 million payment guarantee on a loan provided to PJP VII. In addition, during construction undertaken by real estate ventures the Company provided and expects to continue to provide cost overrun and completion guarantees, with rights of contribution among partners in the venture, as well as customary environmental indemnities and guarantees of customary exceptions to nonrecourse provisions in loan agreements. |
Deferred_Costs
Deferred Costs | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||
Deferred Costs [Text Block] | DEFERRED COSTS | |||||||||||
As of December 31, 2014 and 2013, the Company’s deferred costs were comprised of the following (in thousands): | ||||||||||||
31-Dec-14 | ||||||||||||
Total Cost | Accumulated | Deferred Costs, | ||||||||||
Amortization | net | |||||||||||
Leasing Costs | $ | 164,081 | $ | (64,065 | ) | $ | 100,016 | |||||
Financing Costs | 40,401 | (15,193 | ) | 25,208 | ||||||||
Total | $ | 204,482 | $ | (79,258 | ) | $ | 125,224 | |||||
31-Dec-13 | ||||||||||||
Total Cost | Accumulated | Deferred Costs, | ||||||||||
Amortization | net | |||||||||||
Leasing Costs | $ | 155,885 | $ | (58,805 | ) | $ | 97,080 | |||||
Financing Costs | 40,317 | (14,443 | ) | 25,874 | ||||||||
Total | $ | 196,202 | $ | (73,248 | ) | $ | 122,954 | |||||
During the years ended December 31, 2014, 2013 and 2012, the Company capitalized internal direct leasing costs of $7.1 million, $7.5 million, and $7.5 million, respectively, in accordance with the accounting standard for the capitalization of leasing costs. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS | |||||||||||
As of December 31, 2014 and 2013, the Company’s intangible assets were comprised of the following (in thousands): | ||||||||||||
December 31, 2014 | ||||||||||||
Total Cost | Accumulated | Intangible Assets, | ||||||||||
Amortization | net | |||||||||||
In-place lease value | $ | 129,411 | $ | (42,068 | ) | $ | 87,343 | |||||
Tenant relationship value | 34,172 | (26,344 | ) | 7,828 | ||||||||
Above market leases acquired | 5,641 | (1,409 | ) | 4,232 | ||||||||
Total | $ | 169,224 | $ | (69,821 | ) | $ | 99,403 | |||||
Below market leases acquired | $ | 53,049 | $ | (27,039 | ) | $ | 26,010 | |||||
31-Dec-13 | ||||||||||||
Total Cost | Accumulated | Intangible Assets, | ||||||||||
Amortization | net | |||||||||||
In-place lease value | $ | 150,782 | $ | (35,607 | ) | $ | 115,175 | |||||
Tenant relationship value | 38,692 | (26,868 | ) | 11,824 | ||||||||
Above market leases acquired | 6,673 | (1,343 | ) | 5,330 | ||||||||
Total | $ | 196,147 | $ | (63,818 | ) | $ | 132,329 | |||||
Below market leases acquired | $ | 81,991 | $ | (47,547 | ) | $ | 34,444 | |||||
For the years ended December 31, 2014, 2013, and 2012, the Company wrote-off through the acceleration of amortization approximately $0.8 million, $1.6 million and $1.4 million, respectively, of intangible assets as a result of tenant move-outs prior to the end of the associated lease term. For the years ended December 31, 2014, December 31, 2013, and December 31, 2012 the Company accelerated amortization of a nominal amount of intangible liabilities as a result of tenant move-outs. | ||||||||||||
As of December 31, 2014, the Company’s annual amortization for its intangible assets/liabilities was as follows (in thousands, and assuming no early lease terminations): | ||||||||||||
Assets | Liabilities | |||||||||||
2015 | $ | 21,363 | $ | 5,212 | ||||||||
2016 | 16,898 | 3,253 | ||||||||||
2017 | 15,148 | 2,664 | ||||||||||
2018 | 11,399 | 2,241 | ||||||||||
2019 | 10,086 | 1,909 | ||||||||||
Thereafter | 24,509 | 10,731 | ||||||||||
Total | $ | 99,403 | $ | 26,010 | ||||||||
Debt_Obligations
Debt Obligations | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
DEBT OBLIGATIONS | DEBT OBLIGATIONS | |||||||||||||||
The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
December 31, | December 31, | Effective | Maturity | |||||||||||||
2014 | 2013 | Interest | Date | |||||||||||||
Rate | ||||||||||||||||
MORTGAGE DEBT: | ||||||||||||||||
Tysons Corner | $ | 89,513 | $ | 91,395 | 5.36 | % | Aug-15 | |||||||||
One Commerce Square | 123,205 | 125,089 | 3.68 | % | (a) | Jan-16 | ||||||||||
Two Logan Square | 87,767 | 88,583 | 7.57 | % | Apr-16 | |||||||||||
Fairview Eleven Tower | 21,242 | 21,630 | 4.25 | % | (b) | Jan-17 | ||||||||||
Two Commerce Square | 112,000 | 112,000 | 4.51 | % | (a) | Apr-23 | ||||||||||
IRS Philadelphia Campus | 184,442 | 190,964 | 7 | % | Sep-30 | |||||||||||
Cira South Garage | 37,765 | 40,101 | 7.12 | % | Sep-30 | |||||||||||
Principal balance outstanding | 655,934 | 669,762 | ||||||||||||||
Plus: fair market value premiums (discounts), net | (1,344 | ) | 389 | |||||||||||||
Total mortgage indebtedness | $ | 654,590 | $ | 670,151 | ||||||||||||
UNSECURED DEBT: | ||||||||||||||||
Three-Year Term Loan - Swapped to fixed | $ | — | $ | 150,000 | 2.6 | % | (c) | Feb-15 | ||||||||
Four-Year Term Loan | — | 100,000 | LIBOR + 1.75% | (c), (d) | Feb-16 | |||||||||||
Seven-Year Term Loan - Swapped to fixed | 200,000 | 200,000 | 3.62 | % | Feb-19 | |||||||||||
$250.0M 5.40% Guaranteed Notes due 2014 | — | 218,549 | 5.53 | % | (e) | Nov-14 | ||||||||||
$250.0M 7.50% Guaranteed Notes due 2015 | — | 157,625 | 7.76 | % | (e) | May-15 | ||||||||||
$250.0M 6.00% Guaranteed Notes due 2016 | 149,919 | 149,919 | 5.95 | % | Apr-16 | |||||||||||
$300.0M 5.70% Guaranteed Notes due 2017 | 300,000 | 300,000 | 5.68 | % | May-17 | |||||||||||
$325.0M 4.95% Guaranteed Notes due 2018 | 325,000 | 325,000 | 5.13 | % | Apr-18 | |||||||||||
$250.0M 3.95% Guaranteed Notes due 2023 | 250,000 | 250,000 | 4.02 | % | Feb-23 | |||||||||||
$250.0M 4.10% Guaranteed Notes due 2024 | 250,000 | — | 4.23 | % | (e) | Oct-24 | ||||||||||
$250.0M 4.55% Guaranteed Notes due 2029 | 250,000 | — | 4.6 | % | (e) | Oct-29 | ||||||||||
Indenture IA (Preferred Trust I) | 27,062 | 27,062 | 2.75 | % | Mar-35 | |||||||||||
Indenture IB (Preferred Trust I) | 25,774 | 25,774 | 3.3 | % | Apr-35 | |||||||||||
Indenture II (Preferred Trust II) | 25,774 | 25,774 | 3.09 | % | Jul-35 | |||||||||||
Principal balance outstanding | 1,803,529 | 1,929,703 | ||||||||||||||
plus: original issue premium (discount), net | (6,811 | ) | (4,473 | ) | ||||||||||||
Total unsecured indebtedness | $ | 1,796,718 | $ | 1,925,230 | ||||||||||||
Total Debt Obligations | $ | 2,451,308 | $ | 2,595,381 | ||||||||||||
(a) | This loan was assumed upon acquisition of the related properties on December 19, 2013. The interest rate reflects the market rate at the time of acquisition. | |||||||||||||||
(b) | Represents the full debt amount of a property in a consolidated joint venture for which the Company maintains a 50% interest. | |||||||||||||||
(c) | On September 16, 2014, the Company repaid all balances outstanding under its $150.0 million three-year term loan and its $100.0 million four-year term loan prior to the scheduled maturity dates of February 1, 2015 and February 1, 2016, respectively. | |||||||||||||||
(d) | London Interbank Offered Rate (“LIBOR”). | |||||||||||||||
(e) | On September 16, 2014, the Company closed on an underwritten offering of $250.0 million 4.10% Guaranteed Notes due 2024 (the "2024 Notes") and $250.0 million 4.55% Guaranteed Notes due 2029 (the "2029 Notes"). The Company used the net proceeds, together with cash on hand, to redeem the remaining outstanding balance of its 5.40% Guaranteed Notes due November 1, 2014 (the "2014 Notes") and its 7.50% Guaranteed Notes due May 15, 2015 (the "2015 Notes"). (See further discussion below). | |||||||||||||||
During 2014, 2013, and 2012, the Company’s weighted-average effective interest rate on its mortgage notes payable was 5.72%, 5.73%, and 6.65%, respectively. As of December 31, 2014 and 2013, the net carrying value of the Company's Properties that are encumbered by mortgage indebtedness was $655.9 million and $669.8 million, respectively. | ||||||||||||||||
On September 16, 2014, the Company closed on an underwritten offering of its 2024 Notes and 2029 Notes (as defined above). The 2024 Notes were priced at 99.388% of their face amount with a yield to maturity of 4.175%, representing a spread at the time of pricing of 1.70%. The 2029 Notes were priced at 99.191% of their face amount with a yield to maturity of 4.625%, representing a spread at the time of pricing of 2.15%. The 2024 Notes and 2029 Notes have been reflected net of discounts of $1.5 million and $2.0 million, respectively, in the consolidated balance sheet as of December 31, 2014. | ||||||||||||||||
The Company used a portion of the net proceeds from the sale of the 2024 Notes and 2029 Notes, aggregating $492.9 million after the deduction for underwriting discounts and offering expenses, to fund its repurchase, through a tender offer, of a portion of 2014 Notes and 2015 Notes (as defined above). Specifically, on September 16, 2014, the Company funded, under the tender offer, $75.1 million in respect of the 2014 Notes and $42.7 million in respect of the 2015 Notes. The Company recognized a $2.6 million loss on early extinguishment of debt related to the total repurchase. | ||||||||||||||||
On September 16, 2014, the Company repaid the entire $150.0 million three-year term loan and $100.0 million four-year term loan prior to their scheduled February 2015 and 2016 maturities, respectively. In connection with these repayments, the Company accelerated $0.3 million of deferred financing amortization expense and also incurred a $0.8 million charge on the termination of associated interest rate swap contracts, as reflected in the Company's consolidated statements of operations. See Note 9, "Risk Management and Use of Financial Instruments," for further information related to the termination of the interest rate swap contracts. | ||||||||||||||||
On September 16, 2014, the Company gave notice of redemption, in full, of the $143.5 million of 2014 Notes that remained outstanding following completion of the tender offer. The Company completed the redemption of the 2014 Notes on October 16, 2014 at a cash redemption price of $1,026.88 per $1,000 principal amount of the 2014 Notes (inclusive of accrued interest to the redemption date). Also on September 16, 2014, the Company gave notice of redemption, in full, of the $114.9 million of 2015 Notes that remained outstanding following completion of the tender offer. The Company completed the redemption of the 2015 Notes on October 16, 2014 at a cash redemption price of $1,070.24 per $1,000 principal amount of the 2015 Notes (inclusive of accrued interest to the redemption date). The Company recognized a $5.0 million loss on early extinguishment of debt related to total repurchase. | ||||||||||||||||
The following table provides additional information on the Company’s repurchase of $376.2 million in aggregate principal amount of its outstanding unsecured notes (consisting of the 2014 Notes and 2015 Notes, as indicated above) during the twelve months ended December 31, 2014 (in thousands): | ||||||||||||||||
Notes | Principal | Repurchase | Gain (Loss) on Early Extinguishment of Debt (b) | Acceleration of Deferred Financing | ||||||||||||
Amount (a) | Amortization | |||||||||||||||
2014 5.40% Notes | $ | 218,549 | $ | 219,404 | $ | (855 | ) | $ | 9 | |||||||
2015 7.50% Notes | 157,625 | 164,364 | (6,739 | ) | 143 | |||||||||||
$ | 376,174 | $ | 383,768 | $ | (7,594 | ) | $ | 152 | ||||||||
During the year-ended December 31, 2013, the Company repurchased $29.3 million of its outstanding unsecured Notes in a series of transactions that are summarized in the following table (in thousands): | ||||||||||||||||
Notes | Principal | Repurchase | Gain (Loss) on Early Extinguishment of Debt (b) | Acceleration of Deferred Financing | ||||||||||||
Amount (a) | Amortization | |||||||||||||||
2014 5.40% Notes | $ | 19,830 | $ | 20,853 | $ | (1,020 | ) | $ | 16 | |||||||
2015 7.50% Notes | 8,910 | 9,945 | (1,036 | ) | 23 | |||||||||||
2016 6.00% Notes | 510 | 571 | (63 | ) | 1 | |||||||||||
$ | 29,250 | $ | 31,369 | $ | (2,119 | ) | $ | 40 | ||||||||
During the year-ended December 31, 2012, the Company repurchased $165.0 million of its outstanding unsecured Notes in a series of transactions that are summarized in the following table (in thousands): | ||||||||||||||||
Notes | Principal | Repurchase | Gain (Loss) on Early Extinguishment of Debt (b) | Acceleration of Deferred Financing Amortization | ||||||||||||
Amount (a) (c) | ||||||||||||||||
2012 5.75% Notes | $ | 301 | $ | 303 | $ | (2 | ) | $ | — | |||||||
2014 5.40% Notes | 4,302 | 4,566 | (264 | ) | 8 | |||||||||||
2015 7.50% Notes | 60,794 | 69,497 | (8,712 | ) | 183 | |||||||||||
2016 6.00% Notes | 99,571 | 112,541 | (13,024 | ) | 260 | |||||||||||
$ | 164,968 | $ | 186,907 | $ | (22,002 | ) | $ | 451 | ||||||||
(a) | Includes cash losses with respect to redemption of debt. | |||||||||||||||
(b) | Includes unamortized balance of the original issue discount. | |||||||||||||||
(c) | Does not include $151.2 million of 5.75% Guaranteed Notes due 2012 that matured. | |||||||||||||||
The Parent Company unconditionally guarantees the unsecured debt obligations of the Operating Partnership (or is a co-borrower with the Operating Partnership) but does not by itself incur unsecured indebtedness. The Parent Company has no material assets other than its investment in the Operating Partnership. | ||||||||||||||||
The Company utilizes its $600.0 million four-year unsecured revolving credit facility (the "Credit Facility") for general business purposes, including funding costs of acquisitions, developments and redevelopments and repayment of other debt. The scheduled maturity date of the Credit Facility in place at December 31, 2014 is February 1, 2016. The per annum variable interest rate on the outstanding balances is LIBOR plus 1.50%. The interest rate and facility fee are subject to adjustment upon a change in the Company’s unsecured debt ratings. There were no outstanding borrowings under the credit facility during the year-ended December 31, 2014. For the year-ended December 31, 2013, the weighted-average interest rate associated with the Credit Facility was 0.29%. As of December 31, 2014, the Company did not have any outstanding borrowings on its Credit Facility, with $4.3 million in letters of credit outstanding, leaving $595.7 million of unused availability under the Credit Facility. | ||||||||||||||||
The Company has the option to increase the amounts available to be advanced under the Credit Facility, subject to customary conditions and limitations, by obtaining additional commitments from the current lenders and other financial institutions. The Company also has the option to extend the maturity date of the Credit Facility. The unsecured $200.0 million seven-year term loan (the "Term Loan") is subject to a prepayment penalty of 1.00% through February 1, 2015 with no penalty thereafter. | ||||||||||||||||
The spread to LIBOR for LIBOR-based loans under the Credit Facility will depend on our unsecured senior debt credit rating. Based on the Company's current credit rating, the spread will be 150 basis points under the Credit Facility and 190 basis points under the seven-year term loan, respectively. At our option, advances under the Credit Facility and Term Loan may also bear interest at a per annum floating rate equal to the higher of the prime rate or the federal funds rate plus 0.50% per annum. The Credit Facility contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loans to us at a reduced rate. The Company executed a hedging transaction that fix the rate on the Term Loan at a 3.623% average for its full term. The hedge commenced on February 1, 2012 and the rate is inclusive of the LIBOR spread based on our current investment grade rating. See Note 9, "Risk Management and Use of Financial Instruments," for details of the interest rate swaps entered into as of December 31, 2014. | ||||||||||||||||
The Credit Facility and Term Loan contain financial and operating covenants and restrictions. The Company was in compliance with all such restrictions and financial covenants as of December 31, 2014. The Credit Facility restricts the Company's dividend distributions to the greater of 95% of funds from operations or the minimum amount necessary for the Company to maintain its status as a REIT. | ||||||||||||||||
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 | ||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||
The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of December 31, 2014 and 2013, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize upon disposition. The use of different estimation methodologies may have a material effect on the estimated fair value amounts shown. The Company believes that the carrying amounts reflected in the consolidated balance sheets at December 31, 2014 and 2013 approximate the fair values for cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued expenses. | ||||||||||||||||
The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage notes payable | $ | 654,590 | $ | 707,241 | $ | 670,151 | $ | 715,244 | ||||||||
Unsecured notes payable | $ | 1,518,108 | $ | 1,593,212 | $ | 1,396,620 | $ | 1,471,041 | ||||||||
Variable rate debt | $ | 278,610 | $ | 257,188 | $ | 528,610 | $ | 526,693 | ||||||||
Notes receivable (a) | $ | 88,000 | $ | 87,692 | $ | 7,026 | $ | 7,759 | ||||||||
(a) | See Note 2, "Summary of Significant Accounting Policies - Notes Receivable," for further discussion. | |||||||||||||||
The fair value of the Company's unsecured notes payable is categorized at a Level 2 basis (as provided by the accounting standard for Fair Value Measurements and Disclosures). This is because the Company valued these instruments using quoted market prices as of December 31, 2014 and 2013. For the fair value of the Company's unsecured notes, the Company uses a discount rate based on the indicative new issue pricing provided by lenders. | ||||||||||||||||
The fair value of the Company's mortgage notes payable, variable rate debt and notes receivable are all categorized at a Level 3 basis (as provided by the accounting standard for Fair Value Measurements and Disclosures). The fair value of the variable rate debt was estimated using a discounted cash flow analysis valuation on the borrowing rates currently available to the Company for loans with similar terms and maturities, as applicable. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a blended market rate for loans with similar terms, maturities and loan-to-value. The fair value of the notes receivable was determined by using the expected cash flows of the notes receivable, and discounting those cash flows using the market rate of interest for mortgage notes with a comparable level of risk. These financial instruments have been categorized as Level 3 because the Company considers the rates used in the valuation techniques to be unobservable inputs. | ||||||||||||||||
For the Company's mortgage loans, the Company uses an estimate based on its knowledge of the mortgage market. The weighted average discount rate for the combined variable rate debt and mortgage loans used as to calculate fair value as of December 31, 2014 was 4.256%. An increase in the discount rate used in the discounted cash flow model would result in a decrease to the fair value of the Company's long-term debt. Conversely, a decrease in the discount rate used in the discounted cash flow model would result in an increase to the fair value of the Company's long-term debt. | ||||||||||||||||
Disclosure about the fair value of financial instruments is based upon pertinent information available to management as of December 31, 2014 and December 31, 2013. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2014, and current estimates of fair value may differ from the amounts presented herein. |
Risk_Management_and_Use_of_Fin
Risk Management and Use of Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||
Risk Management | ||||||||||||||||||||||||||||
In the course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is primarily the risk of inability or unwillingness of tenants to make contractually required payments and of counterparties on derivatives contracts to fulfill their obligations. Market risk is the risk of declines in the value of Company properties due to changes in rental rates, interest rates, supply and demand of similar products and other market factors affecting the valuation of properties. | ||||||||||||||||||||||||||||
Risks and Uncertainties | ||||||||||||||||||||||||||||
In the U.S., market and economic conditions have been improving, resulting in an increase of the volume of real estate transactions in the market. If the economy deteriorates, vacancy rates may increase through 2015 and possibly beyond. The financial markets also have an effect on the Company’s Real Estate Venture partners and contractual counter parties, including counter parties in derivative contracts. | ||||||||||||||||||||||||||||
The Company’s Credit Facility, term loans and the indenture governing its unsecured public debt securities (See Note 7, "Debt Obligations") contain restrictions, requirements and other limitations on the ability to incur indebtedness, including total debt to asset ratios, secured debt to total asset ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt which it must maintain. The ability to borrow under the Credit Facility is subject to compliance with such financial and other covenants. In the event that the Company fails to satisfy these covenants, it would be in default under the Credit Facility, the term loans and the indenture and may be required to repay such debt with capital from other sources. Under such circumstances, other sources of capital may not be available, or may be available only on unattractive terms. | ||||||||||||||||||||||||||||
Availability of borrowings under the Credit Facility is subject to a traditional material adverse effect clause. Each time the Company borrows it must represent to the lenders that there have been no events of a nature which would have a material adverse effect on the business, assets, operations, condition (financial or otherwise) or prospects of the Company taken as a whole or which could negatively affect the ability of the Company to perform its obligations under the Credit Facility. While the Company believes that there are currently no material adverse effect events, it is possible that such an event could arise which would limit the Company’s borrowings under the Credit Facility. If an event occurs which is considered to have a material adverse effect, the lenders could consider the Company in default under the terms of the Credit Facility and any borrowings under the Credit Facility would become unavailable. If the Company is unable to obtain a waiver, this would have a material adverse effect on the Company’s financial position and results of operations. | ||||||||||||||||||||||||||||
The Company was in compliance with all financial covenants as of December 31, 2014. Management continuously monitors the Company’s compliance with and anticipated compliance with the covenants. Certain of the covenants restrict management’s ability to obtain alternative sources of capital. While the Company currently believes it will remain in compliance with its covenants, in the event that the economy deteriorates in the future, the Company may not be able to remain in compliance with such covenants, in which case a default would result absent a lender waiver. | ||||||||||||||||||||||||||||
Use of Derivative Financial Instruments | ||||||||||||||||||||||||||||
The Company’s use of derivative instruments is limited to the utilization of interest rate agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks through derivative financial instruments. | ||||||||||||||||||||||||||||
The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that a derivative is not highly-effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively. The related ineffectiveness would be charged to the consolidated statement of operations. | ||||||||||||||||||||||||||||
The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | ||||||||||||||||||||||||||||
To comply with the provisions of the accounting standard for fair value measurements and disclosures, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | ||||||||||||||||||||||||||||
The following table summarizes the terms and fair values of the Company's derivative financial instruments as of December 31, 2014 and December 31, 2013. The notional amounts provide an indication of the extent of the Company's involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (amounts presented in thousands and included in other liabilities on the Company's consolidated balance sheets). | ||||||||||||||||||||||||||||
Hedge Product | Hedge Type | Designation | Notional Amount | Strike | Trade Date | Maturity Date | Fair value | |||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | |||||||||||||||||||||||||
Assets/(Liabilities) | ||||||||||||||||||||||||||||
Swap | Interest Rate | Cash Flow | (a) | $ | 25,774 | $ | 25,774 | 3.3 | % | December 22, 2011 | January 30, 2021 | $ | (334 | ) | $ | 549 | ||||||||||||
Swap | Interest Rate | Cash Flow | (a) | 25,774 | 25,774 | 3.09 | % | 6-Jan-12 | 30-Oct-19 | (254 | ) | 218 | ||||||||||||||||
Swap | Interest Rate | Cash Flow | (a) | 200,000 | 200,000 | 3.623 | % | December 6-13, 2011 | February 1, 2019 | (2,649 | ) | (545 | ) | |||||||||||||||
Swap | Interest Rate | Cash Flow | (a) | 27,062 | 27,062 | 2.75 | % | December 21, 2011 | September 30, 2017 | (253 | ) | (311 | ) | |||||||||||||||
Swap | Interest Rate | Cash Flow | (a), (b) | — | 77,000 | 2.703 | % | December 9-13, 2011 | February 1, 2016 | — | (887 | ) | ||||||||||||||||
Swap | Interest Rate | Cash Flow | (a), (b) | — | 50,000 | 2.47 | % | December 13, 2011 | February 1, 2015 | — | (283 | ) | ||||||||||||||||
Swap | Interest Rate | Cash Flow | (a), (b) | — | 23,000 | 2.513 | % | December 7-12, 2011 | May 1, 2015 | — | (162 | ) | ||||||||||||||||
$ | 278,610 | $ | 428,610 | $ | (3,490 | ) | $ | (1,421 | ) | |||||||||||||||||||
(a) | Hedging unsecured variable rate debt. | |||||||||||||||||||||||||||
(b) | On September 16, 2014, the Company repaid the entire $150.0 million swapped to fixed portion of its previously mentioned three-year term loan (See Note 7, "Debt Obligations"), consisting of $150.0 million interest rate swaps maturing through February 1, 2016 (shown above). In connection with the repayment, the Company terminated associated hedging contracts, incurring a $0.8 million charge upon termination. | |||||||||||||||||||||||||||
The Company measures its derivative instruments at fair value and records them in the balance sheet as either an asset or liability. As of December 31, 2014, all interest rate swaps are included in other liabilities on the Company's consolidated balance sheet. | ||||||||||||||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||
Concentrations of credit risk arise for the Company when multiple tenants of the Company are engaged in similar business activities, or are located in the same geographic region, or have similar economic features that impact in a similar manner their ability to meet contractual obligations, including those to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. Management believes the current credit risk portfolio is reasonably well diversified and does not contain an unusual concentration of credit risk. No tenant accounted for 10% or more of the Company’s rents during 2014, 2013 and 2012. Conditions in the general economy and the global credit markets have had a significant adverse effect on numerous industries. The Company has tenants concentrated in various industries that may be experiencing adverse effects from the current economic conditions and the Company could be adversely affected if such tenants were to default under their leases. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||||||||||
The Company had no property dispositions classified as discontinued operations during the year ended December 31, 2014. There was nominal income before gain on sales recognized during 2014 relating to properties classified into discontinued operations in prior periods and a $0.9 million gain relating to the post closing activity for the sale of the Princeton Pike Corporate Center completed in the first quarter of 2013. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, income from discontinued operations relates to an aggregate of 28 properties containing approximately 2.0 million net rentable square feet that the Company has sold since January 1, 2012. | ||||||||||||
The following table summarizes revenue and expense information for the properties sold which qualify for discontinued operations reporting since January 1, 2012 (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Rents | $ | — | $ | 4,754 | $ | 28,678 | ||||||
Tenant reimbursements | 26 | 355 | 2,353 | |||||||||
Termination fees | — | — | 11 | |||||||||
Other | — | 123 | 378 | |||||||||
Total revenue | 26 | 5,232 | 31,420 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 8 | 1,839 | 8,687 | |||||||||
Real estate taxes | — | 649 | 3,468 | |||||||||
Depreciation and amortization | — | 1,921 | 10,208 | |||||||||
Total operating expenses | 8 | 4,409 | 22,363 | |||||||||
Other income: | ||||||||||||
Interest income | — | 2 | 7 | |||||||||
Income from discontinued operations before gain on sale of interests in real estate | 18 | 825 | 9,064 | |||||||||
Net gain on disposition of discontinued operations | 900 | 3,382 | 34,774 | |||||||||
Income from discontinued operations | $ | 918 | $ | 4,207 | $ | 43,838 | ||||||
Discontinued operations have not been segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions will not agree with respective data in the consolidated statements of operations. |
Non_Controlling_Interests_in_T
Non Controlling Interests in The Parent Company | 12 Months Ended |
Dec. 31, 2014 | |
Noncontrolling Interest [Abstract] | |
NON-CONTROLLING INTERESTS IN THE PARENT COMPANY | LIMITED PARTNERS' NON-CONTROLLING INTERESTS IN THE PARENT COMPANY |
Non-controlling interests in the Parent Company’s financial statements relate to redeemable common limited partnership interests in the Operating Partnership held by parties other than the Parent Company and properties which are consolidated but not wholly owned. | |
Operating Partnership | |
The aggregate book value of the non-controlling interests associated with the redeemable common limited partnership interests that were consolidated in the accompanying consolidated balance sheet of the Parent Company as of December 31, 2014 and December 31, 2013, was $17.5 million and $20.3 million, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at, on a limited partner basis, the greater of historical cost adjusted for the allocation of income and distributions or fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the number of units outstanding and the closing price of the common shares on the balance sheet date) was approximately $24.5 million and $24.8 million, respectively, as of December 31, 2014 and December 31, 2013. |
Beneficiaries_Equity_of_the_Pa
Beneficiaries Equity of the Parent Company | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||
BENEFICIARIES' EQUITY OF THE PARENT COMPANY | BENEFICIARIES’ EQUITY OF THE PARENT COMPANY | |||||||||||||||||||||||
Earnings per Share (EPS) | ||||||||||||||||||||||||
The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 6,024 | $ | 6,024 | $ | 38,982 | $ | 38,982 | $ | (37,309 | ) | $ | (37,309 | ) | ||||||||||
Net loss attributable to non-controlling interests - partners' share of consolidated real estate ventures | 44 | 44 | — | — | — | — | ||||||||||||||||||
Net (income) loss from continuing operations attributable to non-controlling interests | (1 | ) | (1 | ) | (357 | ) | (357 | ) | 863 | 863 | ||||||||||||||
Amount allocable to unvested restricted shareholders | (349 | ) | (349 | ) | (363 | ) | (363 | ) | (376 | ) | (376 | ) | ||||||||||||
Preferred share dividends | (6,900 | ) | (6,900 | ) | (6,900 | ) | (6,900 | ) | (10,405 | ) | (10,405 | ) | ||||||||||||
Preferred share redemption charge | — | — | — | — | (4,052 | ) | (4,052 | ) | ||||||||||||||||
Income (loss) from continuing operations available to common shareholders | (1,182 | ) | (1,182 | ) | 31,362 | 31,362 | (51,279 | ) | (51,279 | ) | ||||||||||||||
Income from discontinued operations | 918 | 918 | 4,207 | 4,207 | 43,838 | 43,838 | ||||||||||||||||||
Discontinued operations attributable to non-controlling interests | (10 | ) | (10 | ) | (55 | ) | (55 | ) | (797 | ) | (797 | ) | ||||||||||||
Discontinued operations attributable to common shareholders | 908 | 908 | 4,152 | 4,152 | 43,041 | 43,041 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (274 | ) | $ | (274 | ) | $ | 35,514 | $ | 35,514 | $ | (8,238 | ) | $ | (8,238 | ) | ||||||||
Denominator | ||||||||||||||||||||||||
Weighted-average shares outstanding | 166,202,649 | 166,202,649 | 153,140,458 | 153,140,458 | 143,257,097 | 143,257,097 | ||||||||||||||||||
Contingent securities/Share based compensation | — | — | — | 1,273,853 | — | — | ||||||||||||||||||
Total weighted-average shares outstanding | 166,202,649 | 166,202,649 | 153,140,458 | 154,414,311 | 143,257,097 | 143,257,097 | ||||||||||||||||||
Earnings per Common Share: | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.2 | $ | 0.2 | $ | (0.36 | ) | $ | (0.36 | ) | ||||||||
Discontinued operations attributable to common shareholders | 0.01 | 0.01 | 0.03 | 0.03 | 0.3 | 0.3 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | — | $ | — | $ | 0.23 | $ | 0.23 | $ | (0.06 | ) | $ | (0.06 | ) | ||||||||||
The contingent securities/share based compensation impact is calculated using the treasury stock method and relates to employee awards settled in shares of the Parent Company. The effect of these securities is anti-dilutive for periods that the Parent Company incurs a net loss from continuing operations available to common shareholders and therefore is excluded from the dilutive earnings per share calculation in such periods. | ||||||||||||||||||||||||
Redeemable common limited partnership units, totaling 1,535,102 in 2014, 1,763,739 in 2013, and 1,845,737 in 2012, were excluded from the diluted earnings per share computations because they are not dilutive. | ||||||||||||||||||||||||
Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the years ended December 31, 2014, 2013 and 2012, earnings representing nonforfeitable dividends were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the 1997 Plan. | ||||||||||||||||||||||||
Common and Preferred Shares | ||||||||||||||||||||||||
On December 9, 2014, the Parent Company declared a distribution of $0.15 per common share, totaling $27.2 million, which was paid on January 20, 2015 to shareholders of record as of January 6, 2015. On December 9, 2014, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of December 30, 2014. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on January 15, 2015 to holders of Series E Preferred Shares totaled $1.7 million. | ||||||||||||||||||||||||
On August 1, 2014, the Parent Company completed an underwritten offering of 21,850,000 common shares. The Parent Company contributed the net proceeds from the sale of the common shares, amounting to $335.0 million after deducting underwriting discounts and commissions and other offering expenses, to the Operating Partnership in exchange for partnership units of the Operating Partnership. The Operating Partnership intends to use the net proceeds for working capital, capital expenditures and other general corporate purposes, which may include acquisitions, developments and the repayment, repurchase and refinancing of debt. | ||||||||||||||||||||||||
On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2016. This Offering Program replaced a prior continuous equity offering program which expired on March 10, 2013. The Parent Company may sell common shares in amounts and at times to be determined by the Parent Company. Actual sales will depend on a variety of factors to be determined by the Parent Company, including, among others, market conditions, the trading price of the Company’s common shares of beneficial interest and determinations by the Parent Company of the appropriate sources of funding. In conjunction with the Offering Program, the Parent Company engages sales agents who receive compensation, in aggregate, of up to 2% of the gross sales price per share sold. From inception of the Offering Program through December 31, 2014, the Parent Company has not sold any shares under the program, resulting in 16,000,000 remaining shares available for sale. | ||||||||||||||||||||||||
On April 10, 2013, the Parent Company closed a public offering of 12,650,000 common shares, inclusive of 1,650,000 common shares issued upon exercise by the underwriters of the option granted to them to purchase additional shares. The Parent Company contributed the net proceeds from the sale of shares, amounting to $181.5 million after deducting underwriting discounts and commissions and other offering expenses, to the Operating Partnership in exchange for partnership units of the Operating Partnership. The Operating Partnership continues to use the net proceeds for working capital, capital expenditures and other general corporate purposes, which may include acquisitions, developments and the repayment, repurchase and refinancing of debt. | ||||||||||||||||||||||||
Common Share Repurchases | ||||||||||||||||||||||||
The Parent Company maintains a share repurchase program under which it may repurchase its common shares from time to time in accordance with limits set by the Board of Trustees. | ||||||||||||||||||||||||
The Parent Company did not repurchase any shares under the share repurchase program during the year-ended December 31, 2014. As of December 31, 2014, the Parent Company may purchase an additional 539,200 shares under the program. | ||||||||||||||||||||||||
Repurchases may be made from time to time in the open market or in privately negotiated transactions, subject to market conditions and compliance with legal requirements. The share repurchase program does not contain any time limitation and does not obligate the Parent Company to repurchase any shares. The Parent Company may discontinue the program at any time. |
Partners_Equity_of_The_Operati
Partners Equity of The Operating Partnership | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||
PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP | PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP | |||||||||||||||||||||||
Earnings per Common Partnership Unit | ||||||||||||||||||||||||
The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 6,024 | $ | 6,024 | $ | 38,982 | $ | 38,982 | $ | (37,309 | ) | $ | (37,309 | ) | ||||||||||
Amount allocable to unvested restricted unitholders | (349 | ) | (349 | ) | (363 | ) | (363 | ) | (376 | ) | (376 | ) | ||||||||||||
Preferred unit dividends | (6,900 | ) | (6,900 | ) | (6,900 | ) | (6,900 | ) | (10,405 | ) | (10,405 | ) | ||||||||||||
Net loss attributable to non-controlling interests | 44 | 44 | — | — | — | — | ||||||||||||||||||
Preferred unit redemption charge | — | — | — | — | (4,052 | ) | (4,052 | ) | ||||||||||||||||
Income (loss) from continuing operations available to common unitholders | (1,181 | ) | (1,181 | ) | 31,719 | 31,719 | (52,142 | ) | (52,142 | ) | ||||||||||||||
Discontinued operations attributable to common unitholders | 918 | 918 | 4,207 | 4,207 | 43,838 | 43,838 | ||||||||||||||||||
Net income (loss) attributable to common unitholders | $ | (263 | ) | $ | (263 | ) | $ | 35,926 | $ | 35,926 | $ | (8,304 | ) | $ | (8,304 | ) | ||||||||
Denominator | ||||||||||||||||||||||||
Weighted-average units outstanding | 167,942,246 | 167,942,246 | 154,929,545 | 154,929,545 | 145,883,217 | 145,883,217 | ||||||||||||||||||
Contingent securities/Unit based compensation | — | — | — | 1,273,853 | — | — | ||||||||||||||||||
Total weighted-average units outstanding | 167,942,246 | 167,942,246 | 154,929,545 | 156,203,398 | 145,883,217 | 145,883,217 | ||||||||||||||||||
Earnings per Common Partnership Unit: | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to common unitholders | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.2 | $ | 0.2 | $ | (0.36 | ) | $ | (0.36 | ) | ||||||||
Discontinued operations attributable to common unitholders | 0.01 | 0.01 | 0.03 | 0.03 | 0.3 | 0.3 | ||||||||||||||||||
Net income (loss) attributable to common unitholders | $ | — | $ | — | $ | 0.23 | $ | 0.23 | $ | (0.06 | ) | $ | (0.06 | ) | ||||||||||
Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per unit. For the years ended December 31, 2014, 2013 and 2012, earnings representing nonforfeitable dividends were allocated to the unvested restricted units issued to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan. | ||||||||||||||||||||||||
Common Partnership Units and Preferred Mirror Units | ||||||||||||||||||||||||
The Operating Partnership issues partnership units to the Parent Company in exchange for the contribution of the net proceeds of any equity security issuance by the Parent Company. The number and terms of such partnership units correspond to the number and terms of the related equity securities issued by the Parent Company. In addition, the Operating Partnership may also issue separate classes of partnership units. Historically, the Operating Partnership has had the following types of partnership units outstanding (i) Preferred Partnership Units which have been issued to parties other than the Parent Company (ii) Preferred Mirror Partnership Units which have been issued to the Parent Company and (iii) Common Partnership Units which include both interests held by the Parent Company and those held by other limited partners. | ||||||||||||||||||||||||
Preferred Mirror Partnership Units | ||||||||||||||||||||||||
In exchange for the proceeds received in corresponding offerings by the Parent Company of preferred units of beneficial interest, the Operating Partnership has issued to the Parent Company a corresponding amount of Preferred Mirror Partnership Units with terms consistent with that of the preferred securities issued by the Parent Company. | ||||||||||||||||||||||||
Common Partnership Units (Redeemable and General) | ||||||||||||||||||||||||
The Operating Partnership has two classes of Common Partnership Units: (i) Class A Limited Partnership Interest which are held by both the Parent Company and outside third parties and (ii) General Partnership Interests which are held by the Parent Company (collectively, the Class A Limited Partnership Interest, and General Partnership Interests are referred to as “Common Partnership Units”). The holders of the Common Partnership Units are entitled to share in cash distributions from, and in profits and losses of, the Operating Partnership, in proportion to their respective percentage interests, subject to preferential distributions on the preferred mirror units and the preferred units. | ||||||||||||||||||||||||
The Common Partnership Units held by the Parent Company (comprised of both General Partnership Units and Class A Limited Partnership Units) are presented as partner’s equity in the consolidated financial statements. Class A Limited Partnership Interest held by parties other than the Parent Company are redeemable at the option of the holder for a like number of common shares of the Parent Company, or cash, or a combination thereof, at the election of the Parent Company. Because the form of settlement of these redemption rights are not within the control of the Operating Partnership, these Common Partnership Units have been excluded from partner’s equity and are presented as redeemable limited partnership units measured at the potential cash redemption value as of the end of the periods presented based on the closing market price of the Parent Company’s common shares at December 31, 2014, 2013 and 2012, which was $15.98, $14.09, $12.19, respectively. As of December 31, 2014 and 2013, 1,535,102 and 1,763,739 of Class A Units, respectively, were outstanding and owned by outside limited partners of the Operating Partnership. | ||||||||||||||||||||||||
On December 9, 2014, the Operating Partnership declared a distribution of $0.15 per common unit, totaling $27.2 million, which was paid on January 20, 2015 to unitholders of record as of January 6, 2015. On December 9, 2014, the Operating Partnership declared distributions on its Series E Preferred Units to holders of record as of December 30, 2014. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on January 15, 2015 to holders of Series E Preferred Shares totaled $1.7 million. | ||||||||||||||||||||||||
On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2013. This Offering Program replaced a prior continuous equity offering program which expired on March 10, 2013. The Parent Company may sell common shares in amounts and at times to be determined by the Parent Company. Actual sales will depend on a variety of factors to be determined by the Parent Company, including, among others, market conditions, the trading price of the Company’s common shares of beneficial interest and determinations by the Parent Company of the appropriate sources of funding. In conjunction with the Offering Program, the Parent Company engages sales agents who receive compensation, in aggregate, of up to 2% of the gross sales price per share sold. From inception of the Offering Program through December 31, 2014 the Parent Company has not sold any shares under the program, resulting in 16,000,000 remaining shares available for sale. Generally, the Parent Company contributes the net proceeds from the sales to the Operating Partnership, which the Operating Partnership in turn uses for general corporate purposes. | ||||||||||||||||||||||||
Common Unit Repurchases | ||||||||||||||||||||||||
The Parent Company did not repurchase any shares under its share repurchase program during the year-ended December 31, 2014 and accordingly, during the year-ended December 31, 2014, the Operating Partnership did not repurchase any units in connection with the Parent Company’s share repurchase program. |
Share_Based_and_Deferred_Compe
Share Based and Deferred Compensation | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
SHARE BASED AND DEFERRED COMPENSATION | SHARE BASED COMPENSATION, 401(k) PLAN AND DEFERRED COMPENSATION | |||||||||||||||||||
Stock Options | ||||||||||||||||||||
At December 31, 2014, options exercisable for 2,684,795 common shares were outstanding under the Parent Company's shareholder approved equity incentive plan (referred to as the "Equity Incentive Plan"). During the year ended December 31, 2014, the Company recognized compensation expense related to unvested options that was nominal. For the years ended December 31, 2013 and 2012, the Company recognized compensation expense related to unvested options of $0.7 million, and $1.6 million, respectively. During the year ended December 31, 2014, the Company also capitalized a nominal amount of compensation expense as part of the Company’s review of employee salaries eligible for capitalization. For the years ended December 31, 2013 and 2012, the Company capitalized $0.1 million and $0.5 million, respectively. | ||||||||||||||||||||
Option activity as of December 31, 2014 and changes during the year-ended December 31, 2014 were as follows: | ||||||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate Intrinsic | |||||||||||||||||
Average | Remaining Contractual | Value | ||||||||||||||||||
Exercise Price | Term (in years) | |||||||||||||||||||
Outstanding at January 1, 2014 | 2,983,569 | $ | 15.5 | 5.15 | $ | — | ||||||||||||||
Exercised | (184,116 | ) | $ | 11.65 | 671,008 | |||||||||||||||
Forfeited/Expired | (114,658 | ) | $ | 20.61 | ||||||||||||||||
Outstanding at December 31, 2014 | 2,684,795 | $ | 15.55 | 4.1 | $ | 1,152,891 | ||||||||||||||
Vested/Exercisable at December 31, 2014 | 2,684,795 | $ | 15.55 | 4.1 | $ | 1,152,891 | ||||||||||||||
401(k) Plan | ||||||||||||||||||||
The Company sponsors a 401(k) defined contribution plan for its employees. Each employee may contribute up to 100% of annual compensation, subject to specific limitations under the Internal Revenue Code. At its discretion, the Company can make matching contributions equal to a percentage of the employee’s elective contribution and profit sharing contributions. Employees automatically vest in employer contributions. The Company contributions were $0.4 million in each of 2014, 2013 and 2012. | ||||||||||||||||||||
Restricted Share Awards | ||||||||||||||||||||
As of December 31, 2014, 540,066 restricted shares were outstanding under the Equity Incentive Plan and vest over three years from the initial grant dates. The remaining compensation expense to be recognized at December 31, 2014 was approximately $2.4 million, and is expected to be recognized over a weighted average remaining vesting period of 1.4 years. During 2014, the Company recognized compensation expense related to outstanding restricted shares of $2.7 million, of which $0.6 million was capitalized as part of the Company’s review of employee salaries eligible for capitalization. For the years ended December 31, 2013 and 2012, the Company recognized $3.2 million (of which $0.6 million was capitalized) and $3.4 million (of which $0.9 million was capitalized), respectively, of compensation expense included in general and administrative expense in the respective periods related to outstanding restricted shares. | ||||||||||||||||||||
The following table summarizes the Company’s restricted share activity during the year-ended December 31, 2014: | ||||||||||||||||||||
Shares | Weighted | |||||||||||||||||||
Average Grant | ||||||||||||||||||||
Date Fair value | ||||||||||||||||||||
Non-vested at January 1, 2014 | 563,713 | $ | 12.56 | |||||||||||||||||
Granted | 229,119 | 14.47 | ||||||||||||||||||
Vested | (234,169 | ) | 13.44 | |||||||||||||||||
Forfeited | (18,597 | ) | 12.67 | |||||||||||||||||
Non-vested at December 31, 2014 | 540,066 | $ | 12.21 | |||||||||||||||||
On March 11, 2014 and March 12, 2014, the Compensation Committee of the Company’s Board of Trustees awarded restricted shares, of which 131,641 cliff vest after three years from the grant date. Of these shares, 2,396 were canceled, leaving 129,245 unvested as of December 31, 2014. The remaining 69,794 shares vest ratably over three years, of which 3,839 were canceled, leaving 65,955 unvested. In addition, on May 29, 2014, 27,684 restricted shares were granted and will vest ratably over three years. Restricted shares that cliff vest are subject to acceleration upon a change in control or if the recipient of the award were to die, become disabled or, in certain cases, retire in a qualifying retirement. Qualifying retirement generally means the recipient’s voluntary termination of employment after reaching at least age 57 and accumulating at least 15 years of service with the Company. In accordance with the accounting standard for stock-based compensation, the Company amortizes stock-based compensation costs through the qualifying retirement dates for those executives who meet the conditions for qualifying retirement during the scheduled vesting period. | ||||||||||||||||||||
Restricted Performance Share Units Plan | ||||||||||||||||||||
The Compensation Committee of the Parent Company’s Board of Trustees has granted performance share-based awards (referred to as Restricted Performance Share Units, or RPSUs) to officers of the Parent Company. The RPSUs are settled in common shares, with the number of common shares issuable in settlement determined based on the Company’s total shareholder return over specified measurement periods compared to total shareholder returns of comparative groups over the measurement periods. The table below presents certain information as to RPSU awards. | ||||||||||||||||||||
RPSU Grant | ||||||||||||||||||||
3/1/12 | 2/25/13 | 3/11/14 | 3/12/14 | Total | ||||||||||||||||
(Amounts below in shares, unless otherwise noted) | ||||||||||||||||||||
Non-vested at January 1, 2014 | 242,122 | 231,093 | — | — | 473,215 | |||||||||||||||
Units Granted | — | — | 134,284 | 61,720 | 196,004 | |||||||||||||||
Units Canceled | (34,739 | ) | (31,516 | ) | (3,567 | ) | — | (69,822 | ) | |||||||||||
Non-vested at December 31, 2014 | 207,383 | 199,577 | 130,717 | 61,720 | 599,397 | |||||||||||||||
Measurement Period Commencement Date | 1/1/12 | 1/1/13 | 1/1/14 | 1/1/14 | ||||||||||||||||
Measurement Period End Date | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/16 | ||||||||||||||||
Units Granted | 265,222 | 231,093 | 134,284 | 61,720 | ||||||||||||||||
Fair Value of Units on Grant Date (in thousands) | $ | 4,273 | $ | 4,137 | $ | 2,624 | $ | 1,225 | ||||||||||||
The Company values each RPSU on its grant date using a Monte Carlo simulation. The fair values of each award are being amortized over the three year cliff vesting period. The vesting of RPSUs is subject to acceleration upon a change in control or if the recipient of the award were to die, become disabled or retire in a qualifying retirement prior to the vesting date. In accordance with the accounting standard for stock-based compensation, the Company amortizes stock-based compensation costs through the qualifying retirement date for those executives who meet the conditions for qualifying retirement during the schedule vesting period. | ||||||||||||||||||||
For the year ended December 31, 2014, the Company recognized total compensation expense for the 2014, 2013 and 2012 RPSU awards of $3.2 million, of which $1.1 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. For the year ended December 31, 2013, the Company recognized total compensation expense for the 2013, 2012 and 2011 RPSU awards of $4.4 million, of which $0.8 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. For the year ended December 31, 2012, the Company recognized total compensation expense for the 2012, 2011 and 2010 RPSU awards of $3.5 million, of which $1.2 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. | ||||||||||||||||||||
The remaining compensation expense to be recognized at December 31, 2014 was approximately $2.1 million, and is expected to be recognized over a weighted average remaining vesting period of 1.0 year. | ||||||||||||||||||||
The Company issued 150,829 common shares on March 1, 2014 in settlement of RPSUs that had been awarded on March 2, 2011 (with a three-year measurement period ended December 31, 2013). Holders of these RPSUs also received a cash dividend of $0.15 per share for these common shares on February 7, 2014. | ||||||||||||||||||||
Employee Share Purchase Plan | ||||||||||||||||||||
The Parent Company’s shareholders approved the 2007 Non-Qualified Employee Share Purchase Plan (the “ESPP”), which is intended to provide eligible employees with a convenient means to purchase common shares of the Parent Company through payroll deductions and voluntary cash purchases at an amount equal to 85% of the average closing price per share for a specified period. Under the plan document, the maximum participant contribution for the 2014 plan year is limited to the lesser of 20% of compensation or $50,000. The ESPP allows the Parent Company to make open market purchases, which reflects all purchases made under the plan to date. In addition, the number of shares separately reserved for issuance under the ESPP is 1.25 million. During the year-ended December 31, 2014, 2013 and 2012, employees made purchases under the ESPP of $0.4 million and the Company recognized $0.1 million of compensation expense related to the ESPP. Compensation expense represents the 15% discount on the purchase price. The Board of Trustees of the Parent Company may terminate the ESPP at its sole discretion at any time. | ||||||||||||||||||||
Deferred Compensation | ||||||||||||||||||||
In January 2005, the Parent Company adopted a Deferred Compensation Plan (the “Plan”) that allows trustees and certain key employees to voluntarily defer compensation. Compensation expense is recorded for the deferred compensation and a related liability is recognized. Participants may elect designated benchmark investment options for the notional investment of their deferred compensation. The deferred compensation obligation is adjusted for deemed income or loss related to the investments selected. At the time the participants defer compensation, the Company records a liability, which is included in the Company’s consolidated balance sheet. The liability is adjusted for changes in the market value of the participant-selected investments at the end of each accounting period, and the impact of adjusting the liability is recorded as an increase or decrease to compensation cost. | ||||||||||||||||||||
The Company has purchased mutual funds which can be utilized as a funding source for the Company’s obligations under the Plan. Participants in the Plan have no interest in any assets set aside by the Company to meet its obligations under the Plan. For the year ended December 31, 2014, the Company recorded a nominal amount of deferred compensation costs, net of investments in the company-owned policies and mutual funds. For the years ended December 31, 2013 and 2012 the Company recorded net increases in compensation costs of $0.2 million and $0.3 million, respectively, net of investments in the company-owned policies and mutual funds. | ||||||||||||||||||||
Participants in the Plan may elect to have all or a portion of their deferred compensation invested in the Company’s common shares. The Company holds these shares in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. The Plan does not permit diversification of a participant’s deferral allocated to the Company common shares and deferrals allocated to Company common shares can only be settled with a fixed number of shares. In accordance with the accounting standard for deferred compensation arrangements where amounts earned are held in a rabbi trust and invested, the deferred compensation obligation associated with the Company’s common shares is classified as a component of shareholder’s equity and the related shares are treated as shares to be issued and are included in total shares outstanding. At December 31, 2014 and 2013, 0.4 million and 0.3 million of such shares, respectively, were included in total shares outstanding. Subsequent changes in the fair value of the common shares are not reflected in operations or shareholders’ equity of the Company. |
Distributions
Distributions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Distributions [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | DISTRIBUTIONS | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Common Share Distributions: | ||||||||||||
Ordinary income | $ | 0.41 | $ | 0.52 | $ | 0.39 | ||||||
Capital gain | 0.02 | — | — | |||||||||
Non-taxable distributions | 0.17 | 0.08 | 0.21 | |||||||||
Distributions per share | $ | 0.6 | $ | 0.6 | $ | 0.6 | ||||||
Percentage classified as ordinary income | 69 | % | 87 | % | 65 | % | ||||||
Percentage classified as capital gain | 3.3 | % | — | % | — | % | ||||||
Percentage classified as non-taxable distribution | 27.7 | % | 13 | % | 35 | % | ||||||
Preferred Share Distributions: | ||||||||||||
Total distributions declared | $ | 6,900 | $ | 6,900 | $ | 10,405 | ||||||
Percentage classified as ordinary income | 100 | % | 100 | % | 100 | % |
Tax_Credit_Transactions
Tax Credit Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |
TAX CREDIT TRANSACTIONS | TAX CREDIT TRANSACTIONS |
Historic Tax Credit Transaction | |
On November 17, 2008, the Company closed a transaction with US Bancorp (“USB”) related to the historic rehabilitation of the IRS Philadelphia Campus, a 862,692 square foot office building that is 100% leased to the IRS. On August 27, 2010, the Company completed the development of the IRS Philadelphia Campus and the IRS lease commenced. In connection with this completed development project, USB contributed to the Company $64.1 million of total project costs. | |
In exchange for its contributions to the development of the IRS Philadelphia Campus, USB is entitled to substantially all of the benefits derived from the tax rehabilitation credits available under section 47 of the Internal Revenue Code. USB does not have a material interest in the underlying economics of the property. This transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase USB’s interest in the IRS Philadelphia Campus. The Company believes the put will be exercised and the amount attributed to that puttable non-controlling interest obligation is included in other liabilities and is being accreted to the expected fixed put price. | |
Based on the contractual arrangements that obligate the Company to deliver tax benefits and provide other guarantees to USB and that entitle the Company through fee arrangements to receive substantially all available cash flow from the IRS Philadelphia Campus, the Company concluded that the IRS Philadelphia Campus should be consolidated. The Company also concluded that capital contributions received from USB, in substance, are consideration that the Company receives in exchange for its obligation to deliver tax credits and other tax benefits to USB. These receipts other than the amounts allocated to the put obligation will be recognized as revenue in the consolidated financial statements beginning when the obligation to USB is relieved which occurs upon delivery of the expected tax benefits net of any associated costs. The tax credit is subject to 20% recapture per year beginning one year after the completion of the IRS Philadelphia Campus. The total remaining USB contributions presented within the Company’s consolidated balance sheet amounted to $15.1 million as of December 31, 2014 and $26.8 million as of December 31, 2013. The contributions were recorded net of the amounts allocated to non-controlling interest for 2014 and 2013, as described above, of $3.0 million and $2.8 million at the end of the years ended December 31, 2014 and December 31, 2013, respectively, with the remaining balance being presented within deferred income. Beginning in September 2011 to September 2015, the Company recognized and will recognize the cash received as revenue net of allocated expenses over the five year credit recapture period as defined in the Internal Revenue Code within other income (expense) in its consolidated statements of operations. During the years-ended December 31, 2014 and 2013, the Company recognized $11.9 million of the cash received as revenue, net of $0.5 million of allocated expenses within other income (expense) in its consolidated statements of operations. | |
Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as expense in the consolidated financial statements upon the recognition of the related revenue as discussed above. The deferred costs at December 31, 2014 and December 31, 2013 are $0.5 million and $1.0 million, respectively, and are included in other assets in the Company’s consolidated balance sheet. Amounts included in interest expense related to the accretion of the non-controlling interest liability and the 2% return expected to be paid to USB on its non-controlling interest aggregates to $1.4 million, for the years ended December 31, 2014 and 2013, respectively, and $1.3 million for the year ended December 31, 2012. | |
New Markets Tax Credit Transaction | |
On December 30, 2008, the Company entered into a transaction with USB related to the Cira South Garage in Philadelphia, Pennsylvania and expects to receive a net benefit of $8.0 million under a qualified New Markets Tax Credit Program (“NMTC”). The NMTC was provided for in the Community Renewal Tax Relief Act of 2000 (the “Act”) and is intended to induce investment capital in under-served and impoverished areas of the United States. The Act permits taxpayers (whether companies or individuals) to claim credits against their Federal income taxes for up to 39% of qualified investments in qualified, active low-income businesses or ventures. | |
USB contributed $13.3 million into the development of the Cira South Garage and as such it is entitled to substantially all of the benefits derived from the tax credit, but it does not have a material interest in the underlying economics of the Cira South Garage. This transaction also includes a put/call provision whereby the Company may be obligated or entitled to repurchase USB’s interest. The Company believes the put will be exercised and an amount attributed to that obligation is included in other liabilities and is being accreted to the expected fixed put price. The said put price is insignificant. | |
Based on the contractual arrangements that obligate the Company to deliver tax benefits and provide various other guarantees to USB, the Company concluded that the investment entities established to facilitate the NMTC transaction should be consolidated. The USB contribution of $13.3 million is included in deferred income on the Company’s consolidated balance sheets at each of the years ended December 31, 2014 and December 31, 2013. The USB contribution other than the amount allocated to the put obligation will be recognized as income in the consolidated financial statements when the tax benefits are delivered without risk of recapture to the tax credit investors and the Company’s obligation is relieved. The Company anticipates that it will recognize the net cash received as revenue within other income/expense in the year ended December 31, 2015. The NMTC is subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. The Company expects that the put/call provision will be exercised in 2017. | |
Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as expense in the consolidated financial statements upon the recognition of the related revenue as discussed above. The deferred cost at each of the years ended December 31, 2014 and December 31, 2013 is $5.3 million, and is included in other assets in the Company’s consolidated balance sheet. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||
The following table details the components of accumulated other comprehensive income (loss) of the Parent Company and the Operating Partnership as of and for the three years ended December 31, 2014 (in thousands): | |||||
Parent Company | Cash Flow | ||||
Hedges | |||||
Balance at January 1, 2012 | $ | (6,079 | ) | ||
Change during year | (7,338 | ) | |||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | 187 | ||||
Settlement of interest rate swaps | (2,985 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 297 | ||||
Balance at December 31, 2012 | $ | (15,918 | ) | ||
Change during year | 12,789 | ||||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | (152 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 286 | ||||
Balance at December 31, 2013 | $ | (2,995 | ) | ||
Change during year | (1,190 | ) | |||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | 18 | ||||
Settlement of interest rate swaps | (828 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 388 | ||||
Balance at December 31, 2014 | $ | (4,607 | ) | ||
Operating Partnership | Cash Flow | ||||
Hedges | |||||
Balance at January 1, 2012 | $ | (6,426 | ) | ||
Change during year | (7,338 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 297 | ||||
Settlement of interest rate swaps | (2,985 | ) | |||
Balance at December 31, 2012 | $ | (16,452 | ) | ||
Change during year | 12,789 | ||||
Reclassification adjustments for (gains)/losses reclassified into operations | 286 | ||||
Balance at December 31, 2013 | $ | (3,377 | ) | ||
Change during year | (1,190 | ) | |||
Settlement of interest rate swaps | (828 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 388 | ||||
Balance at December 31, 2014 | $ | (5,007 | ) | ||
Over time, the unrealized gains and losses held in Accumulated Other Comprehensive Income (“AOCI”) will be reclassified to interest expense when the related hedged items are recognized in earnings. The current balance held in AOCI is expected to be reclassified to interest expense for realized losses on forecasted debt transactions over the related term of the debt obligation, as applicable. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company was managing its portfolio within seven segments: (1) Pennsylvania, (2) Philadelphia Central Business District (CBD), (3) Metropolitan Washington, D.C., (4) New Jersey/Delaware, (5) Richmond, Virginia, (6) Austin, Texas and (7) California. The Pennsylvania segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia and southern Maryland. The New Jersey/Delaware segment includes properties in Burlington and Camden counties in New Jersey and in New Castle county in the state of Delaware. The Richmond, Virginia segment includes properties primarily in Albemarle, Chesterfield, Goochland and Henrico counties and one property in Durham, North Carolina. The Austin, Texas segment includes properties in Austin. On April 3, 2014, the Company contributed Four Points Centre to the Austin Venture. After contributing this property, the Company does not wholly own any operating properties in Austin, Texas (For additional information, see Note 4, "Investment In Unconsolidated Ventures"). The California segment includes properties in Oakland, Concord, and Carlsbad. The corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress are transferred to operating properties by region upon completion of the associated construction or project. | ||||||||||||||||||||||||||||||||||||
The following tables provide selected asset information and results of operations of the Company's reportable segments for the three years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||
Philadelphia CBD (a) | $ | 1,338,655 | $ | 1,300,666 | $ | 988,590 | ||||||||||||||||||||||||||||||
Pennsylvania Suburbs | 1,178,470 | 1,199,105 | 1,178,730 | |||||||||||||||||||||||||||||||||
Metropolitan Washington, D.C. | 1,183,652 | 1,214,965 | 1,193,200 | |||||||||||||||||||||||||||||||||
New Jersey/Delaware | 392,581 | 414,716 | 546,644 | |||||||||||||||||||||||||||||||||
Richmond, Virginia | 317,076 | 310,397 | 309,923 | |||||||||||||||||||||||||||||||||
California | 193,258 | 192,584 | 223,736 | |||||||||||||||||||||||||||||||||
Austin, Texas (b) | — | 36,856 | 285,346 | |||||||||||||||||||||||||||||||||
$ | 4,603,692 | $ | 4,669,289 | $ | 4,726,169 | |||||||||||||||||||||||||||||||
Assets held for sale (c) | 27,436 | — | — | |||||||||||||||||||||||||||||||||
Operating Properties | $ | 4,631,128 | $ | 4,669,289 | $ | 4,726,169 | ||||||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||||||||
Construction-in-progress | $ | 201,360 | $ | 74,174 | $ | 48,950 | ||||||||||||||||||||||||||||||
Land inventory | $ | 90,603 | $ | 93,351 | $ | 102,439 | ||||||||||||||||||||||||||||||
(a) | On December 19, 2013, the Company acquired 99% of the common interests in the One and Two Common Square partnerships. See Note 3, "Real Estate Investments," for further information on the acquisition. | |||||||||||||||||||||||||||||||||||
(b) | On April 3, 2014, the Company contributed two three-story, Class A office buildings, containing an aggregate of 192,396 net rentable square feet, known as Four Points Centre in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution. | |||||||||||||||||||||||||||||||||||
(c) | On December 31, 2014, the Company was actively marketing for sale of its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations. Accordingly, the real estate investments remained in the New Jersey/Delaware segment as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
Years ended | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Total revenue | Operating expenses (b) | Net operating income | Total revenue | Operating expenses (b) | Net operating income | Total revenue | Operating expenses | Net Operating income | ||||||||||||||||||||||||||||
Philadelphia CBD | $ | 201,809 | $ | (75,262 | ) | $ | 126,547 | $ | 146,081 | $ | (55,702 | ) | $ | 90,379 | $ | 131,592 | $ | (50,787 | ) | $ | 80,805 | |||||||||||||||
Pennsylvania Suburbs | 160,630 | (55,062 | ) | 105,568 | 153,426 | (54,506 | ) | 98,920 | 150,075 | (52,657 | ) | 97,418 | ||||||||||||||||||||||||
Metropolitan Washington, D.C. | 113,834 | (43,399 | ) | 70,435 | 116,048 | (42,641 | ) | 73,407 | 107,656 | (41,485 | ) | 66,171 | ||||||||||||||||||||||||
New Jersey/Delaware | 60,403 | (31,650 | ) | 28,753 | 60,262 | (29,981 | ) | 30,281 | 59,671 | (28,506 | ) | 31,165 | ||||||||||||||||||||||||
Richmond, Virginia | 34,180 | (15,399 | ) | 18,781 | 35,058 | (14,916 | ) | 20,142 | 35,701 | (14,484 | ) | 21,217 | ||||||||||||||||||||||||
California | 19,388 | (10,165 | ) | 9,223 | 18,369 | (9,411 | ) | 8,958 | 17,463 | (9,043 | ) | 8,420 | ||||||||||||||||||||||||
Austin, Texas (a) | 5,610 | (3,223 | ) | 2,387 | 31,451 | (13,298 | ) | 18,153 | 32,379 | (13,951 | ) | 18,428 | ||||||||||||||||||||||||
Corporate | 1,128 | (1,805 | ) | (677 | ) | 1,515 | (1,314 | ) | 201 | 1,142 | 65 | 1,207 | ||||||||||||||||||||||||
Operating Properties | $ | 596,982 | $ | (235,965 | ) | $ | 361,017 | $ | 562,210 | $ | (221,769 | ) | $ | 340,441 | $ | 535,679 | $ | (210,848 | ) | $ | 324,831 | |||||||||||||||
(a) | On April 3, 2014, the Company contributed two three-story, Class A office buildings, containing an aggregate of 192,396 net rentable square feet, known as Four Points Centre in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution. Accordingly, the Company's 50% interest in the financial results of this property for the period subsequent to April 3, 2014 is reported as a component of 'Equity in income (loss) of real estate ventures' in the Company's consolidated statements of operations and, as a result, no longer included as a component of net operating income. | |||||||||||||||||||||||||||||||||||
(b) | Includes property operating expense, real estate taxes and third party management expense. | |||||||||||||||||||||||||||||||||||
Unconsolidated real estate ventures: | ||||||||||||||||||||||||||||||||||||
Investment in real estate ventures, at equity | Equity in income (loss) of real estate ventures | |||||||||||||||||||||||||||||||||||
As of | Years ended December 31, | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Philadelphia CBD (a) | $ | 27,137 | $ | 19,975 | $ | 27,859 | $ | 46 | $ | 1,547 | $ | 1,113 | ||||||||||||||||||||||||
Pennsylvania Suburbs | 17,385 | 17,272 | 33,160 | (777 | ) | 925 | 520 | |||||||||||||||||||||||||||||
Metropolitan Washington, D.C. | 73,127 | 59,905 | 49,169 | (317 | ) | 130 | (648 | ) | ||||||||||||||||||||||||||||
New Jersey/Delaware | — | — | 17,294 | 989 | 1,245 | 1,803 | ||||||||||||||||||||||||||||||
Richmond, Virginia | 1,574 | 1,400 | 1,245 | 349 | 381 | 269 | ||||||||||||||||||||||||||||||
Austin, Texas (b) (c) | 105,781 | 81,960 | 64,828 | (1,080 | ) | (564 | ) | (316 | ) | |||||||||||||||||||||||||||
Total | $ | 225,004 | $ | 180,512 | $ | 193,555 | $ | (790 | ) | $ | 3,664 | $ | 2,741 | |||||||||||||||||||||||
(a) | During the fourth quarter of 2014, the Company made an additional $5.2 million capital contribution to 1919 Ventures. See Note 4, "Investment In Unconsolidated Ventures," for further information on this transaction. | |||||||||||||||||||||||||||||||||||
(b) | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of December 31, 2014, which is included in other liabilities. | |||||||||||||||||||||||||||||||||||
(c) | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. On July 31, 2014, the Austin Venture completed the acquisition of the Crossings at Lakeline. On October 17, 2014, the Austin Venture acquired River Place. See Note 4, "Investment In Unconsolidated Ventures," for further information on these acquisitions. | |||||||||||||||||||||||||||||||||||
Net operating income (“NOI”) is defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Segment NOI includes revenue, real estate taxes and property operating expenses directly related to operation and management of the properties owned and managed within the respective geographical region. Segment NOI excludes property level depreciation and amortization, revenue and expenses directly associated with third party real estate management services, expenses associated with corporate administrative support services, and inter-company eliminations. NOI also does not reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. Trends in development and construction activities that could materially impact the Company’s results from operations are also not reflected in NOI. All companies may not calculate NOI in the same manner. NOI is the measure that is used by the Company to evaluate the operating performance of its real estate assets by segment. The Company also believes that NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expenses recorded at the property level. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP: | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Consolidated net operating income | $ | 361,017 | $ | 340,441 | $ | 324,831 | ||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||
Interest expense | (124,329 | ) | (121,937 | ) | (132,939 | ) | ||||||||||||||||||||||||||||||
Interest expense - amortization of deferred financing costs | (5,148 | ) | (4,676 | ) | (6,208 | ) | ||||||||||||||||||||||||||||||
Interest expense - financing obligation | (1,144 | ) | (972 | ) | (850 | ) | ||||||||||||||||||||||||||||||
Depreciation and amortization | (208,569 | ) | (197,021 | ) | (188,382 | ) | ||||||||||||||||||||||||||||||
General and administrative expenses | (26,779 | ) | (27,628 | ) | (25,413 | ) | ||||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||
Interest income | 3,974 | 1,044 | 3,008 | |||||||||||||||||||||||||||||||||
Historic tax credit transaction income | 11,853 | 11,853 | 11,840 | |||||||||||||||||||||||||||||||||
Recognized hedge activity | (828 | ) | — | (2,985 | ) | |||||||||||||||||||||||||||||||
Equity in income (loss) of real estate ventures | (790 | ) | 3,664 | 2,741 | ||||||||||||||||||||||||||||||||
Net gain from remeasurement of investments in real estate ventures | 458 | 6,866 | — | |||||||||||||||||||||||||||||||||
Net gain on sales of interests in real estate | 4,901 | — | — | |||||||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 1,184 | (137 | ) | — | ||||||||||||||||||||||||||||||||
Net (loss) gain on real estate venture transactions | (417 | ) | 29,604 | (950 | ) | |||||||||||||||||||||||||||||||
Provision for impairment on assets held for sale | (1,765 | ) | — | — | ||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (7,594 | ) | (2,119 | ) | (22,002 | ) | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 6,024 | 38,982 | (37,309 | ) | ||||||||||||||||||||||||||||||||
Income from discontinued operations | 918 | 4,207 | 43,838 | |||||||||||||||||||||||||||||||||
Net income | $ | 6,942 | $ | 43,189 | $ | 6,529 | ||||||||||||||||||||||||||||||
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases, Operating [Abstract] | ||||
Operating Leases of Lessor Disclosure [Text Block] | OPERATING LEASES | |||
The Company leases properties to tenants under operating leases with various expiration dates extending to 2030. Minimum future rentals on non-cancelable leases at December 31, 2014 are as follows (in thousands): | ||||
Year | Minimum Rent | |||
2015 | $ | 461,215 | ||
2016 | 443,383 | |||
2017 | 411,288 | |||
2018 | 362,370 | |||
2019 | 315,196 | |||
Thereafter | 1,515,750 | |||
Total minimum future rentals presented above do not include amounts to be received as tenant reimbursements for operating costs. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | ||||
Legal Proceedings | |||||
The Company is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Company’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. | |||||
Letters-of-Credit | |||||
Under certain mortgages, the Company has funded required leasing and capital reserve accounts for the benefit of the mortgage lenders with letters-of-credit. There were no associated letters-of-credit at December 31, 2014 and December 31, 2013. Certain of the tenant rents at properties that secure these mortgage loans are deposited into the loan servicer’s depository accounts, which are used to fund debt service, operating expenses, capital expenditures and the escrow and reserve accounts, as necessary. Any excess cash is included in cash and cash equivalents. | |||||
Environmental | |||||
As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Company’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current Properties or on properties that the Company may acquire. | |||||
Ground Rent | |||||
Future minimum rental payments under the terms of all non-cancellable ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The Company’s ground leases have remaining lease terms ranging from 7 to 75 years. Minimum future rental payments on non-cancelable leases at December 31, 2014 are as follows (in thousands): | |||||
Year | Minimum Rent | ||||
2015 | $ | 1,378 | |||
2016 | 1,378 | ||||
2017 | 1,378 | ||||
2018 | 1,378 | ||||
2019 | 1,378 | ||||
Thereafter | 57,114 | ||||
Total | $ | 64,004 | |||
The Company obtained ground tenancy rights related to two properties in Philadelphia, Pennsylvania, which provide for contingent rent participation by the lessor in certain capital transactions and net operating cash flows of the properties after certain returns are achieved by the Company. Such amounts, if any, will be reflected as contingent rent when incurred. The leases also provide for payment by the Company of certain operating costs relating to the land, primarily real estate taxes. The above schedule of future minimum rental payments does not include any contingent rent amounts or any reimbursed expenses. | |||||
Other Commitments or Contingencies | |||||
As part of the Company’s September 2004 acquisition of a portfolio of properties from The Rubenstein Company (which the Company refers to as the "TRC acquisition"), the Company acquired its interest in Two Logan Square, a 708,844 square foot office building in Philadelphia, primarily through its ownership of a second and third mortgage secured by this property. This property is consolidated, as the borrower is a variable interest entity and the Company, through its ownership of the second and third mortgages, is the primary beneficiary. The Company currently does not expect to take title to Two Logan Square until, at the earliest, September 2019. If the Company takes fee title to Two Logan Square upon a foreclosure of its mortgage, the Company has agreed to pay an unaffiliated third party that holds a residual interest in the fee owner of this property an amount equal to $2.9 million. On the TRC acquisition date, the Company recorded a liability of $0.7 million and this amount will accrete up to $2.9 million through September 2019. As of December 31, 2014, the Company had a balance of $1.8 million for this liability in its consolidated balance sheet. | |||||
The Company was audited by the Internal Revenue Service (the “IRS”) for its 2004 tax year. The audit concerned the tax treatment of the TRC acquisition in September 2004 in which the Company acquired a portfolio of properties through the acquisition of a limited partnership. On December 17, 2010, the Company received notice that the IRS proposed an adjustment to the allocation of recourse liabilities allocated to the contributor of the properties. The Company appealed the proposed adjustment and during the second quarter of 2013 entered into a settlement agreement with the IRS which will not result in a material liability for the Company for federal income taxes. The contributor of partnership interests in the 2004 transaction has agreed not to assert a claim against the Company under the tax protection agreement entered into as part of the transaction. | |||||
As part of the Company’s 2006 merger with Prentiss Properties Trust ("Prentiss"), the 2004 TRC acquisition and several of our other transactions, the Company agreed not to sell certain of the properties it acquired in transactions that would trigger taxable income to the former owners. In the case of the TRC acquisition, the Company agreed not to sell acquired properties in non-exempt transactions for periods up to 15 years from the date of the TRC acquisition as follows at December 31, 2014: One Rodney Square and 130/150/170 Radnor Financial Center (January, 2015); and One Logan Square, Two Logan Square and Radnor Corporate Center (January, 2020). In the Prentiss acquisition, the Company assumed the obligation of Prentiss not to sell Concord Airport Plaza before March, 2018. The Company’s agreements generally provide that it may dispose of the subject properties only in transactions that qualify as tax-free exchanges under Section 1031 of the Internal Revenue Code or in other tax deferred transactions. If the Company were to sell a restricted property before expiration of the restricted period in a non-exempt transaction, the Company may be required to make significant payments to the parties who sold the applicable property on account of tax liabilities attributed to them. Similarly, as part of the 2013 acquisition of substantially all of the equity interests in the partnerships that own One and Two Commerce Square, the Company agreed, for the benefit of affiliates of the holder of the 1% residual ownership interest in these properties, to not sell these two properties in certain taxable transactions prior to October 20, 2021 without the holder’s consent. | |||||
As part of the Company’s acquisition of properties from time to time in tax-deferred transactions, the Company has agreed to provide certain of the prior owners of the acquired properties with the right to guarantee the Company’s indebtedness. If the Company were to seek to repay the indebtedness guaranteed by the prior owner before the expiration of the applicable agreement, the Company would be required to provide the prior owner an opportunity to guaranty qualifying replacement debt. These debt maintenance agreements may limit the Company’s ability to refinance indebtedness on terms favorable to the Company. As part of our 2013 acquisition of substantially all of the equity interests in the partnerships that own One and Two Commerce Square, the Company agreed, for the benefit of affiliates of the holder of the 1% residual ownership interest in these properties, to maintain qualifying mortgage debt through October 20, 2021, in the amounts of not less than $125.0 million on One Commerce Square and $100.0 million on Two Commerce Square. Similarly, the Company has agreements in place with other contributors of assets that obligate it to maintain debt available for them to guaranty. | |||||
In connection with the development of the IRS Philadelphia Campus and the Cira South Garage, during 2008, the Company entered into a historic tax credit and new markets tax credit arrangement, respectively. The Company is required to be in compliance with various laws, regulations and contractual provisions that apply to its historic and new market tax credit arrangements. Non-compliance with applicable requirements could result in projected tax benefits not being realized and therefore, require a refund to US Bancorp or a reduction of investor capital contributions, which are reported as deferred income in the Company’s consolidated balance sheet, until such time as its obligation to deliver tax benefits is relieved. The remaining compliance periods for its tax credit arrangements runs through 2015. The Company does not anticipate that any material refunds or reductions of investor capital contributions will be required in connection with these arrangements. | |||||
The Company invests in its properties and regularly incurs capital expenditures in the ordinary course to maintain the properties. The Company believes that such expenditures enhance its competitiveness. The Company also enters into construction, utility and service contracts in the ordinary course of business which may extend beyond one year. These contracts typically provide for cancellation with insignificant or no cancellation penalties. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
On January 30, 2015, the Austin Venture closed on a mortgage loan with a non-affiliated institutional lender, and the proceeds of this loan were applied to repay in full our $88.0 million short-term loan related to the acquisition of River Place. See Note 4, "Investment In Unconsolidated Ventures," for further information regarding this acquisition. | |
On January 8, 2015, the Company sold two office properties known as Atrium I, which includes 99,668 square feet of rentable space located in Mt Laurel, New Jersey and Libertyview, which includes 121,737 square feet of rentable space located in Cherry Hill, New Jersey, for a total sales price of $28.3 million resulting in a gain on sale of $9.0 million after closing and other transaction related costs. | |
The Company has evaluated subsequent events through the date the financial statements were issued. |
Summary_of_Quarterly_Results
Summary of Quarterly Results | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | |||||||||||||||
The following is a summary of quarterly financial information as of and for the years ended December 31, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Total revenue | $ | 152,114 | $ | 150,500 | $ | 146,558 | $ | 147,810 | ||||||||
Net income (loss) | (2,245 | ) | 2,174 | 8,882 | (1,869 | ) | ||||||||||
Net income (loss) allocated to Common Shares | (4,041 | ) | 385 | 6,967 | (3,585 | ) | ||||||||||
Basic earnings (loss) per Common Share | $ | (0.03 | ) | $ | — | $ | 0.04 | $ | (0.02 | ) | ||||||
Diluted earnings (loss) per Common Share | $ | (0.03 | ) | $ | — | $ | 0.04 | $ | (0.02 | ) | ||||||
2013 | ||||||||||||||||
Total revenue | $ | 139,554 | $ | 140,664 | $ | 143,354 | $ | 138,658 | ||||||||
Net income | 3,919 | 7,180 | 11,088 | 21,002 | ||||||||||||
Net income allocated to Common Shares | 2,058 | 5,308 | 9,173 | 18,975 | ||||||||||||
Basic earnings per Common Share | $ | 0.01 | $ | 0.03 | $ | 0.06 | $ | 0.12 | ||||||||
Diluted earnings per Common Share | $ | 0.01 | $ | 0.03 | $ | 0.06 | $ | 0.12 | ||||||||
The summation of quarterly earnings per share amounts do not necessarily equal the full year amounts due to rounding. The above information was updated to reclassify amounts previously reported to reflect discontinued operations. See Note 2, "Summary Of Significant Accounting Policies," and Note 10, "Discontinued Operations." |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Brandywine Realty Trust and Brandywine Operating Partnership, L.P. | ||||||||||||||||
Schedule II | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance at | Additions | Deductions (1) | Balance | |||||||||||||
Beginning | at End | ||||||||||||||||
of Year | of Year | ||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year-ended December 31, 2014 | $ | 16,248 | $ | 790 | $ | 1,691 | $ | 15,347 | |||||||||
Year-ended December 31, 2013 | $ | 16,646 | $ | 1,384 | $ | 1,782 | $ | 16,248 | |||||||||
Year-ended December 31, 2012 | $ | 15,485 | $ | 1,891 | $ | 730 | $ | 16,646 | |||||||||
-1 | Deductions represent amounts that the Company had fully reserved for in prior years and pursuit of collection of such amounts was ceased during the year. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances at | Land | Building and | Net | Land | Building and | Total (b) | Accumulated | Year of | Year | Depreciable | ||||||||||||||||||||||||||||||
December 31, | Improvements | Improvements | Improvements | Depreciation at | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||
2014 (a) | (Retirements) | December 31, | |||||||||||||||||||||||||||||||||||||||||
Since | 2014 (c) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
PENNSYLVANIA SUBURBS | |||||||||||||||||||||||||||||||||||||||||||
400 Berwyn Park | Berwyn | PA | — | 2,657 | 4,462 | 14,011 | 2,657 | 18,473 | 21,130 | 6,255 | 1999 | 1999 | 40 | ||||||||||||||||||||||||||||||
300 Berwyn Park | Berwyn | PA | — | 2,206 | 13,422 | 3,800 | 2,206 | 17,222 | 19,428 | 8,280 | 1989 | 1997 | 40 | ||||||||||||||||||||||||||||||
1050 Westlakes Drive | Berwyn | PA | — | 2,611 | 10,445 | 5,047 | 2,611 | 15,492 | 18,103 | 7,984 | 1984 | 1999 | 40 | ||||||||||||||||||||||||||||||
1200 Swedesford Road | Berwyn | PA | — | 2,595 | 11,809 | 3,534 | 2,595 | 15,343 | 17,938 | 6,457 | 1994 | 2001 | 40 | ||||||||||||||||||||||||||||||
200 Berwyn Park | Berwyn | PA | — | 1,533 | 9,460 | 2,466 | 1,533 | 11,926 | 13,459 | 5,751 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||
1180 Swedesford Road | Berwyn | PA | — | 2,086 | 8,342 | 2,979 | 2,086 | 11,321 | 13,407 | 3,441 | 1987 | 2001 | 40 | ||||||||||||||||||||||||||||||
100 Berwyn Park | Berwyn | PA | — | 1,180 | 7,290 | 2,228 | 1,180 | 9,518 | 10,698 | 4,661 | 1986 | 1997 | 40 | ||||||||||||||||||||||||||||||
1160 Swedesford Road | Berwyn | PA | — | 1,781 | 7,124 | 4,255 | 2,045 | 11,115 | 13,160 | 2,961 | 1986 | 2001 | 40 | ||||||||||||||||||||||||||||||
1100 Cassett Road | Berwyn | PA | — | 1,695 | 6,779 | 1,269 | 1,695 | 8,048 | 9,743 | 2,561 | 1997 | 2001 | 40 | ||||||||||||||||||||||||||||||
980 Harvest Drive | Blue Bell | PA | — | 2,079 | 8,315 | 736 | 2,079 | 9,051 | 11,130 | 2,935 | 1988 | 2002 | 40 | ||||||||||||||||||||||||||||||
910 Harvest Drive | Blue Bell | PA | — | 1,224 | 8,645 | (730 | ) | 1,224 | 7,915 | 9,139 | 4,394 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||
925 Harvest Drive | Blue Bell | PA | — | 1,671 | 6,606 | 993 | 1,671 | 7,599 | 9,270 | 3,480 | 1990 | 1998 | 40 | ||||||||||||||||||||||||||||||
920 Harvest Drive | Blue Bell | PA | — | 1,209 | 6,595 | (684 | ) | 1,209 | 5,911 | 7,120 | 3,134 | 1990 | 1998 | 40 | |||||||||||||||||||||||||||||
181 Washington Street | Conshohocken | PA | — | 6,927 | 14,722 | 786 | 6,927 | 15,508 | 22,435 | 698 | 1999 | 2013 | 40 | ||||||||||||||||||||||||||||||
426 Lancaster Avenue | Devon | PA | — | 1,689 | 6,756 | 376 | 1,689 | 7,132 | 8,821 | 3,431 | 1990 | 1998 | 40 | ||||||||||||||||||||||||||||||
52 Swedesford Square | East Whiteland Twp. | PA | — | 4,241 | 16,579 | 3,262 | 4,241 | 19,841 | 24,082 | 8,392 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||
One Progress Drive | Horsham | PA | — | 1,399 | 5,629 | 5,202 | 1,399 | 10,831 | 12,230 | 4,457 | 1986 | 1996 | 40 | ||||||||||||||||||||||||||||||
500 Enterprise Drive | Horsham | PA | — | 1,303 | 5,188 | 3,743 | 1,303 | 8,931 | 10,234 | 4,098 | 1990 | 1996 | 40 | ||||||||||||||||||||||||||||||
640 Freedom Business Center | King Of Prussia | PA | — | 4,222 | 16,891 | 4,686 | 4,222 | 21,577 | 25,799 | 9,535 | 1991 | 1998 | 40 | ||||||||||||||||||||||||||||||
555 Croton Road | King of Prussia | PA | — | 4,486 | 17,943 | 1,412 | 4,486 | 19,355 | 23,841 | 6,779 | 1999 | 2001 | 40 | ||||||||||||||||||||||||||||||
630 Allendale Road | King of Prussia | PA | — | 2,836 | 4,028 | 12,484 | 2,898 | 16,450 | 19,348 | 5,778 | 2000 | 2000 | 40 | ||||||||||||||||||||||||||||||
620 Freedom Business Center | King Of Prussia | PA | — | 2,770 | 11,014 | 3,375 | 2,770 | 14,389 | 17,159 | 7,515 | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||
1000 First Avenue | King Of Prussia | PA | — | 2,772 | 10,936 | 2,117 | 2,772 | 13,053 | 15,825 | 5,894 | 1980 | 1998 | 40 | ||||||||||||||||||||||||||||||
1060 First Avenue | King Of Prussia | PA | — | 2,712 | 10,953 | 4,522 | 2,712 | 15,475 | 18,187 | 6,646 | 1987 | 1998 | 40 | ||||||||||||||||||||||||||||||
630 Freedom Business Center | King Of Prussia | PA | — | 2,773 | 11,144 | 2,343 | 2,773 | 13,487 | 16,260 | 6,300 | 1989 | 1998 | 40 | ||||||||||||||||||||||||||||||
1020 First Avenue | King Of Prussia | PA | — | 2,168 | 8,576 | 7,617 | 2,168 | 16,193 | 18,361 | 6,766 | 1984 | 1998 | 40 | ||||||||||||||||||||||||||||||
1040 First Avenue | King Of Prussia | PA | — | 2,860 | 11,282 | 6,080 | 2,860 | 17,362 | 20,222 | 5,460 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||
610 Freedom Business Center | King Of Prussia | PA | — | 2,017 | 8,070 | 2,393 | 2,017 | 10,463 | 12,480 | 4,883 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||
650 Park Avenue | King Of Prussia | PA | — | 1,916 | 4,378 | 1,701 | 1,916 | 6,079 | 7,995 | 2,920 | 1968 | 1998 | 40 | ||||||||||||||||||||||||||||||
500 North Gulph Road | King Of Prussia | PA | — | 1,303 | 5,201 | 1,522 | 1,303 | 6,723 | 8,026 | 3,390 | 1979 | 1996 | 40 | ||||||||||||||||||||||||||||||
741 First Avenue | King Of Prussia | PA | — | 1,287 | 5,151 | 11 | 1,287 | 5,162 | 6,449 | 2,363 | 1966 | 1998 | 40 | ||||||||||||||||||||||||||||||
751-761 Fifth Avenue | King Of Prussia | PA | — | 1,097 | 4,391 | 31 | 1,097 | 4,422 | 5,519 | 2,021 | 1967 | 1998 | 40 | ||||||||||||||||||||||||||||||
620 Allendale Road | King Of Prussia | PA | — | 1,020 | 3,839 | 658 | 1,020 | 4,497 | 5,517 | 2,008 | 1961 | 1998 | 40 | ||||||||||||||||||||||||||||||
600 Park Avenue | King Of Prussia | PA | — | 1,012 | 4,048 | 385 | 1,012 | 4,433 | 5,445 | 2,045 | 1964 | 1998 | 40 | ||||||||||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances at | Land | Building and | Net | Land | Building and | Total (b) | Accumulated | Year of | Year | Depreciable | ||||||||||||||||||||||||||||||
December 31, | Improvements | Improvements | Improvements | Depreciation at | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||
2014 (a) | (Retirements) | December 31, | |||||||||||||||||||||||||||||||||||||||||
Since | 2014 (c) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
660 Allendale Road | King Of Prussia | PA | $ | — | $ | 396 | $ | 948 | $ | 2,957 | $ | 1,085 | $ | 3,216 | $ | 4,301 | $ | 921 | 2011 | 1998 | 40 | ||||||||||||||||||||||
640 Allendale Road | King of Prussia | PA | — | 439 | 432 | 1,580 | 439 | 2,012 | 2,451 | 802 | 2000 | 2000 | 40 | ||||||||||||||||||||||||||||||
14 Campus Boulevard | Newtown Square | PA | — | 2,244 | 4,217 | 1,533 | 2,244 | 5,750 | 7,994 | 3,322 | 1998 | 1998 | 40 | ||||||||||||||||||||||||||||||
17 Campus Boulevard | Newtown Square | PA | — | 1,108 | 5,155 | (374 | ) | 1,108 | 4,781 | 5,889 | 1,728 | 2001 | 1997 | 40 | |||||||||||||||||||||||||||||
11 Campus Boulevard | Newtown Square | PA | — | 1,112 | 4,067 | 1,006 | 1,112 | 5,073 | 6,185 | 1,967 | 1998 | 1999 | 40 | ||||||||||||||||||||||||||||||
15 Campus Boulevard | Newtown Square | PA | — | 1,164 | 3,896 | 249 | 1,164 | 4,145 | 5,309 | 1,394 | 2002 | 2000 | 40 | ||||||||||||||||||||||||||||||
18 Campus Boulevard | Newtown Square | PA | — | 787 | 3,312 | (77 | ) | 787 | 3,235 | 4,022 | 1,631 | 1990 | 1996 | 40 | |||||||||||||||||||||||||||||
401 Plymouth Road | Plymouth Meeting | PA | — | 6,198 | 16,131 | 16,130 | 6,198 | 32,261 | 38,459 | 9,982 | 2001 | 2000 | 40 | ||||||||||||||||||||||||||||||
4000 Chemical Road | Plymouth Meeting | PA | — | 4,373 | 24,546 | 1,467 | 4,373 | 26,013 | 30,386 | 4,864 | 2006 | 2001 | 40 | ||||||||||||||||||||||||||||||
610 West Germantown Pike | Plymouth Meeting | PA | — | 3,651 | 14,514 | 3,357 | 3,651 | 17,871 | 21,522 | 5,892 | 1987 | 2002 | 40 | ||||||||||||||||||||||||||||||
600 West Germantown Pike | Plymouth Meeting | PA | — | 3,652 | 15,288 | 1,609 | 3,652 | 16,897 | 20,549 | 5,659 | 1986 | 2002 | 40 | ||||||||||||||||||||||||||||||
630 West Germantown Pike | Plymouth Meeting | PA | — | 3,558 | 14,743 | 1,902 | 3,558 | 16,645 | 20,203 | 5,994 | 1988 | 2002 | 40 | ||||||||||||||||||||||||||||||
620 West Germantown Pike | Plymouth Meeting | PA | — | 3,572 | 14,435 | 1,339 | 3,572 | 15,774 | 19,346 | 5,378 | 1990 | 2002 | 40 | ||||||||||||||||||||||||||||||
660 West Germantown Pike | Plymouth Meeting | PA | — | 3,694 | 5,487 | 18,484 | 5,404 | 22,261 | 27,665 | 1,436 | 1987 | 2012 | 30 | ||||||||||||||||||||||||||||||
2240/2250 Butler Pike | Plymouth Meeting | PA | — | 1,104 | 4,627 | 1,312 | 1,104 | 5,939 | 7,043 | 3,596 | 1984 | 1996 | 40 | ||||||||||||||||||||||||||||||
2260 Butler Pike | Plymouth Meeting | PA | — | 661 | 2,727 | 2,115 | 661 | 4,842 | 5,503 | 2,165 | 1984 | 1996 | 40 | ||||||||||||||||||||||||||||||
120 West Germantown Pike | Plymouth Meeting | PA | — | 685 | 2,773 | 729 | 685 | 3,502 | 4,187 | 1,767 | 1984 | 1996 | 40 | ||||||||||||||||||||||||||||||
140 West Germantown Pike | Plymouth Meeting | PA | — | 481 | 1,976 | 282 | 481 | 2,258 | 2,739 | 1,079 | 1984 | 1996 | 40 | ||||||||||||||||||||||||||||||
351 Plymouth Road | Plymouth Meeting | PA | — | 1,043 | 555 | — | 1,043 | 555 | 1,598 | 135 | N/A | 2000 | 40 | ||||||||||||||||||||||||||||||
150 Radnor Chester Road | Radnor | PA | — | 11,925 | 36,986 | 12,549 | 11,897 | 49,563 | 61,460 | 16,431 | 1983 | 2004 | 29 | ||||||||||||||||||||||||||||||
One Radnor Corporate Center | Radnor | PA | — | 7,323 | 28,613 | 23,182 | 7,323 | 51,795 | 59,118 | 18,406 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||
201 King of Prussia Road | Radnor | PA | — | 8,956 | 29,811 | 5,070 | 8,949 | 34,888 | 43,837 | 15,445 | 2001 | 2004 | 25 | ||||||||||||||||||||||||||||||
555 Lancaster Avenue | Radnor | PA | — | 8,014 | 16,508 | 16,854 | 8,609 | 32,767 | 41,376 | 12,563 | 1973 | 2004 | 24 | ||||||||||||||||||||||||||||||
Four Radnor Corporate Center | Radnor | PA | — | 5,406 | 21,390 | 8,501 | 5,705 | 29,592 | 35,297 | 10,480 | 1995 | 2004 | 30 | ||||||||||||||||||||||||||||||
Five Radnor Corporate Center | Radnor | PA | — | 6,506 | 25,525 | 5,455 | 6,578 | 30,908 | 37,486 | 8,024 | 1998 | 2004 | 38 | ||||||||||||||||||||||||||||||
Three Radnor Corporate Center | Radnor | PA | — | 4,773 | 17,961 | 2,645 | 4,791 | 20,588 | 25,379 | 8,094 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||
Two Radnor Corporate Center | Radnor | PA | — | 3,937 | 15,484 | 3,888 | 3,942 | 19,367 | 23,309 | 6,882 | 1998 | 2004 | 29 | ||||||||||||||||||||||||||||||
130 Radnor Chester Road | Radnor | PA | — | 2,573 | 8,338 | 3,483 | 2,567 | 11,827 | 14,394 | 4,357 | 1983 | 2004 | 25 | ||||||||||||||||||||||||||||||
170 Radnor Chester Road | Radnor | PA | — | 2,514 | 8,147 | 1,718 | 2,509 | 9,870 | 12,379 | 3,051 | 1983 | 2004 | 25 | ||||||||||||||||||||||||||||||
200 Radnor Chester Road | Radnor | PA | — | 3,366 | — | 3,675 | 3,366 | 3,675 | 7,041 | 113 | 2014 | 2005 | 40 | ||||||||||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances at | Land | Building and | Net | Land | Building and | Total (b) | Accumulated | Year of | Year | Depreciable | ||||||||||||||||||||||||||||||
December 31, | Improvements | Improvements | Improvements | Depreciation at | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||
2014 (a) | (Retirements) | December 31, | |||||||||||||||||||||||||||||||||||||||||
Since | 2014 (c) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
101 West Elm Street | W. Conshohocken | PA | — | 6,251 | 25,209 | 3,189 | 6,251 | 28,398 | 34,649 | 7,640 | 1999 | 2005 | 40 | ||||||||||||||||||||||||||||||
1 West Elm Street | W. Conshohocken | PA | — | 3,557 | 14,249 | 3,876 | 3,557 | 18,125 | 21,682 | 4,204 | 1999 | 2005 | 40 | ||||||||||||||||||||||||||||||
595 East Swedesford Road | Wayne | PA | — | 2,729 | 10,917 | 2,307 | 2,729 | 13,224 | 15,953 | 4,464 | 1998 | 2003 | 40 | ||||||||||||||||||||||||||||||
575 East Swedesford Road | Wayne | PA | — | 2,178 | 8,712 | 1,681 | 2,178 | 10,393 | 12,571 | 3,692 | 1985 | 2003 | 40 | ||||||||||||||||||||||||||||||
565 East Swedesford Road | Wayne | PA | — | 1,872 | 7,489 | 1,744 | 1,872 | 9,233 | 11,105 | 3,166 | 1984 | 2003 | 40 | ||||||||||||||||||||||||||||||
585 East Swedesford Road | Wayne | PA | — | 1,350 | 5,401 | 1,350 | 1,350 | 6,751 | 8,101 | 1,551 | 1998 | 2003 | 40 | ||||||||||||||||||||||||||||||
PHILADELPHIA CBD | |||||||||||||||||||||||||||||||||||||||||||
2970 Market Street | Philadelphia | PA | 184,442 | 22,430 | 217,763 | 12,021 | 22,430 | 229,784 | 252,214 | 27,560 | 2010 | 2007 | 40 | ||||||||||||||||||||||||||||||
2929 Arch Street | Philadelphia | PA | — | — | 208,570 | 29,302 | 12,586 | 225,286 | 237,872 | 85,000 | 2005 | N/A | 40 | ||||||||||||||||||||||||||||||
1717 Arch Street | Philadelphia | PA | — | — | 98,188 | 66,550 | 25,195 | 139,543 | 164,738 | 19,000 | 1990 | 2010 | 40 | ||||||||||||||||||||||||||||||
2001 Market Street | Philadelphia | PA | 112,000 | 15,323 | 120,842 | 2,125 | 15,323 | 122,967 | 138,290 | 3,371 | 1992 | 2013 | 40 | ||||||||||||||||||||||||||||||
130 North 18th Street | Philadelphia | PA | — | 14,496 | 107,736 | 17,397 | 14,473 | 125,156 | 139,629 | 37,755 | 1998 | 2004 | 34 | ||||||||||||||||||||||||||||||
100 North 18th Street | Philadelphia | PA | 87,767 | 16,066 | 100,255 | 10,925 | 16,066 | 111,180 | 127,246 | 35,435 | 1988 | 2004 | 36 | ||||||||||||||||||||||||||||||
2005 Market Street | Philadelphia | PA | 123,205 | 15,161 | 122,486 | (11,726 | ) | 15,161 | 110,760 | 125,921 | 2,959 | 1987 | 2013 | 40 | |||||||||||||||||||||||||||||
2930 Chestnut Street | Philadelphia | PA | 37,765 | — | 76,008 | 2,644 | — | 78,652 | 78,652 | 8,677 | 2010 | N/A | 40 | ||||||||||||||||||||||||||||||
1900 Market Street | Philadelphia | PA | — | 7,768 | 17,263 | 481 | 7,768 | 17,744 | 25,512 | 1,246 | 1981 | 2012 | 30 | ||||||||||||||||||||||||||||||
3020 Market Street | Philadelphia | PA | — | — | 21,417 | 6,225 | — | 27,642 | 27,642 | 3,260 | 1959 | 2011 | 26 | ||||||||||||||||||||||||||||||
101 - 103 Juniper Street | Philadelphia | PA | — | — | 14,401 | 324 | 478 | 14,247 | 14,725 | 1,865 | 2010 | 2006 | 40 | ||||||||||||||||||||||||||||||
Philadelphia Marine Center | Philadelphia | PA | — | 532 | 2,196 | 3,444 | 628 | 5,544 | 6,172 | 2,408 | Various | 1998 | 40 | ||||||||||||||||||||||||||||||
METROPOLITAN WASHINGTON, D.C. | |||||||||||||||||||||||||||||||||||||||||||
11720 Beltsville Drive | Beltsville | MD | — | 3,831 | 16,661 | 3,399 | 3,904 | 19,987 | 23,891 | 5,887 | 1987 | 2006 | 46 | ||||||||||||||||||||||||||||||
11700 Beltsville Drive | Beltsville | MD | — | 2,808 | 12,081 | 293 | 2,863 | 12,319 | 15,182 | 2,702 | 1981 | 2006 | 46 | ||||||||||||||||||||||||||||||
11710 Beltsville Drive | Beltsville | MD | — | 2,278 | 11,100 | (814 | ) | 2,321 | 10,243 | 12,564 | 2,370 | 1987 | 2006 | 46 | |||||||||||||||||||||||||||||
6600 Rockledge Drive | Bethesda | MD | — | — | 37,421 | 11,303 | — | 48,724 | 48,724 | 15,070 | 1981 | 2006 | 50 | ||||||||||||||||||||||||||||||
11740 Beltsville Drive | Bethesda | MD | — | 198 | 870 | 42 | 202 | 908 | 1,110 | 211 | 1987 | 2006 | 46 | ||||||||||||||||||||||||||||||
12015 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,770 | 22,895 | 3,987 | 3,841 | 26,811 | 30,652 | 7,188 | 1985 | 2006 | 42 | ||||||||||||||||||||||||||||||
11781 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,246 | 19,836 | 567 | 3,307 | 20,342 | 23,649 | 4,748 | 1982 | 2006 | 40 | ||||||||||||||||||||||||||||||
4401 Fair Lakes Court | Fairfax | VA | — | 1,569 | 11,982 | 247 | 1,599 | 12,199 | 13,798 | 2,456 | 1988 | 2006 | 52 | ||||||||||||||||||||||||||||||
3141 Fairview Park Drive (d) | Falls Church | VA | 21,242 | 5,918 | 40,981 | 12,017 | 7,080 | 51,836 | 58,916 | 10,264 | 1988 | 2006 | 51 | ||||||||||||||||||||||||||||||
2340 Dulles Corner Boulevard | Herndon | VA | — | 16,345 | 65,379 | 18,280 | 16,129 | 83,875 | 100,004 | 28,064 | 1987 | 2006 | 40 | ||||||||||||||||||||||||||||||
2291 Wood Oak Drive | Herndon | VA | — | 8,243 | 52,413 | 13,499 | 8,782 | 65,373 | 74,155 | 13,524 | 1999 | 2006 | 55 | ||||||||||||||||||||||||||||||
196/198 Van Buren Street | Herndon | VA | — | 7,931 | 43,812 | 9,040 | 8,348 | 52,435 | 60,783 | 10,308 | 1991 | 2006 | 53 | ||||||||||||||||||||||||||||||
2251 Corporate Park Drive | Herndon | VA | — | 11,472 | 45,893 | 2,276 | 11,472 | 48,169 | 59,641 | 9,758 | 2000 | 2006 | 40 | ||||||||||||||||||||||||||||||
2355 Dulles Corner Boulevard | Herndon | VA | — | 10,365 | 43,876 | 4,648 | 10,365 | 48,524 | 58,889 | 12,675 | 1988 | 2006 | 40 | ||||||||||||||||||||||||||||||
2411 Dulles Corner Park | Herndon | VA | — | 7,279 | 46,340 | 117 | 7,417 | 46,319 | 53,736 | 8,645 | 1990 | 2006 | 50 | ||||||||||||||||||||||||||||||
13880 Dulles Corner Lane | Herndon | VA | — | 7,236 | 39,213 | 3,369 | 7,373 | 42,445 | 49,818 | 7,824 | 1997 | 2006 | 55 | ||||||||||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances at | Land | Building and | Net | Land | Building and | Total (b) | Accumulated | Year of | Year | Depreciable | ||||||||||||||||||||||||||||||
December 31, | Improvements | Improvements | Improvements | Depreciation at | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||
2014 (a) | (Retirements) | December 31, | |||||||||||||||||||||||||||||||||||||||||
Since | 2014 (c) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
2121 Cooperative Way | Herndon | VA | — | 5,598 | 38,639 | 2,532 | 5,795 | 40,974 | 46,769 | 7,665 | 2000 | 2006 | 54 | ||||||||||||||||||||||||||||||
2201 Cooperative Way | Herndon | VA | — | 4,809 | 34,093 | 4,513 | 4,809 | 38,606 | 43,415 | 7,153 | 1990 | 2006 | 54 | ||||||||||||||||||||||||||||||
13825 Sunrise Valley Drive | Herndon | VA | — | 3,794 | 19,365 | 2,121 | 3,866 | 21,414 | 25,280 | 4,441 | 1989 | 2006 | 46 | ||||||||||||||||||||||||||||||
1676 International Drive | Mclean | VA | 58,470 | 18,437 | 97,538 | 3,183 | 18,785 | 100,373 | 119,158 | 16,619 | 1999 | 2006 | 55 | ||||||||||||||||||||||||||||||
8260 Greensboro Drive | Mclean | VA | 31,043 | 7,952 | 33,964 | 1,641 | 8,102 | 35,455 | 43,557 | 7,320 | 1980 | 2006 | 52 | ||||||||||||||||||||||||||||||
2273 Research Boulevard | Rockville | MD | — | 5,167 | 31,110 | 3,764 | 5,237 | 34,804 | 40,041 | 10,191 | 1999 | 2006 | 45 | ||||||||||||||||||||||||||||||
2275 Research Boulevard | Rockville | MD | — | 5,059 | 29,668 | 6,479 | 5,154 | 36,052 | 41,206 | 7,672 | 1990 | 2006 | 45 | ||||||||||||||||||||||||||||||
2277 Research Boulevard | Rockville | MD | — | 4,649 | 26,952 | 695 | 4,733 | 27,563 | 32,296 | 5,724 | 1986 | 2006 | 45 | ||||||||||||||||||||||||||||||
1900 Gallows Road | Vienna | VA | — | 7,797 | 47,817 | 10,849 | 7,944 | 58,519 | 66,463 | 11,008 | 1989 | 2006 | 52 | ||||||||||||||||||||||||||||||
8521 Leesburg Pike | Vienna | VA | — | 4,316 | 30,885 | 4,858 | 4,397 | 35,662 | 40,059 | 6,399 | 1984 | 2006 | 51 | ||||||||||||||||||||||||||||||
NEW JERSEY/DELAWARE | |||||||||||||||||||||||||||||||||||||||||||
457 Haddonfield Road (e) | Cherry Hill | NJ | — | 2,142 | 9,120 | 1,402 | 2,142 | 10,522 | 12,664 | 5,273 | 1990 | 1996 | 40 | ||||||||||||||||||||||||||||||
200 Lake Drive East | Cherry Hill | NJ | — | 2,069 | 8,275 | 1,328 | 2,069 | 9,603 | 11,672 | 3,635 | 1989 | 2001 | 40 | ||||||||||||||||||||||||||||||
220 Lake Drive East | Cherry Hill | NJ | — | 2,144 | 8,798 | 825 | 2,144 | 9,623 | 11,767 | 3,490 | 1988 | 2001 | 40 | ||||||||||||||||||||||||||||||
210 Lake Drive East | Cherry Hill | NJ | — | 1,645 | 6,579 | 1,917 | 1,645 | 8,496 | 10,141 | 2,812 | 1986 | 2001 | 40 | ||||||||||||||||||||||||||||||
20 East Clementon Road | Gibbsboro | NJ | — | 769 | 3,055 | 480 | 769 | 3,535 | 4,304 | 1,682 | 1986 | 1997 | 40 | ||||||||||||||||||||||||||||||
10 Foster Avenue | Gibbsboro | NJ | — | 244 | 971 | 78 | 244 | 1,049 | 1,293 | 497 | 1983 | 1997 | 40 | ||||||||||||||||||||||||||||||
7 Foster Avenue | Gibbsboro | NJ | — | 231 | 921 | 123 | 231 | 1,044 | 1,275 | 475 | 1983 | 1997 | 40 | ||||||||||||||||||||||||||||||
50 East Clementon Road | Gibbsboro | NJ | — | 114 | 964 | 653 | 114 | 1,617 | 1,731 | 483 | 1986 | 1997 | 40 | ||||||||||||||||||||||||||||||
2 Foster Avenue | Gibbsboro | NJ | — | 185 | 730 | 16 | 185 | 746 | 931 | 351 | 1974 | 1997 | 40 | ||||||||||||||||||||||||||||||
4 Foster Avenue | Gibbsboro | NJ | — | 183 | 726 | 16 | 183 | 742 | 925 | 343 | 1974 | 1997 | 40 | ||||||||||||||||||||||||||||||
1 Foster Avenue | Gibbsboro | NJ | — | 93 | 364 | 57 | 93 | 421 | 514 | 215 | 1972 | 1997 | 40 | ||||||||||||||||||||||||||||||
5 U.S. Avenue | Gibbsboro | NJ | — | 21 | 81 | 3 | 21 | 84 | 105 | 39 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||
5 Foster Avenue | Gibbsboro | NJ | — | 9 | 32 | 26 | 9 | 58 | 67 | 28 | 1968 | 1997 | 40 | ||||||||||||||||||||||||||||||
Two Eves Drive | Marlton | NJ | — | 818 | 3,461 | 234 | 818 | 3,695 | 4,513 | 1,825 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||
Five Eves Drive | Marlton | NJ | — | 703 | 2,819 | 665 | 703 | 3,484 | 4,187 | 1,643 | 1986 | 1997 | 40 | ||||||||||||||||||||||||||||||
Four B Eves Drive | Marlton | NJ | — | 588 | 2,369 | 420 | 588 | 2,789 | 3,377 | 1,449 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||
Four A Eves Drive | Marlton | NJ | — | 539 | 2,168 | 322 | 539 | 2,490 | 3,029 | 1,122 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||
308 Harper Drive | Moorestown | NJ | — | 1,643 | 6,663 | 739 | 1,643 | 7,402 | 9,045 | 3,258 | 1976 | 1998 | 40 | ||||||||||||||||||||||||||||||
1120 Executive Boulevard | Mt. Laurel | NJ | — | 2,074 | 8,415 | 4,398 | 2,074 | 12,813 | 14,887 | 5,143 | 1987 | 1997 | 40 | ||||||||||||||||||||||||||||||
10000 Midlantic Drive | Mt. Laurel | NJ | — | 3,206 | 12,857 | 4,228 | 3,206 | 17,085 | 20,291 | 7,138 | 1990 | 1997 | 40 | ||||||||||||||||||||||||||||||
700 East Gate Drive | Mt. Laurel | NJ | — | 3,569 | 14,436 | 2,243 | 3,569 | 16,679 | 20,248 | 7,576 | 1984 | 1998 | 40 | ||||||||||||||||||||||||||||||
15000 Midlantic Drive | Mt. Laurel | NJ | — | 3,061 | 12,254 | 1,619 | 3,061 | 13,873 | 16,934 | 6,518 | 1991 | 1997 | 40 | ||||||||||||||||||||||||||||||
1000 Howard Boulevard | Mt. Laurel | NJ | — | 2,297 | 9,288 | 3,922 | 2,297 | 13,210 | 15,507 | 5,900 | 1988 | 1997 | 40 | ||||||||||||||||||||||||||||||
1000 Atrium Way (e) | Mt. Laurel | NJ | — | 2,061 | 8,180 | 4,531 | 2,061 | 12,711 | 14,772 | 5,894 | 1989 | 1997 | 40 | ||||||||||||||||||||||||||||||
2000 Midlantic Drive | Mt. Laurel | NJ | — | 2,202 | 8,823 | 2,970 | 2,202 | 11,793 | 13,995 | 5,349 | 1989 | 1997 | 40 | ||||||||||||||||||||||||||||||
701 East Gate Drive | Mt. Laurel | NJ | — | 1,736 | 6,877 | 1,768 | 1,736 | 8,645 | 10,381 | 3,715 | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances at | Land | Building and | Net | Land | Building and | Total (b) | Accumulated | Year of | Year | Depreciable | ||||||||||||||||||||||||||||||
December 31, | Improvements | Improvements | Improvements | Depreciation at | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||
2014(a) | (Retirements) | December 31, | |||||||||||||||||||||||||||||||||||||||||
Since | 2014 (c) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
9000 Midlantic Drive | Mt. Laurel | NJ | — | 1,472 | 5,895 | 2,185 | 1,472 | 8,080 | 9,552 | 3,503 | 1989 | 1997 | 40 | ||||||||||||||||||||||||||||||
307 Fellowship Drive | Mt. Laurel | NJ | — | 1,565 | 6,342 | 1,517 | 1,565 | 7,859 | 9,424 | 3,472 | 1981 | 1998 | 40 | ||||||||||||||||||||||||||||||
305 Fellowship Drive | Mt. Laurel | NJ | — | 1,421 | 5,768 | 1,631 | 1,421 | 7,399 | 8,820 | 3,122 | 1980 | 1998 | 40 | ||||||||||||||||||||||||||||||
303 Fellowship Drive | Mt. Laurel | NJ | — | 1,493 | 6,055 | 851 | 1,493 | 6,906 | 8,399 | 3,114 | 1979 | 1998 | 40 | ||||||||||||||||||||||||||||||
309 Fellowship Drive | Mt. Laurel | NJ | — | 1,518 | 6,154 | 780 | 1,518 | 6,934 | 8,452 | 3,070 | 1982 | 1998 | 40 | ||||||||||||||||||||||||||||||
1000 Bishops Gate | Mt. Laurel | NJ | — | 934 | 6,287 | (647 | ) | 934 | 5,640 | 6,574 | 1,534 | 2005 | 2000 | 40 | |||||||||||||||||||||||||||||
161 Gaither Drive | Mt. Laurel | NJ | — | 1,016 | 4,064 | 731 | 1,016 | 4,795 | 5,811 | 1,855 | 1987 | 2001 | 40 | ||||||||||||||||||||||||||||||
815 East Gate Drive | Mt. Laurel | NJ | — | 636 | 2,584 | 550 | 636 | 3,134 | 3,770 | 1,436 | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||
4000 Midlantic Drive | Mt. Laurel | NJ | — | 714 | 5,085 | (1,833 | ) | 714 | 3,252 | 3,966 | 1,531 | 1998 | 1997 | 40 | |||||||||||||||||||||||||||||
817 East Gate Drive | Mt. Laurel | NJ | — | 611 | 2,426 | 263 | 611 | 2,689 | 3,300 | 1,159 | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||
400 Commerce Drive | Newark | DE | — | 2,528 | 9,220 | 1,086 | 2,528 | 10,306 | 12,834 | 3,911 | 1997 | 2002 | 40 | ||||||||||||||||||||||||||||||
100 Commerce Drive | Newark | DE | — | 1,160 | 4,633 | 859 | 1,160 | 5,492 | 6,652 | 2,595 | 1989 | 1997 | 40 | ||||||||||||||||||||||||||||||
200 Commerce Drive | Newark | DE | — | 911 | 4,414 | 1,018 | 911 | 5,432 | 6,343 | 2,180 | 1998 | 2002 | 40 | ||||||||||||||||||||||||||||||
Main Street - Plaza 1000 | Voorhees | NJ | — | 2,732 | 10,942 | 2,933 | 2,732 | 13,875 | 16,607 | 13,211 | 1988 | 1997 | 40 | ||||||||||||||||||||||||||||||
Main Street - Piazza | Voorhees | NJ | — | 696 | 2,802 | 3,034 | 696 | 5,836 | 6,532 | 1,714 | 1990 | 1997 | 40 | ||||||||||||||||||||||||||||||
Main Street - Promenade | Voorhees | NJ | — | 531 | 2,052 | 444 | 531 | 2,496 | 3,027 | 1,218 | 1988 | 1997 | 40 | ||||||||||||||||||||||||||||||
920 North King Street | Wilmington | DE | — | 6,141 | 21,140 | 2,669 | 6,141 | 23,809 | 29,950 | 7,669 | 1989 | 2004 | 30 | ||||||||||||||||||||||||||||||
300 Delaware Avenue | Wilmington | DE | — | 6,368 | 13,739 | 2,548 | 6,368 | 16,287 | 22,655 | 6,642 | 1989 | 2004 | 23 | ||||||||||||||||||||||||||||||
Two Righter Parkway | Wilmington | DE | — | 2,802 | 11,217 | 6,172 | 2,802 | 17,389 | 20,191 | 4,822 | 1987 | 2001 | 40 | ||||||||||||||||||||||||||||||
One Righter Parkway | Wilmington | DE | — | 2,545 | 10,195 | 5,864 | 2,545 | 16,059 | 18,604 | 8,839 | 1989 | 1996 | 40 | ||||||||||||||||||||||||||||||
RICHMOND | |||||||||||||||||||||||||||||||||||||||||||
4364 South Alston Avenue | Durham | NC | — | 1,622 | 6,419 | 1,357 | 1,581 | 7,817 | 9,398 | 3,174 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||
4805 Lake Brooke Drive | Glen Allen | VA | — | 1,640 | 6,567 | 1,537 | 1,640 | 8,104 | 9,744 | 3,243 | 1996 | 1998 | 40 | ||||||||||||||||||||||||||||||
Overlook I | Glen Allen | VA | — | 748 | 3,976 | 599 | 790 | 4,533 | 5,323 | 677 | 1998 | 2011 | 40 | ||||||||||||||||||||||||||||||
Overlook II | Glen Allen | VA | — | 748 | 4,492 | 364 | 790 | 4,814 | 5,604 | 671 | 2000 | 2011 | 40 | ||||||||||||||||||||||||||||||
2812 Emerywood Parkway | Henrico | VA | — | 1,069 | 4,281 | 515 | 1,069 | 4,796 | 5,865 | 2,182 | 1980 | 1998 | 40 | ||||||||||||||||||||||||||||||
300 Arboretum Place | Richmond | VA | — | 5,450 | 21,892 | 6,917 | 5,450 | 28,809 | 34,259 | 10,862 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||
7501 Boulders View Drive | Richmond | VA | — | 4,669 | 19,699 | 2,071 | 4,925 | 21,514 | 26,439 | 4,786 | 1989 | 2007 | 40 | ||||||||||||||||||||||||||||||
7300 Beaufont Springs Drive | Richmond | VA | — | 4,672 | 19,689 | 2,857 | 4,922 | 22,296 | 27,218 | 4,223 | 2000 | 2007 | 40 | ||||||||||||||||||||||||||||||
6800 Paragon Place | Richmond | VA | — | 4,552 | 18,414 | 2,163 | 4,552 | 20,577 | 25,129 | 4,651 | 1987 | 2006 | 40 | ||||||||||||||||||||||||||||||
6802 Paragon Place | Richmond | VA | — | 2,917 | 11,454 | 3,143 | 2,917 | 14,597 | 17,514 | 5,312 | 1989 | 2002 | 40 | ||||||||||||||||||||||||||||||
1025 Boulders Parkway | Richmond | VA | — | 2,574 | 11,297 | 1,704 | 2,824 | 12,751 | 15,575 | 2,545 | 1994 | 2007 | 40 | ||||||||||||||||||||||||||||||
2100-2116 West Laburnam Avenue | Richmond | VA | — | 2,482 | 8,846 | 2,770 | 2,482 | 11,616 | 14,098 | 5,162 | 1984 | 1998 | 40 | ||||||||||||||||||||||||||||||
7401 Beaufont Springs Drive | Richmond | VA | — | 2,349 | 10,396 | 1,011 | 2,599 | 11,157 | 13,756 | 2,289 | 1998 | 2007 | 40 | ||||||||||||||||||||||||||||||
7325 Beaufont Springs Drive | Richmond | VA | — | 2,344 | 10,377 | 630 | 2,594 | 10,757 | 13,351 | 2,049 | 1999 | 2007 | 40 | ||||||||||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances at | Land | Building and | Net | Land | Building and | Total (b) | Accumulated | Year of | Year | Depreciable | ||||||||||||||||||||||||||||||
December 31, | Improvements | Improvements | Improvements | Depreciation at | Construction | Acquired | Life | ||||||||||||||||||||||||||||||||||||
2014(a) | (Retirements) | December 31, | |||||||||||||||||||||||||||||||||||||||||
Since | 2014 (c) | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
9011 Arboretum Parkway | Richmond | VA | — | 1,857 | 7,702 | 940 | 1,857 | 8,642 | 10,499 | 3,854 | 1991 | 1998 | 40 | ||||||||||||||||||||||||||||||
6806 Paragon Place | Richmond | VA | — | — | 10,288 | (37 | ) | 402 | 9,849 | 10,251 | 2,660 | 2007 | 2005 | 40 | |||||||||||||||||||||||||||||
9100 Arboretum Parkway | Richmond | VA | — | 1,362 | 5,489 | 979 | 1,362 | 6,468 | 7,830 | 2,807 | 1987 | 1998 | 40 | ||||||||||||||||||||||||||||||
2511 Brittons Hill Road | Richmond | VA | — | 1,202 | 4,820 | 1,221 | 1,202 | 6,041 | 7,243 | 2,846 | 1987 | 1998 | 40 | ||||||||||||||||||||||||||||||
100 Gateway Centre Parkway | Richmond | VA | — | 391 | 5,410 | 617 | 391 | 6,027 | 6,418 | 1,922 | 2001 | 1998 | 40 | ||||||||||||||||||||||||||||||
9200 Arboretum Parkway | Richmond | VA | — | 985 | 3,973 | 1,252 | 985 | 5,225 | 6,210 | 2,348 | 1987 | 1998 | 40 | ||||||||||||||||||||||||||||||
9210 Arboretum Parkway | Richmond | VA | — | 1,110 | 4,474 | 517 | 1,110 | 4,991 | 6,101 | 2,239 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||
2201-2245 Tomlynn Street | Richmond | VA | — | 1,020 | 4,067 | 1,046 | 1,020 | 5,113 | 6,133 | 2,154 | 1989 | 1998 | 40 | ||||||||||||||||||||||||||||||
9211 Arboretum Parkway | Richmond | VA | — | 582 | 2,433 | 844 | 582 | 3,277 | 3,859 | 1,317 | 1991 | 1998 | 40 | ||||||||||||||||||||||||||||||
2221-2245 Dabney Road | Richmond | VA | — | 530 | 2,123 | 359 | 530 | 2,482 | 3,012 | 990 | 1994 | 1998 | 40 | ||||||||||||||||||||||||||||||
2212-2224 Tomlynn Street | Richmond | VA | — | 502 | 2,014 | 395 | 502 | 2,409 | 2,911 | 1,020 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||
2244 Dabney Road | Richmond | VA | — | 550 | 2,203 | — | 550 | 2,203 | 2,753 | 964 | 1993 | 1998 | 40 | ||||||||||||||||||||||||||||||
2277 Dabney Road | Richmond | VA | — | 507 | 2,034 | 294 | 507 | 2,328 | 2,835 | 977 | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||
2248 Dabney Road | Richmond | VA | — | 512 | 2,049 | 57 | 512 | 2,106 | 2,618 | 923 | 1989 | 1998 | 40 | ||||||||||||||||||||||||||||||
2161-2179 Tomlynn Street | Richmond | VA | — | 423 | 1,695 | 315 | 423 | 2,010 | 2,433 | 842 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||
2246 Dabney Road | Richmond | VA | — | 455 | 1,822 | — | 455 | 1,822 | 2,277 | 797 | 1987 | 1998 | 40 | ||||||||||||||||||||||||||||||
2251 Dabney Road | Richmond | VA | — | 387 | 1,552 | 95 | 387 | 1,647 | 2,034 | 738 | 1983 | 1998 | 40 | ||||||||||||||||||||||||||||||
2256 Dabney Road | Richmond | VA | — | 356 | 1,427 | 182 | 356 | 1,609 | 1,965 | 751 | 1982 | 1998 | 40 | ||||||||||||||||||||||||||||||
2130-2146 Tomlynn Street | Richmond | VA | — | 353 | 1,416 | 214 | 353 | 1,630 | 1,983 | 704 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||
2112-2124 Tomlynn Street | Richmond | VA | — | 281 | 1,125 | 300 | 281 | 1,425 | 1,706 | 625 | 1984 | 1998 | 40 | ||||||||||||||||||||||||||||||
2240 Dabney Road | Richmond | VA | — | 264 | 1,059 | 88 | 264 | 1,147 | 1,411 | 478 | 1984 | 1998 | 40 | ||||||||||||||||||||||||||||||
Boulders Land | Richmond | VA | — | 1,256 | — | 28 | 1,259 | 25 | 1,284 | 2 | N/A | 2007 | N/A | ||||||||||||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||||||||||||||||
5900 & 5950 La Place Court | Carlsbad | CA | — | 3,706 | 11,185 | 3,613 | 3,955 | 14,549 | 18,504 | 3,645 | 1988 | 2006 | 48 | ||||||||||||||||||||||||||||||
5963 La Place Court | Carlsbad | CA | — | 2,824 | 9,413 | 2,117 | 2,999 | 11,355 | 14,354 | 2,486 | 1987 | 2006 | 55 | ||||||||||||||||||||||||||||||
2035 Corte Del Nogal | Carlsbad | CA | — | 3,261 | 6,077 | 1,167 | 3,499 | 7,006 | 10,505 | 2,038 | 1991 | 2006 | 39 | ||||||||||||||||||||||||||||||
1200 Concord Avenue | Concord | CA | — | 6,395 | 24,664 | 808 | 6,515 | 25,352 | 31,867 | 7,949 | 1984 | 2006 | 34 | ||||||||||||||||||||||||||||||
1220 Concord Avenue | Concord | CA | — | 6,476 | 24,966 | 260 | 6,476 | 25,226 | 31,702 | 7,622 | 1984 | 2006 | 34 | ||||||||||||||||||||||||||||||
155 Grand Avenue | Oakland | CA | — | 13,556 | 54,267 | 6,316 | 13,556 | 60,583 | 74,139 | 12,652 | 1990 | 2007 | 40 | ||||||||||||||||||||||||||||||
Two Kaiser Plaza | Oakland | CA | — | 7,841 | — | — | 7,841 | — | 7,841 | — | N/A | 2006 | N/A | ||||||||||||||||||||||||||||||
Oakland Lot B | Oakland | CA | — | 4,342 | — | — | 4,342 | — | 4,342 | — | N/A | 2006 | N/A | ||||||||||||||||||||||||||||||
Total: | $ | 655,934 | $ | 625,594 | $ | 3,362,277 | $ | 643,257 | $ | 673,838 | $ | 3,957,290 | $ | 4,631,128 | $ | 1,078,996 | |||||||||||||||||||||||||||
(a) | Excludes the effect of any net interest premium / (discount). | ||||||||||||||||||||||||||||||||||||||||||
(b) | Reconciliation of Real Estate: | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the real estate investments from January 1, 2012 to December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 4,669,289 | $ | 4,726,169 | $ | 4,793,080 | |||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | 347,510 | 50,579 | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures and assets placed into service | 132,149 | 109,740 | 90,619 | ||||||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||
Dispositions | (126,471 | ) | (474,275 | ) | (168,408 | ) | |||||||||||||||||||||||||||||||||||||
Retirements | (43,839 | ) | (39,855 | ) | (39,701 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 4,631,128 | $ | 4,669,289 | $ | 4,726,169 | |||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||
Assets held for sale (e) | 27,436 | — | — | ||||||||||||||||||||||||||||||||||||||||
Per consolidated balance sheet | $ | 4,603,692 | $ | 4,669,289 | $ | 4,726,169 | |||||||||||||||||||||||||||||||||||||
The aggregate cost for federal income tax purposes is $3.7 billion as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||
(c) | Reconciliation of Accumulated Depreciation: | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the accumulated depreciation on real estate investments from January 1, 2012 to December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 983,808 | $ | 954,665 | $ | 865,710 | |||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||
Depreciation expense — continuing operations | 160,641 | 150,236 | 154,095 | ||||||||||||||||||||||||||||||||||||||||
Depreciation expense — discontinued operations | — | 9,164 | 2,143 | ||||||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||
Dispositions | (22,459 | ) | (91,890 | ) | (28,270 | ) | |||||||||||||||||||||||||||||||||||||
Retirements | (42,994 | ) | (38,367 | ) | (39,013 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 1,078,996 | $ | 983,808 | $ | 954,665 | |||||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||||||||
Assets held for sale (e) | (11,167 | ) | — | — | |||||||||||||||||||||||||||||||||||||||
Per consolidated balance sheet | $ | 1,067,829 | $ | 983,808 | $ | 954,665 | |||||||||||||||||||||||||||||||||||||
(d) This property was contributed to an unconsolidated real estate venture, however, the Company will continue to consolidate this property due to its continuing involvement in this property resulting from its ongoing lease at this property and its 50% ownership interest in the venture. Please see Note 3, "Real Estate Investments," to the consolidated financial statements for additional information. | |||||||||||||||||||||||||||||||||||||||||||
(e) The office properties known as Atrium I, located at 1000 Atrium Way in Mt Laurel, New Jersey and Libertyview, located 457 Haddonfield Road in Cherry Hill, New Jersey, were categorized as held for sale as of December 31, 2014. For further information see Note 3, "Real Estate Investments." |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Reclassifications | Reclassifications | |||||||||||
Reclassifications are related to the treatment of sold properties as discontinued operations on the statement of operations for all periods presented. See Recent Accounting Pronouncements below for revisions to the accounting guidance for discontinued operations. | ||||||||||||
Principles of Consolidation | Principles of Consolidation | |||||||||||
When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”), and if the Company is deemed to be the primary beneficiary, in accordance with the accounting standard for the consolidation of variable interest entities. The accounting standard for the consolidation of VIEs requires the Company to qualitatively assess if the Company was the primary beneficiary of the VIEs based on whether the Company had (i) the power to direct those matters that most significantly impacted the activities of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. For entities determined to be VIEs, but for which the Company is not the primary beneficiary, the Company's maximum exposure to loss is the carrying amount of its investments. As of December 31, 2014, the Company has provided guarantees on behalf of certain real estate ventures, consisting of (i) a $24.7 million payment guaranty on the construction loan for the project being undertaken by evo at Cira; (ii) a $3.2 million payment guarantee on the construction loan for a project being undertaken by TB-BDN Plymouth Apartments; and (iii) a $0.5 million payment guarantee on a loan provided to PJP VII. | ||||||||||||
When an entity is not deemed to be a VIE, the Company considers the provisions of the same accounting standard to determine whether a general partner/managing member, or the general partners/managing members as a group, controls a limited partnership or similar entity when the limited partners/non-managing members have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary and (ii) entities that are non-VIEs and controlled by the Company and in which the limited partners neither have the ability to dissolve the entity or remove the Company without cause nor any substantive participating rights. Entities that the Company accounts for under the equity method (i.e., at cost, increased or decreased by the Company's share of earnings or losses, plus contributions, less distributions) include (i) entities that are VIEs and of which the Company is not deemed to be the primary beneficiary (ii) entities that are non-VIEs which the Company does not control, but over which the Company has the ability to exercise significant influence and (iii) entities that are non-VIEs for which the Company maintains an ownership interest through its general partner/managing member status, but the limited partners/non-managing members in the entity have the substantive ability to dissolve the entity or remove the Company without cause or have substantive participating rights. Currently there are no real estate ventures that a limited partner/non-managing member has the unilateral right to dissolve. The Company continuously assesses its determination of whether an entity is a VIE and who the primary beneficiary is, and whether or not the limited partners/non-managing members in an entity have substantive rights, more particularly if certain events occur that are likely to cause a change in the original determinations. The Company's assessment includes a review of applicable documents such as, but not limited to, applicable partnership agreements, LLC and other real estate venture agreements and management and leasing agreements to determine whether the Company has control to direct the business activities of the entities. The portion of the consolidated entities that is not owned by the Company is presented as non-controlling interest as of and during the periods consolidated. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Use of Estimates | Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue, valuation of real estate and related intangible assets and liabilities, impairment of long-lived assets, allowance for doubtful accounts and deferred costs. | ||||||||||||
Operating Properties | Operating Properties | |||||||||||
Operating properties are carried at historical cost less accumulated depreciation and impairment losses. The cost of operating properties reflects their purchase price or development cost. Acquisition costs related to business combinations are expensed as incurred, whereas the costs related to asset acquisitions are capitalized as incurred. Costs incurred for the renovation and betterment of an operating property are capitalized to the Company’s investment in that property. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. | ||||||||||||
Purchase Price Allocation | Purchase Price Allocation | |||||||||||
The Company allocates the purchase price of properties considered to be business combinations to net tangible and identified intangible assets acquired based on fair values. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) the Company’s estimate of the fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease (including the below market fixed renewal period, if applicable). Capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases, including any below market fixed-rate renewal periods. | ||||||||||||
Other intangible assets also include in-place leases based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal and other related expenses. This intangible asset is amortized to expense over the remaining term of the respective leases and any fixed-rate bargain renewal periods. Company estimates of value are made using methods similar to those used by independent appraisers or by using independent appraisals. Factors considered by the Company in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from four to twelve months. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also uses the information obtained as a result of its pre-acquisition due diligence as part of its consideration of the accounting standard governing asset retirement obligations and when necessary, will record a conditional asset retirement obligation as part of its purchase price. Though the Company considers the value of tenant relationships, the amounts are determined on a tenant-specific basis. On certain of our acquisitions this intangible has been deemed immaterial. In these instances no related intangible value is assigned. | ||||||||||||
In the event that a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values and tenant relationship values, is charged to expense and market rate adjustments (above or below) are recorded to revenue. | ||||||||||||
Depreciation and Amortization [Policy Text Block] | Depreciation and Amortization | |||||||||||
The costs of buildings and improvements are depreciated using the straight-line method based on the following useful lives: buildings and improvements (5 to 55 years) and tenant improvements (the shorter of (i) the life of the asset, 1 to 16 years, or (ii) the lease term). | ||||||||||||
Construction in Progress | Construction in Progress | |||||||||||
Project costs directly associated with the development and construction of a real estate project are capitalized as construction in progress. Construction in progress also includes costs related to ongoing tenant improvement projects. In addition, interest, real estate taxes and other expenses that are directly associated with the Company’s development activities are capitalized until the property is placed in service. Internal direct costs are capitalized to projects in which qualifying expenditures are being incurred. Internal direct construction costs totaling $5.2 million in 2014, $3.7 million in 2013, $4.7 million in 2012 and interest totaling $4.8 million in 2014, $2.6 million in 2013, and $2.6 million in 2012 were capitalized related to development of certain properties and land holdings. The increase in capitalized costs is due to the development activity. See Item 1., "Business - Developments," for further discussion. | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company's internal direct construction costs are comprised entirely of capitalized salaries. The following table shows the amount of compensation costs (including bonuses and benefits) capitalized for the years presented (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Development | $ | 1,749 | $ | 156 | $ | 57 | ||||||
Redevelopment | 184 | 194 | 353 | |||||||||
Tenant Improvements | 3,261 | 3,323 | 4,259 | |||||||||
Total | $ | 5,194 | $ | 3,673 | $ | 4,669 | ||||||
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets | |||||||||||
The Company reviews its long-lived assets for impairment following the end of each quarter and when there is an event or change in circumstances that indicates an impairment in value. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. In such case, an impairment loss is recognized in the amount of the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Since cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company's established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company's holding strategy were to change or if market conditions were to otherwise dictate an earlier sale date, then an impairment loss may be recognized and such loss could be material. If the Company determines that impairment has occurred, the affected assets must be reduced to their fair value. | ||||||||||||
The Company generally consider assets to be “held for sale” when the transaction has been approved by our Board of Trustees, or by officers vested with authority to approve the transaction and there are no known significant contingencies relating to the sale of the property within one year of the consideration date and the consummation of the transaction is otherwise considered probable. | ||||||||||||
Following the classification of a property as “held for sale,” no further depreciation is recorded on the assets, and the asset is written down to the lower of carrying value or fair market value. | ||||||||||||
The relevant accounting guidance for impairments requires that qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as “held for sale,” be presented as discontinued operations in all periods presented if the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. The components of the property’s net income that is reflected as discontinued operations include the net gain (or loss) upon the disposition of the property held for sale, operating results, depreciation and interest expense (if the property is subject to a secured loan). | ||||||||||||
The Company recorded a provision for impairment on assets held for sale during the twelve months ended December 31, 2014 of $1.8 million. These properties were sold on October 24, 2014, at which time the Company recorded a $0.2 million gain. For further information regarding the impairment, see Note 3, "Real Estate Investments." During its impairment review as of December 31, 2014, the Company determined that no additional impairment charges were necessary. The Company determined during its impairment review of the years ended December 31, 2013 and 2012, that no impairment charges were necessary. | ||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. The Company maintains cash equivalents in financial institutions in excess of insured limits, but believes this risk is mitigated by only investing in or through major financial institutions. | ||||||||||||
Restricted Cash, Policy [Policy Text Block] | Restricted Cash | |||||||||||
Restricted cash consists of cash held as collateral to provide credit enhancement for the Company’s mortgage debt, cash for property taxes, capital expenditures and tenant improvements. | ||||||||||||
Accounts receivable and accrued rent receivable policy [Policy Text Block] | Accounts Receivable and Accrued Rent Receivable | |||||||||||
Leases with tenants are accounted for as operating leases. Minimum annual rentals under tenant leases are recognized on a straight-line basis over the term of the related lease. The cumulative difference between lease revenue recognized under the straight-line method and contractual lease payment terms is recorded as “accrued rent receivable, net” on the accompanying balance sheets. Included in current tenant receivables are tenant reimbursements which are comprised of amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred. As of December 31, 2014 and 2013, no tenant represented more than 10% of accounts receivable and accrued rent receivable. | ||||||||||||
Tenant receivables and accrued rent receivables are carried net of the allowances for doubtful accounts of $2.0 million and $13.4 million in 2014, respectively and $3.2 million and $13.0 million in 2013, respectively. The allowance is an estimate based on two calculations that are combined to determine the total amount reserved. First, the Company evaluates specific accounts where it has determined that a tenant may have an inability to meet its financial obligations. In these situations, the Company uses its judgment, based on the facts and circumstances, and records a specific reserve for that tenant against amounts due to reduce the receivable to the amount that the Company expects to collect. These reserves are reevaluated and adjusted as additional information becomes available. Second, a reserve is established for all tenants based on a range of percentages applied to receivable aging categories for tenant receivables. For accrued rent receivables, the Company considers the results of the evaluation of specific accounts and also considers other factors including assigning risk factors to different industries based on its tenants SIC classification. Considering various factors including assigning a risk factor to different industries, these percentages are based on historical collection and write-off experience adjusted for current market conditions, which requires management’s judgments. | ||||||||||||
Investments in Unconsolidated Real Estate Ventures | Investments in Unconsolidated Real Estate Ventures | |||||||||||
The Company accounts for its investments in unconsolidated Real Estate Ventures under the equity method of accounting as it is not the primary beneficiary (for VIEs) and the Company exercises significant influence, but does not control these entities under the provisions of the entities’ governing agreements pursuant to the accounting standard for the consolidation of VIEs. When the Company determines that its investment in an unconsolidated Real Estate Venture does not constitute a VIE, the Company utilizes the voting interest model under the accounting standard for consolidation to determine whether to consolidate the venture. | ||||||||||||
Under the equity method, investments in unconsolidated Real Estate Ventures are recorded initially at cost, as investments in Real Estate Ventures, and subsequently adjusted for equity in earnings, cash contributions, less distributions and impairments. For Real Estate Ventures that are constructing assets to commence planned principal operations, the Company capitalizes interest expense using its weighted average interest rate of consolidated debt and its investment balance as a basis. Planned principal operations commence when a property is available to lease and at that point in time the Company ceases capitalizing interest to its investment basis. During the twelve months ended December 31, 2014 and 2013 the Company capitalized interest expense of $2.0 million and $0.6 million, respectively. | ||||||||||||
On a periodic basis, management also assesses whether there are any indicators that the value of the Company’s investments in unconsolidated Real Estate Ventures may be other than temporarily impaired. An investment is impaired only if the value of the investment, as estimated by management, is less than the carrying value of the investment and the decline is other than temporary. To the extent that an impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment, as estimated by management. The determination as to whether an impairment exists requires significant management judgment about the fair value of its ownership interest. Fair value is determined through various valuation techniques, including but not limited to, discounted cash flow models, quoted market values and third party appraisals. | ||||||||||||
When the Company acquires an interest in or contributes assets to a real estate venture project, the difference between the Company’s cost basis in the investment and the value of the real estate venture or asset contributed is amortized over the life of the related assets, intangibles and liabilities and such adjustment is included in the Company’s share of equity in income of unconsolidated Real Estate Ventures. For purposes of cash flow presentation, distributions from unconsolidated Real Estate Ventures are presented as part of operating activities when they are considered as return on investments. Distributions in excess of the Company’s share in the cumulative unconsolidated Real Estate Ventures’ earnings are considered as return of investments and are presented as part of investing activities in accordance with the accounting standard for cash flow presentation. | ||||||||||||
Deferred Costs, Policy [Policy Text Block] | Deferred Costs | |||||||||||
Costs incurred in connection with property leasing are capitalized as deferred leasing costs. Deferred leasing costs consist primarily of leasing commissions and internal leasing costs that are amortized using the straight-line method over the life of the respective lease which generally ranges from 1 to 15 years. Management re-evaluates the remaining useful lives of leasing costs as economic and market conditions change. | ||||||||||||
Costs incurred in connection with debt financing are capitalized as deferred financing costs and charged to interest expense over the terms of the related debt agreements. Deferred financing costs consist primarily of loan fees which are amortized over the related loan term on a basis that approximates the effective interest method. Deferred financing costs are accelerated, when debt is extinguished, as part of interest expense- amortization of deferred financing costs within the Company's consolidated statements of operations. Original issue discounts are recognized as part of the gain or loss on extinguishment of debt, as appropriate. | ||||||||||||
Notes Receivable | Notes Receivable | |||||||||||
The Company accounts for notes receivable on its balance sheet at amortized cost, net of allowance for loan losses. Interest income is recognized over the term of the notes receivable and is calculated based on the terms on the contractual terms of each note agreement. | ||||||||||||
Notes receivable are placed on nonaccrual status when management determines, after considering economic and business conditions and collection efforts, that the loans are impaired or collection of interest is doubtful. Uncollectible interest previously accrued is recognized as bad debt expense. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received. | ||||||||||||
On October 17, 2014, the Austin Venture acquired River Place and funded $88.0 million of the purchase price with a short-term loan, secured by a mortgage. The short-term financing was provided by the Company and the Austin Venture is currently seeking permanent financing. The debt agreement for the short-term loan provides financing through March 2015 at the following tiered interest rates; (i) 4.0% through December 31, 2014, (ii) 5.0% from January 1, 2015 through January 31, 2015, (iii) 7.0% from February 1, 2015 through February 28, 2015 and (iv) 9.0% from March 1, 2015 through March 31, 2015. The Austin Venture may repay the short-term loan at any time without penalty. During 2014 the Company recognized $0.7 million of interest income relating to this note. See Note 21, "Subsequent Events," for repayment of this note. | ||||||||||||
As of December 31, 2013, notes receivable included a purchase money mortgage with a 20-year amortization period bearing interest at 8.5%, which was valued at $7.0 million. The borrower had previously defaulted on the note. As a result, a forbearance agreement dated October 2011, as amended by a second forbearance agreement dated July 9, 2013, was entered into between the Company and the borrower, outlining the repayment terms of the outstanding debt and capping interest at $1.5 million. The Company has determined that the loan modifications represent a troubled debt restructuring due to the fact that the borrower was considered to be in a financial difficulty when it defaulted on the mortgage debt, and that a concession was granted in the form of the forbearance agreements. In accordance with relevant the accounting guidance for troubled debt restructuring, this note remained in a non-accrual status through 2014 and as such, interest is recorded to income as received. During the twelve months ended December 31, 2014, the borrower fully repaid the principal balance of $7.0 million. As to the interest accrued on the notes, $1.5 million has been received in cash and recognized as interest income during the fourth quarter of 2014. | ||||||||||||
During 2012, the $23.5 million seven year purchase money mortgage note receivable (balance as of the payment date, including accrued but unpaid interest), which related to the 2009 sale of two Trenton properties, was paid in full prior to its scheduled maturity of October 2016. The Company also recognized a $12.9 million deferred gain and $1.0 million of interest income at the time of payment, in accordance with the accounting standard for installment sales. | ||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||
Rental revenue is recognized on the straight-line basis, which averages minimum rents over the terms of the leases from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases. The straight-line rent adjustment increased revenue by approximately $13.7 million in 2014, $17.7 million in 2013 and $21.1 million in 2012. Deferred rents on the balance sheet represent rental revenue received prior to their due dates and amounts paid by the tenant for certain improvements considered to be landlord assets that will remain as the Company’s property at the end of the tenant’s lease term. The amortization of the amounts paid by the tenant for such improvements is calculated on a straight-line basis over the term of the tenant’s lease and is a component of straight-line rental income and increased revenue by $2.4 million in each of 2014, 2013 and 2012. Lease incentives, which are included as reductions of rental revenue in the accompanying consolidated statements of operations, are recognized on a straight-line basis over the term of the lease. Lease incentives decreased revenue by $1.5 million in 2014, $0.7 million in 2013, and $0.8 million in 2012. | ||||||||||||
The Company's leases also typically provide for tenant reimbursement of a portion of common area maintenance expenses and other operating expenses to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease or to the extent that the tenant has a lease on a triple net basis. For certain leases, the Company makes significant assumptions and judgments in determining the lease term, including assumptions when the lease provides the tenant with an early termination option. The lease term impacts the period over which the Company determines and records minimum rents and also impacts the period over which the Company amortizes lease-related costs. | ||||||||||||
In addition, the Company's rental revenue is impacted by the Company's determination of whether improvements to the properties, whether made by the Company or by the tenant, are landlord assets. The determination of whether an improvement is a landlord asset requires judgment. In making this judgment, our primary consideration is whether the improvement would be utilizable by another tenant upon move out of the improved space by the then-existing tenant. If the Company has funded an improvement that it determines not to be landlord assets, then it treats the costs of the improvement as lease incentives. If the tenant has funded the improvement that the Company determines to be landlord assets, then the Company treats the costs of the improvement as deferred revenue and amortize this cost into revenue over the lease term. | ||||||||||||
Recoveries from tenants, consisting of amounts due from tenants for common area maintenance expenses, real estate taxes and other recoverable costs are recognized as revenue in the period during which the expenses are incurred. | ||||||||||||
Tenant reimbursements are recognized and presented in accordance with accounting guidance which requires that these reimbursements be recorded on a gross basis because the Company is generally the primary obligor with respect to the goods and services the purchase of which gives rise to the reimbursement obligation; because the Company has discretion in selecting the vendors and suppliers; and because the Company bears the credit risk in the event they do not reimburse the Company. The Company also receives payments from third parties for reimbursement of a portion of the payroll and payroll-related costs for certain of the Company's personnel allocated to perform services for these third parties and reflects these payments on a gross basis. | ||||||||||||
The Company recognizes gains on sales of real estate at times and in amounts determined in accordance with the accounting guidance for sales of real estate. The guidance takes into account the terms of the transaction and any continuing involvement, including in the form of management, leasing of space or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, then the Company defers some or all of the gain recognition and account for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery method, as appropriate, until the sales criteria are met. | ||||||||||||
The Company derives parking revenues from leases, monthly parking and transient parking. The Company recognizes parking revenue as earned. | ||||||||||||
The Company receives leasing commission income, management fees and development fees from third parties. | ||||||||||||
Leasing commission income is earned based on a percentage of gross rental income upon a tenant signing a lease with a third party lessor. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. The Company records development fees as earned taking into account the risk associated with each project. Profit on development fees earned from joint venture projects is recognized as revenue to the extent of the third party partners’ ownership interest. | ||||||||||||
No tenant represented greater than 10% of the Company’s rental revenue in 2014, 2013 or 2012 | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Parent Company | ||||||||||||
The Parent Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to continue to qualify as a REIT, the Parent Company is required to, among other things, distribute at least 90% of its annual REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Parent Company is not subject to federal and state income taxes with respect to the portion of its income that meets certain criteria and is distributed annually to its shareholders. Accordingly, no provision for federal and state income taxes is included in the accompanying consolidated financial statements with respect to the operations of the Parent Company. The Parent Company intends to continue to operate in a manner that allows it to meet the requirements for taxation as a REIT. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income taxes and may not be able to qualify as a REIT for the four subsequent tax years. The Parent Company is subject to certain local income taxes. Provision for such taxes has been included in general and administrative expenses in the Parent Company’s Consolidated Statements of Operations and Comprehensive Income. | ||||||||||||
The tax basis of the Parent Company’s assets was $3.7 billion and $4.0 billion for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
The Parent Company is subject to a 4% federal excise tax if sufficient taxable income is not distributed within prescribed time limits. The excise tax equals 4% of the annual amount, if any, by which the sum of (a) 85% of the Parent Company’s ordinary income and (b) 95% of the Parent Company’s net capital gain exceeds cash distributions and certain taxes paid by the Parent Company. No excise tax was incurred in 2014, 2013, or 2012. | ||||||||||||
The Parent Company has elected to treat several of its subsidiaries as taxable REIT subsidiaries (each a “TRS”). A TRS is subject to federal, state and local income tax. In general, a TRS may perform non-customary services for tenants, hold assets that the Parent Company, as a REIT, cannot hold directly and generally may engage in any real estate or non-real estate related business. The Company’s taxable REIT subsidiaries did not have significant tax provisions or deferred income tax items as of December 31, 2014 and 2013. | ||||||||||||
Operating Partnership | ||||||||||||
In general, the Operating Partnership is not subject to federal and state income taxes, and accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. The partners of the Operating Partnership are required to include their respective share of the Operating Partnership’s profits or losses in their respective tax returns. The Operating Partnership’s tax returns and the amount of allocable Partnership profits and losses are subject to examination by federal and state taxing authorities. If such examination results in changes to the Operating Partnership profits or losses, then the tax liability of the partners would be changed accordingly. | ||||||||||||
The tax basis of the Operating Partnership’s assets was $3.7 billion and $4.0 billion for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
The Operating Partnership may elect to treat one or more of its subsidiaries as REITs under Sections 856 through 860 of the Code. Each subsidiary REIT has met the requirements for treatment as a REIT under Sections 856 through 860 of the Code, and, accordingly, no provision has been made for federal and state income taxes in the accompanying consolidated financial statements. If any subsidiary REIT fails to qualify as a REIT in any taxable year, that subsidiary REIT will be subject to federal and state income taxes and may not be able to qualify as a REIT for the four subsequent taxable years. Also, each subsidiary REIT may be subject to certain local income taxes. | ||||||||||||
The Operating Partnership has elected to treat several of its subsidiaries as TRSs, which are subject to federal, state and local income tax. | ||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share | |||||||||||
Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders, as adjusted for unallocated earnings, if any, of certain securities, by the weighted average number of shares of common stock outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under share-based compensation plans, including upon the exercise of stock options, and conversion of the noncontrolling interests in the Operating Partnership. | ||||||||||||
Earnings Per Unit | ||||||||||||
Basic EPS is computed by dividing net income available to common unitholders, as adjusted for unallocated earnings, if any, of certain securities issued by the Operating Partnership, by the weighted average number of common unit equivalents outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under share-based compensation plans, including upon the exercise of stock options | ||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans | |||||||||||
The Parent Company maintains a shareholder-approved equity-incentive plan known as the Amended and Restated 1997 Long-Term Incentive Plan (the “1997 Plan”). The 1997 Plan is administered by the Compensation Committee of the Parent Company’s Board of Trustees. Under the 1997 Plan, the Compensation Committee is authorized to award equity and equity-based awards, including incentive stock options, non-qualified stock options, restricted shares and performance-based shares. On June 2, 2010, the Parent Company’s shareholders approved amendments to the 1997 Plan that, among other things, increased the number of common shares available for future awards under the 1997 Plan by 6,000,000 (of which 3,600,000 shares are available solely for options and share appreciation rights). As of December 31, 2014, 4,304,006 common shares remained available for future awards under the 1997 Plan (including 2,684,795 shares available solely for options and share appreciation rights). Through December 31, 2014 all options awarded under the 1997 Plan had a one to ten-year term. | ||||||||||||
The Company incurred stock-based compensation expense of $6.1 million during 2014, of which $1.7 million was capitalized as part of the Company’s review of employee salaries eligible for capitalization. The Company incurred stock-based compensation expense of $8.3 million and $8.6 million during 2013 and 2012, of which $1.4 million and $2.6 million, respectively, were also capitalized. The expensed amounts are included in general and administrative expense on the Company’s consolidated income statement in the respective periods. | ||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income | |||||||||||
Comprehensive income is recorded in accordance with the provisions of the accounting standard for comprehensive income. The accounting standard establishes standards for reporting comprehensive income and its components in the financial statements. Comprehensive income includes the effective portions of changes in the fair value of derivatives. | ||||||||||||
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities | |||||||||||
The Company accounts for its derivative instruments and hedging activities in accordance with the accounting standard for derivative and hedging activities. The accounting standard requires the Company to measure every derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record them in the balance sheet as either an asset or liability. See disclosures below related to the accounting standard for fair value measurements and disclosures. | ||||||||||||
For derivatives designated as cash flow hedges, the effective portions of changes in the fair value of the derivative are reported in other comprehensive income while the ineffective portions are recognized in earnings. | ||||||||||||
The Company actively manages its ratio of fixed-to-floating rate debt. To manage its fixed and floating rate debt in a cost-effective manner, the Company, from time to time, enters into interest rate swap agreements as cash flow hedges, under which it agrees to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. | ||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
The Company estimates the fair value of its derivatives in accordance with the accounting standard for fair value measurements and disclosures. The accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | ||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; | |||||||||||
• | Level 2 inputs are inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and | |||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information. | |||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||||||
In August 2014, the Financial Accounting Standards Board ("FASB") issued guidance regarding an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. | ||||||||||||
In May 2014 FASB issued guidance requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. The guidance requires the disclosure of sufficient quantitative and qualitative information for financial statement users to understand the nature, amount, timing and uncertainty of revenue and associated cash flows arising from contracts with customers. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with early adoption precluded. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial position or results of operations. | ||||||||||||
In April 2014 the FASB issued revised guidance on discontinued operations and disclosures of disposals of components of an entity. The update revises the definition to include only disposals involving a strategic shift that has a major effect on the entity’s operations and financial results when the disposal asset or group meets the existing criterion for treatment as held for sale. Examples of a strategic shift include the withdrawal from a major geographic area, line of business, equity method investment or any other major parts of a business, as applicable. A component of the entity comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity. In addition, the revised standard no longer precludes presentation as a discontinued operation if there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or if there is significant continuing involvement with a component after its disposal. | ||||||||||||
The amendments require additional disclosures about discontinued operations including; the major classes of net income or loss where net income is otherwise presented, the operating and investing cash flows of discontinued operations where net income is otherwise presented, depreciation, amortization, capital expenditures and significant operating and investing non-cash items of the discontinued operation for the periods in which net income is otherwise presented and, if there is a non-controlling interest, the related allocation to the parent company. | ||||||||||||
Application is prospective, and required for periods beginning on or after December 15, 2014. This update should not be applied to assets classified as held for sale before the effective date even if the component of an entity is disposed of after the effective date. Early adoption is permitted for disposals or assets held for sale that have not been reported in the financial statements previously issued or available for issuance. The Company has elected to early adopt this standard as of January 1, 2014. All properties sold or determined held for sale prior to January 1, 2014 are classified as discontinued operations for all periods presented. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Schedule of Capitalized Salaries Including Bonuses and Benefits [Table Text Block] | During the years ended December 31, 2014, 2013 and 2012, the Company's internal direct construction costs are comprised entirely of capitalized salaries. The following table shows the amount of compensation costs (including bonuses and benefits) capitalized for the years presented (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Development | $ | 1,749 | $ | 156 | $ | 57 | ||||||
Redevelopment | 184 | 194 | 353 | |||||||||
Tenant Improvements | 3,261 | 3,323 | 4,259 | |||||||||
Total | $ | 5,194 | $ | 3,673 | $ | 4,669 | ||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||
Gross carrying value of the Company's Properties | As of December 31, 2014 and 2013 the gross carrying value of the Company’s Properties was as follows (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Land | $ | 669,635 | $ | 680,513 | |||||||||||||
Building and improvements | 3,409,303 | 3,504,060 | |||||||||||||||
Tenant improvements | 524,754 | 484,716 | |||||||||||||||
4,603,692 | 4,669,289 | ||||||||||||||||
Assets held for sale - real estate investments (a) | 27,436 | — | |||||||||||||||
Total | $ | 4,631,128 | $ | 4,669,289 | |||||||||||||
(a) | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. | ||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The Company has treated this transaction as a business combination and allocated the purchase price to the tangible and intangible assets and liabilities. As discussed in Note 2, the Company utilized a number of sources in making estimates of fair values for purposes of allocating the purchase price to tangible and intangibles assets acquired and intangible liabilities assumed. The purchase price is allocated as follows: | ||||||||||||||||
December 19, 2013 | |||||||||||||||||
Building, land and improvements | $ | 255,705 | |||||||||||||||
Intangible assets acquired | 85,036 | ||||||||||||||||
Below market lease liabilities assumed | (8,637 | ) | |||||||||||||||
$ | 332,104 | ||||||||||||||||
Mortgage debt assumed - at fair value (a) | (238,082 | ) | |||||||||||||||
Return of existing equity method investment | (30,424 | ) | |||||||||||||||
Net working capital assumed | 10,423 | ||||||||||||||||
Non-controlling interest | (946 | ) | |||||||||||||||
Total cash payment at settlement | $ | 73,075 | |||||||||||||||
(a) Principal outstanding on assumed mortgage debt at December 19, 2013 was $237.1 million. | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Intangible assets acquired and intangible liabilities assumed consist of the following (in thousands): | ||||||||||||||||
December 19, 2013 | Weighted Average Amortization Period (in years) | ||||||||||||||||
Intangible assets: | |||||||||||||||||
In-place lease value | $ | 80,916 | 7.9 | ||||||||||||||
Above market tenant leases acquired | 4,120 | 6.9 | |||||||||||||||
Total | $ | 85,036 | |||||||||||||||
Intangible liabilities: | |||||||||||||||||
Below market leases acquired | $ | (8,637 | ) | 6.5 | |||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The unaudited pro forma information below summarizes the Company’s combined results of operations for the years ended December 31, 2014 and 2013 as though the acquisition of One and Two Commerce Square, Four Points Centre and Six Tower Bridge were completed on January 1, 2012. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands except for per share amounts). | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Pro forma revenue | $ | 610,979 | $ | 592,753 | |||||||||||||
Pro forma income (loss) from continuing operations | 21,805 | (60,011 | ) | ||||||||||||||
Pro forma net income (loss) available to common shareholders | 25,957 | (16,970 | ) | ||||||||||||||
Earnings per common share from continuing operations: | |||||||||||||||||
Basic -- as reported | $ | 0.2 | $ | (0.36 | ) | ||||||||||||
Basic -- as pro forma | $ | 0.14 | $ | (0.42 | ) | ||||||||||||
Diluted -- as reported | $ | 0.2 | $ | (0.36 | ) | ||||||||||||
Diluted -- as pro forma | $ | 0.14 | $ | (0.42 | ) | ||||||||||||
Earnings per common share: | |||||||||||||||||
Basic -- as reported | $ | 0.23 | $ | (0.06 | ) | ||||||||||||
Basic -- as pro forma | $ | 0.17 | $ | (0.12 | ) | ||||||||||||
Diluted -- as reported | $ | 0.23 | $ | (0.06 | ) | ||||||||||||
Diluted -- as pro forma | $ | 0.17 | $ | (0.12 | ) | ||||||||||||
Included in the consolidated statements of income for the year ended December 31, 2013 are total revenues of $3.4 million and a net loss attributable to common shareholders of $0.2 million from acquisitions made during 2013. |
Investment_in_Unconsolidated_V1
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 | Carrying | Company’s Share | Real Estate | Current | Debt | ||||||||||||||||
Percentage (a) | Amount | of 2014 Real | Venture | Interest | Maturity | ||||||||||||||||
Estate Venture | Debt at 100% | Rate | |||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
Office Properties | |||||||||||||||||||||
Broadmoor Austin Associates (b) | 50 | % | $ | 65,407 | $ | (460 | ) | $ | 53,516 | 7.04 | % | Apr-23 | |||||||||
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-21 | |||||||||||||
Four Tower Bridge | 65 | % | 1,474 | (144 | ) | 10,353 | 5.2 | % | Feb-21 | ||||||||||||
PJP VII | 25 | % | 911 | 177 | 5,785 | L+2.65% | Dec-19 | ||||||||||||||
PJP II | 30 | % | 403 | 73 | 3,492 | 6.12 | % | Nov-23 | |||||||||||||
PJP V | 25 | % | 216 | 166 | 5,242 | 6.47 | % | Aug-19 | |||||||||||||
PJP VI | 25 | % | 45 | (67 | ) | 8,168 | 6.08 | % | Apr-23 | ||||||||||||
G&I Interchange Office LLC (DRA — N. PA) (e) (b) | 20 | % | — | (658 | ) | 174,595 | 5.78 | % | Feb-15 | ||||||||||||
Invesco, L.P. (i) | — | 989 | — | ||||||||||||||||||
Coppell Associates (f) | 50 | % | (1,214 | ) | (45 | ) | 15,747 | 5.75 | % | Feb-16 | |||||||||||
Other | |||||||||||||||||||||
Residence Inn Tower Bridge | 50 | % | 723 | 107 | 13,394 | 5.63 | % | Feb-16 | |||||||||||||
HSRE-Campus Crest IX, LLC (b) | 30 | % | 14,314 | 67 | 90,245 | L+2.20% | Jul-16 | ||||||||||||||
Development Properties | |||||||||||||||||||||
4040 Wilson LLC | 50 | % | 27,415 | (132 | ) | — | |||||||||||||||
Brandywine 1919 Ventures (b) (g) | 50 | % | 12,823 | (21 | ) | — | L+2.25% | Oct-18 | |||||||||||||
TB-BDN Plymouth Apartments | 50 | % | 12,720 | (83 | ) | 29,481 | L+1.70% | Dec-17 | |||||||||||||
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, | December 31, | ||||||||||||||||||||
2014 | 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 | |||||||||||||||||||
Deferred_Costs_Tables
Deferred Costs (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of December 31, 2014 and 2013, the Company’s deferred costs were comprised of the following (in thousands): | |||||||||||
31-Dec-14 | ||||||||||||
Total Cost | Accumulated | Deferred Costs, | ||||||||||
Amortization | net | |||||||||||
Leasing Costs | $ | 164,081 | $ | (64,065 | ) | $ | 100,016 | |||||
Financing Costs | 40,401 | (15,193 | ) | 25,208 | ||||||||
Total | $ | 204,482 | $ | (79,258 | ) | $ | 125,224 | |||||
31-Dec-13 | ||||||||||||
Total Cost | Accumulated | Deferred Costs, | ||||||||||
Amortization | net | |||||||||||
Leasing Costs | $ | 155,885 | $ | (58,805 | ) | $ | 97,080 | |||||
Financing Costs | 40,317 | (14,443 | ) | 25,874 | ||||||||
Total | $ | 196,202 | $ | (73,248 | ) | $ | 122,954 | |||||
During the years ended December 31, 2014, 2013 and 2012, the Company capitalized internal direct leasing costs of $7.1 million, $7.5 million, and $7.5 million, respectively, in accordance with the accounting standard for the capitalization of leasing costs. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Intangible assets | As of December 31, 2014 and 2013, the Company’s intangible assets were comprised of the following (in thousands): | |||||||||||
December 31, 2014 | ||||||||||||
Total Cost | Accumulated | Intangible Assets, | ||||||||||
Amortization | net | |||||||||||
In-place lease value | $ | 129,411 | $ | (42,068 | ) | $ | 87,343 | |||||
Tenant relationship value | 34,172 | (26,344 | ) | 7,828 | ||||||||
Above market leases acquired | 5,641 | (1,409 | ) | 4,232 | ||||||||
Total | $ | 169,224 | $ | (69,821 | ) | $ | 99,403 | |||||
Below market leases acquired | $ | 53,049 | $ | (27,039 | ) | $ | 26,010 | |||||
31-Dec-13 | ||||||||||||
Total Cost | Accumulated | Intangible Assets, | ||||||||||
Amortization | net | |||||||||||
In-place lease value | $ | 150,782 | $ | (35,607 | ) | $ | 115,175 | |||||
Tenant relationship value | 38,692 | (26,868 | ) | 11,824 | ||||||||
Above market leases acquired | 6,673 | (1,343 | ) | 5,330 | ||||||||
Total | $ | 196,147 | $ | (63,818 | ) | $ | 132,329 | |||||
Below market leases acquired | $ | 81,991 | $ | (47,547 | ) | $ | 34,444 | |||||
Annual amortization of intangible assets and liabilities | As of December 31, 2014, the Company’s annual amortization for its intangible assets/liabilities was as follows (in thousands, and assuming no early lease terminations): | |||||||||||
Assets | Liabilities | |||||||||||
2015 | $ | 21,363 | $ | 5,212 | ||||||||
2016 | 16,898 | 3,253 | ||||||||||
2017 | 15,148 | 2,664 | ||||||||||
2018 | 11,399 | 2,241 | ||||||||||
2019 | 10,086 | 1,909 | ||||||||||
Thereafter | 24,509 | 10,731 | ||||||||||
Total | $ | 99,403 | $ | 26,010 | ||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2014 and 2013 (in thousands): | |||||||||||||||
December 31, | December 31, | Effective | Maturity | |||||||||||||
2014 | 2013 | Interest | Date | |||||||||||||
Rate | ||||||||||||||||
MORTGAGE DEBT: | ||||||||||||||||
Tysons Corner | $ | 89,513 | $ | 91,395 | 5.36 | % | Aug-15 | |||||||||
One Commerce Square | 123,205 | 125,089 | 3.68 | % | (a) | Jan-16 | ||||||||||
Two Logan Square | 87,767 | 88,583 | 7.57 | % | Apr-16 | |||||||||||
Fairview Eleven Tower | 21,242 | 21,630 | 4.25 | % | (b) | Jan-17 | ||||||||||
Two Commerce Square | 112,000 | 112,000 | 4.51 | % | (a) | Apr-23 | ||||||||||
IRS Philadelphia Campus | 184,442 | 190,964 | 7 | % | Sep-30 | |||||||||||
Cira South Garage | 37,765 | 40,101 | 7.12 | % | Sep-30 | |||||||||||
Principal balance outstanding | 655,934 | 669,762 | ||||||||||||||
Plus: fair market value premiums (discounts), net | (1,344 | ) | 389 | |||||||||||||
Total mortgage indebtedness | $ | 654,590 | $ | 670,151 | ||||||||||||
UNSECURED DEBT: | ||||||||||||||||
Three-Year Term Loan - Swapped to fixed | $ | — | $ | 150,000 | 2.6 | % | (c) | Feb-15 | ||||||||
Four-Year Term Loan | — | 100,000 | LIBOR + 1.75% | (c), (d) | Feb-16 | |||||||||||
Seven-Year Term Loan - Swapped to fixed | 200,000 | 200,000 | 3.62 | % | Feb-19 | |||||||||||
$250.0M 5.40% Guaranteed Notes due 2014 | — | 218,549 | 5.53 | % | (e) | Nov-14 | ||||||||||
$250.0M 7.50% Guaranteed Notes due 2015 | — | 157,625 | 7.76 | % | (e) | May-15 | ||||||||||
$250.0M 6.00% Guaranteed Notes due 2016 | 149,919 | 149,919 | 5.95 | % | Apr-16 | |||||||||||
$300.0M 5.70% Guaranteed Notes due 2017 | 300,000 | 300,000 | 5.68 | % | May-17 | |||||||||||
$325.0M 4.95% Guaranteed Notes due 2018 | 325,000 | 325,000 | 5.13 | % | Apr-18 | |||||||||||
$250.0M 3.95% Guaranteed Notes due 2023 | 250,000 | 250,000 | 4.02 | % | Feb-23 | |||||||||||
$250.0M 4.10% Guaranteed Notes due 2024 | 250,000 | — | 4.23 | % | (e) | Oct-24 | ||||||||||
$250.0M 4.55% Guaranteed Notes due 2029 | 250,000 | — | 4.6 | % | (e) | Oct-29 | ||||||||||
Indenture IA (Preferred Trust I) | 27,062 | 27,062 | 2.75 | % | Mar-35 | |||||||||||
Indenture IB (Preferred Trust I) | 25,774 | 25,774 | 3.3 | % | Apr-35 | |||||||||||
Indenture II (Preferred Trust II) | 25,774 | 25,774 | 3.09 | % | Jul-35 | |||||||||||
Principal balance outstanding | 1,803,529 | 1,929,703 | ||||||||||||||
plus: original issue premium (discount), net | (6,811 | ) | (4,473 | ) | ||||||||||||
Total unsecured indebtedness | $ | 1,796,718 | $ | 1,925,230 | ||||||||||||
Total Debt Obligations | $ | 2,451,308 | $ | 2,595,381 | ||||||||||||
(a) | This loan was assumed upon acquisition of the related properties on December 19, 2013. The interest rate reflects the market rate at the time of acquisition. | |||||||||||||||
(b) | Represents the full debt amount of a property in a consolidated joint venture for which the Company maintains a 50% interest. | |||||||||||||||
(c) | On September 16, 2014, the Company repaid all balances outstanding under its $150.0 million three-year term loan and its $100.0 million four-year term loan prior to the scheduled maturity dates of February 1, 2015 and February 1, 2016, respectively. | |||||||||||||||
(d) | London Interbank Offered Rate (“LIBOR”). | |||||||||||||||
(e) | On September 16, 2014, the Company closed on an underwritten offering of $250.0 million 4.10% Guaranteed Notes due 2024 (the "2024 Notes") and $250.0 million 4.55% Guaranteed Notes due 2029 (the "2029 Notes"). The Company used the net proceeds, together with cash on hand, to redeem the remaining outstanding balance of its 5.40% Guaranteed Notes due November 1, 2014 (the "2014 Notes") and its 7.50% Guaranteed Notes due May 15, 2015 (the "2015 Notes"). (See further discussion below). | |||||||||||||||
Summary of debt repurchases | The following table provides additional information on the Company’s repurchase of $376.2 million in aggregate principal amount of its outstanding unsecured notes (consisting of the 2014 Notes and 2015 Notes, as indicated above) during the twelve months ended December 31, 2014 (in thousands): | |||||||||||||||
Notes | Principal | Repurchase | Gain (Loss) on Early Extinguishment of Debt (b) | Acceleration of Deferred Financing | ||||||||||||
Amount (a) | Amortization | |||||||||||||||
2014 5.40% Notes | $ | 218,549 | $ | 219,404 | $ | (855 | ) | $ | 9 | |||||||
2015 7.50% Notes | 157,625 | 164,364 | (6,739 | ) | 143 | |||||||||||
$ | 376,174 | $ | 383,768 | $ | (7,594 | ) | $ | 152 | ||||||||
During the year-ended December 31, 2013, the Company repurchased $29.3 million of its outstanding unsecured Notes in a series of transactions that are summarized in the following table (in thousands): | ||||||||||||||||
Notes | Principal | Repurchase | Gain (Loss) on Early Extinguishment of Debt (b) | Acceleration of Deferred Financing | ||||||||||||
Amount (a) | Amortization | |||||||||||||||
2014 5.40% Notes | $ | 19,830 | $ | 20,853 | $ | (1,020 | ) | $ | 16 | |||||||
2015 7.50% Notes | 8,910 | 9,945 | (1,036 | ) | 23 | |||||||||||
2016 6.00% Notes | 510 | 571 | (63 | ) | 1 | |||||||||||
$ | 29,250 | $ | 31,369 | $ | (2,119 | ) | $ | 40 | ||||||||
During the year-ended December 31, 2012, the Company repurchased $165.0 million of its outstanding unsecured Notes in a series of transactions that are summarized in the following table (in thousands): | ||||||||||||||||
Notes | Principal | Repurchase | Gain (Loss) on Early Extinguishment of Debt (b) | Acceleration of Deferred Financing Amortization | ||||||||||||
Amount (a) (c) | ||||||||||||||||
2012 5.75% Notes | $ | 301 | $ | 303 | $ | (2 | ) | $ | — | |||||||
2014 5.40% Notes | 4,302 | 4,566 | (264 | ) | 8 | |||||||||||
2015 7.50% Notes | 60,794 | 69,497 | (8,712 | ) | 183 | |||||||||||
2016 6.00% Notes | 99,571 | 112,541 | (13,024 | ) | 260 | |||||||||||
$ | 164,968 | $ | 186,907 | $ | (22,002 | ) | $ | 451 | ||||||||
(a) | Includes cash losses with respect to redemption of debt. | |||||||||||||||
(b) | Includes unamortized balance of the original issue discount. | |||||||||||||||
(c) | Does not include $151.2 million of 5.75% Guaranteed Notes due 2012 that matured. | |||||||||||||||
Schedule of principal payments of debt obligations | 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 | ||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of financial instruments with fair values different from their carrying amount | The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands): | |||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage notes payable | $ | 654,590 | $ | 707,241 | $ | 670,151 | $ | 715,244 | ||||||||
Unsecured notes payable | $ | 1,518,108 | $ | 1,593,212 | $ | 1,396,620 | $ | 1,471,041 | ||||||||
Variable rate debt | $ | 278,610 | $ | 257,188 | $ | 528,610 | $ | 526,693 | ||||||||
Notes receivable (a) | $ | 88,000 | $ | 87,692 | $ | 7,026 | $ | 7,759 | ||||||||
(a) | See Note 2, "Summary of Significant Accounting Policies - Notes Receivable," for further discussion. |
Risk_Management_and_Use_of_Fin1
Risk Management and Use of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of derivative instruments in statement of financial position, fair value | The following table summarizes the terms and fair values of the Company's derivative financial instruments as of December 31, 2014 and December 31, 2013. The notional amounts provide an indication of the extent of the Company's involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (amounts presented in thousands and included in other liabilities on the Company's consolidated balance sheets). | |||||||||||||||||||||||||||
Hedge Product | Hedge Type | Designation | Notional Amount | Strike | Trade Date | Maturity Date | Fair value | |||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/14 | 12/31/13 | |||||||||||||||||||||||||
Assets/(Liabilities) | ||||||||||||||||||||||||||||
Swap | Interest Rate | Cash Flow | (a) | $ | 25,774 | $ | 25,774 | 3.3 | % | December 22, 2011 | January 30, 2021 | $ | (334 | ) | $ | 549 | ||||||||||||
Swap | Interest Rate | Cash Flow | (a) | 25,774 | 25,774 | 3.09 | % | 6-Jan-12 | 30-Oct-19 | (254 | ) | 218 | ||||||||||||||||
Swap | Interest Rate | Cash Flow | (a) | 200,000 | 200,000 | 3.623 | % | December 6-13, 2011 | February 1, 2019 | (2,649 | ) | (545 | ) | |||||||||||||||
Swap | Interest Rate | Cash Flow | (a) | 27,062 | 27,062 | 2.75 | % | December 21, 2011 | September 30, 2017 | (253 | ) | (311 | ) | |||||||||||||||
Swap | Interest Rate | Cash Flow | (a), (b) | — | 77,000 | 2.703 | % | December 9-13, 2011 | February 1, 2016 | — | (887 | ) | ||||||||||||||||
Swap | Interest Rate | Cash Flow | (a), (b) | — | 50,000 | 2.47 | % | December 13, 2011 | February 1, 2015 | — | (283 | ) | ||||||||||||||||
Swap | Interest Rate | Cash Flow | (a), (b) | — | 23,000 | 2.513 | % | December 7-12, 2011 | May 1, 2015 | — | (162 | ) | ||||||||||||||||
$ | 278,610 | $ | 428,610 | $ | (3,490 | ) | $ | (1,421 | ) | |||||||||||||||||||
(a) | Hedging unsecured variable rate debt. | |||||||||||||||||||||||||||
(b) | On September 16, 2014, the Company repaid the entire $150.0 million swapped to fixed portion of its previously mentioned three-year term loan (See Note 7, "Debt Obligations"), consisting of $150.0 million interest rate swaps maturing through February 1, 2016 (shown above). In connection with the repayment, the Company terminated associated hedging contracts, incurring a $0.8 million charge upon termination. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Revenue and expenses information for the property classified as discontinued operations | The following table summarizes revenue and expense information for the properties sold which qualify for discontinued operations reporting since January 1, 2012 (in thousands): | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Rents | $ | — | $ | 4,754 | $ | 28,678 | ||||||
Tenant reimbursements | 26 | 355 | 2,353 | |||||||||
Termination fees | — | — | 11 | |||||||||
Other | — | 123 | 378 | |||||||||
Total revenue | 26 | 5,232 | 31,420 | |||||||||
Expenses: | ||||||||||||
Property operating expenses | 8 | 1,839 | 8,687 | |||||||||
Real estate taxes | — | 649 | 3,468 | |||||||||
Depreciation and amortization | — | 1,921 | 10,208 | |||||||||
Total operating expenses | 8 | 4,409 | 22,363 | |||||||||
Other income: | ||||||||||||
Interest income | — | 2 | 7 | |||||||||
Income from discontinued operations before gain on sale of interests in real estate | 18 | 825 | 9,064 | |||||||||
Net gain on disposition of discontinued operations | 900 | 3,382 | 34,774 | |||||||||
Income from discontinued operations | $ | 918 | $ | 4,207 | $ | 43,838 | ||||||
Recovered_Sheet1
Beneficiaries Equity of The Parent Company (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||
Earnings per Share (EPS) | The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 6,024 | $ | 6,024 | $ | 38,982 | $ | 38,982 | $ | (37,309 | ) | $ | (37,309 | ) | ||||||||||
Net loss attributable to non-controlling interests - partners' share of consolidated real estate ventures | 44 | 44 | — | — | — | — | ||||||||||||||||||
Net (income) loss from continuing operations attributable to non-controlling interests | (1 | ) | (1 | ) | (357 | ) | (357 | ) | 863 | 863 | ||||||||||||||
Amount allocable to unvested restricted shareholders | (349 | ) | (349 | ) | (363 | ) | (363 | ) | (376 | ) | (376 | ) | ||||||||||||
Preferred share dividends | (6,900 | ) | (6,900 | ) | (6,900 | ) | (6,900 | ) | (10,405 | ) | (10,405 | ) | ||||||||||||
Preferred share redemption charge | — | — | — | — | (4,052 | ) | (4,052 | ) | ||||||||||||||||
Income (loss) from continuing operations available to common shareholders | (1,182 | ) | (1,182 | ) | 31,362 | 31,362 | (51,279 | ) | (51,279 | ) | ||||||||||||||
Income from discontinued operations | 918 | 918 | 4,207 | 4,207 | 43,838 | 43,838 | ||||||||||||||||||
Discontinued operations attributable to non-controlling interests | (10 | ) | (10 | ) | (55 | ) | (55 | ) | (797 | ) | (797 | ) | ||||||||||||
Discontinued operations attributable to common shareholders | 908 | 908 | 4,152 | 4,152 | 43,041 | 43,041 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (274 | ) | $ | (274 | ) | $ | 35,514 | $ | 35,514 | $ | (8,238 | ) | $ | (8,238 | ) | ||||||||
Denominator | ||||||||||||||||||||||||
Weighted-average shares outstanding | 166,202,649 | 166,202,649 | 153,140,458 | 153,140,458 | 143,257,097 | 143,257,097 | ||||||||||||||||||
Contingent securities/Share based compensation | — | — | — | 1,273,853 | — | — | ||||||||||||||||||
Total weighted-average shares outstanding | 166,202,649 | 166,202,649 | 153,140,458 | 154,414,311 | 143,257,097 | 143,257,097 | ||||||||||||||||||
Earnings per Common Share: | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.2 | $ | 0.2 | $ | (0.36 | ) | $ | (0.36 | ) | ||||||||
Discontinued operations attributable to common shareholders | 0.01 | 0.01 | 0.03 | 0.03 | 0.3 | 0.3 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | — | $ | — | $ | 0.23 | $ | 0.23 | $ | (0.06 | ) | $ | (0.06 | ) | ||||||||||
Partners_Equity_of_The_Operati1
Partners Equity of The Operating Partnership (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||
Earnings per Common Partnership Unit | The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 6,024 | $ | 6,024 | $ | 38,982 | $ | 38,982 | $ | (37,309 | ) | $ | (37,309 | ) | ||||||||||
Amount allocable to unvested restricted unitholders | (349 | ) | (349 | ) | (363 | ) | (363 | ) | (376 | ) | (376 | ) | ||||||||||||
Preferred unit dividends | (6,900 | ) | (6,900 | ) | (6,900 | ) | (6,900 | ) | (10,405 | ) | (10,405 | ) | ||||||||||||
Net loss attributable to non-controlling interests | 44 | 44 | — | — | — | — | ||||||||||||||||||
Preferred unit redemption charge | — | — | — | — | (4,052 | ) | (4,052 | ) | ||||||||||||||||
Income (loss) from continuing operations available to common unitholders | (1,181 | ) | (1,181 | ) | 31,719 | 31,719 | (52,142 | ) | (52,142 | ) | ||||||||||||||
Discontinued operations attributable to common unitholders | 918 | 918 | 4,207 | 4,207 | 43,838 | 43,838 | ||||||||||||||||||
Net income (loss) attributable to common unitholders | $ | (263 | ) | $ | (263 | ) | $ | 35,926 | $ | 35,926 | $ | (8,304 | ) | $ | (8,304 | ) | ||||||||
Denominator | ||||||||||||||||||||||||
Weighted-average units outstanding | 167,942,246 | 167,942,246 | 154,929,545 | 154,929,545 | 145,883,217 | 145,883,217 | ||||||||||||||||||
Contingent securities/Unit based compensation | — | — | — | 1,273,853 | — | — | ||||||||||||||||||
Total weighted-average units outstanding | 167,942,246 | 167,942,246 | 154,929,545 | 156,203,398 | 145,883,217 | 145,883,217 | ||||||||||||||||||
Earnings per Common Partnership Unit: | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to common unitholders | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.2 | $ | 0.2 | $ | (0.36 | ) | $ | (0.36 | ) | ||||||||
Discontinued operations attributable to common unitholders | 0.01 | 0.01 | 0.03 | 0.03 | 0.3 | 0.3 | ||||||||||||||||||
Net income (loss) attributable to common unitholders | $ | — | $ | — | $ | 0.23 | $ | 0.23 | $ | (0.06 | ) | $ | (0.06 | ) | ||||||||||
Share_Based_and_Deferred_Compe1
Share Based and Deferred Compensation (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
Option activity | Option activity as of December 31, 2014 and changes during the year-ended December 31, 2014 were as follows: | |||||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate Intrinsic | |||||||||||||||||
Average | Remaining Contractual | Value | ||||||||||||||||||
Exercise Price | Term (in years) | |||||||||||||||||||
Outstanding at January 1, 2014 | 2,983,569 | $ | 15.5 | 5.15 | $ | — | ||||||||||||||
Exercised | (184,116 | ) | $ | 11.65 | 671,008 | |||||||||||||||
Forfeited/Expired | (114,658 | ) | $ | 20.61 | ||||||||||||||||
Outstanding at December 31, 2014 | 2,684,795 | $ | 15.55 | 4.1 | $ | 1,152,891 | ||||||||||||||
Vested/Exercisable at December 31, 2014 | 2,684,795 | $ | 15.55 | 4.1 | $ | 1,152,891 | ||||||||||||||
Company's restricted share activity | The following table summarizes the Company’s restricted share activity during the year-ended December 31, 2014: | |||||||||||||||||||
Shares | Weighted | |||||||||||||||||||
Average Grant | ||||||||||||||||||||
Date Fair value | ||||||||||||||||||||
Non-vested at January 1, 2014 | 563,713 | $ | 12.56 | |||||||||||||||||
Granted | 229,119 | 14.47 | ||||||||||||||||||
Vested | (234,169 | ) | 13.44 | |||||||||||||||||
Forfeited | (18,597 | ) | 12.67 | |||||||||||||||||
Non-vested at December 31, 2014 | 540,066 | $ | 12.21 | |||||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The table below presents certain information as to RPSU awards. | |||||||||||||||||||
RPSU Grant | ||||||||||||||||||||
3/1/12 | 2/25/13 | 3/11/14 | 3/12/14 | Total | ||||||||||||||||
(Amounts below in shares, unless otherwise noted) | ||||||||||||||||||||
Non-vested at January 1, 2014 | 242,122 | 231,093 | — | — | 473,215 | |||||||||||||||
Units Granted | — | — | 134,284 | 61,720 | 196,004 | |||||||||||||||
Units Canceled | (34,739 | ) | (31,516 | ) | (3,567 | ) | — | (69,822 | ) | |||||||||||
Non-vested at December 31, 2014 | 207,383 | 199,577 | 130,717 | 61,720 | 599,397 | |||||||||||||||
Measurement Period Commencement Date | 1/1/12 | 1/1/13 | 1/1/14 | 1/1/14 | ||||||||||||||||
Measurement Period End Date | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/16 | ||||||||||||||||
Units Granted | 265,222 | 231,093 | 134,284 | 61,720 | ||||||||||||||||
Fair Value of Units on Grant Date (in thousands) | $ | 4,273 | $ | 4,137 | $ | 2,624 | $ | 1,225 | ||||||||||||
Distributions_Distributions_Ta
Distributions Distributions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Distributions [Abstract] | ||||||||||||
Schedule of Dividends Payable [Table Text Block] | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Common Share Distributions: | ||||||||||||
Ordinary income | $ | 0.41 | $ | 0.52 | $ | 0.39 | ||||||
Capital gain | 0.02 | — | — | |||||||||
Non-taxable distributions | 0.17 | 0.08 | 0.21 | |||||||||
Distributions per share | $ | 0.6 | $ | 0.6 | $ | 0.6 | ||||||
Percentage classified as ordinary income | 69 | % | 87 | % | 65 | % | ||||||
Percentage classified as capital gain | 3.3 | % | — | % | — | % | ||||||
Percentage classified as non-taxable distribution | 27.7 | % | 13 | % | 35 | % | ||||||
Preferred Share Distributions: | ||||||||||||
Total distributions declared | $ | 6,900 | $ | 6,900 | $ | 10,405 | ||||||
Percentage classified as ordinary income | 100 | % | 100 | % | 100 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table details the components of accumulated other comprehensive income (loss) of the Parent Company and the Operating Partnership as of and for the three years ended December 31, 2014 (in thousands): | ||||
Parent Company | Cash Flow | ||||
Hedges | |||||
Balance at January 1, 2012 | $ | (6,079 | ) | ||
Change during year | (7,338 | ) | |||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | 187 | ||||
Settlement of interest rate swaps | (2,985 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 297 | ||||
Balance at December 31, 2012 | $ | (15,918 | ) | ||
Change during year | 12,789 | ||||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | (152 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 286 | ||||
Balance at December 31, 2013 | $ | (2,995 | ) | ||
Change during year | (1,190 | ) | |||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | 18 | ||||
Settlement of interest rate swaps | (828 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 388 | ||||
Balance at December 31, 2014 | $ | (4,607 | ) | ||
Operating Partnership | Cash Flow | ||||
Hedges | |||||
Balance at January 1, 2012 | $ | (6,426 | ) | ||
Change during year | (7,338 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 297 | ||||
Settlement of interest rate swaps | (2,985 | ) | |||
Balance at December 31, 2012 | $ | (16,452 | ) | ||
Change during year | 12,789 | ||||
Reclassification adjustments for (gains)/losses reclassified into operations | 286 | ||||
Balance at December 31, 2013 | $ | (3,377 | ) | ||
Change during year | (1,190 | ) | |||
Settlement of interest rate swaps | (828 | ) | |||
Reclassification adjustments for (gains)/losses reclassified into operations | 388 | ||||
Balance at December 31, 2014 | $ | (5,007 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||
Segment information | The following tables provide selected asset information and results of operations of the Company's reportable segments for the three years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||
Philadelphia CBD (a) | $ | 1,338,655 | $ | 1,300,666 | $ | 988,590 | ||||||||||||||||||||||||||||||
Pennsylvania Suburbs | 1,178,470 | 1,199,105 | 1,178,730 | |||||||||||||||||||||||||||||||||
Metropolitan Washington, D.C. | 1,183,652 | 1,214,965 | 1,193,200 | |||||||||||||||||||||||||||||||||
New Jersey/Delaware | 392,581 | 414,716 | 546,644 | |||||||||||||||||||||||||||||||||
Richmond, Virginia | 317,076 | 310,397 | 309,923 | |||||||||||||||||||||||||||||||||
California | 193,258 | 192,584 | 223,736 | |||||||||||||||||||||||||||||||||
Austin, Texas (b) | — | 36,856 | 285,346 | |||||||||||||||||||||||||||||||||
$ | 4,603,692 | $ | 4,669,289 | $ | 4,726,169 | |||||||||||||||||||||||||||||||
Assets held for sale (c) | 27,436 | — | — | |||||||||||||||||||||||||||||||||
Operating Properties | $ | 4,631,128 | $ | 4,669,289 | $ | 4,726,169 | ||||||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||||||||
Construction-in-progress | $ | 201,360 | $ | 74,174 | $ | 48,950 | ||||||||||||||||||||||||||||||
Land inventory | $ | 90,603 | $ | 93,351 | $ | 102,439 | ||||||||||||||||||||||||||||||
(a) | On December 19, 2013, the Company acquired 99% of the common interests in the One and Two Common Square partnerships. See Note 3, "Real Estate Investments," for further information on the acquisition. | |||||||||||||||||||||||||||||||||||
(b) | On April 3, 2014, the Company contributed two three-story, Class A office buildings, containing an aggregate of 192,396 net rentable square feet, known as Four Points Centre in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution. | |||||||||||||||||||||||||||||||||||
(c) | On December 31, 2014, the Company was actively marketing for sale of its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations. Accordingly, the real estate investments remained in the New Jersey/Delaware segment as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ||||||||||||||||||||||||||||||||||||
Years ended | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Total revenue | Operating expenses (b) | Net operating income | Total revenue | Operating expenses (b) | Net operating income | Total revenue | Operating expenses | Net Operating income | ||||||||||||||||||||||||||||
Philadelphia CBD | $ | 201,809 | $ | (75,262 | ) | $ | 126,547 | $ | 146,081 | $ | (55,702 | ) | $ | 90,379 | $ | 131,592 | $ | (50,787 | ) | $ | 80,805 | |||||||||||||||
Pennsylvania Suburbs | 160,630 | (55,062 | ) | 105,568 | 153,426 | (54,506 | ) | 98,920 | 150,075 | (52,657 | ) | 97,418 | ||||||||||||||||||||||||
Metropolitan Washington, D.C. | 113,834 | (43,399 | ) | 70,435 | 116,048 | (42,641 | ) | 73,407 | 107,656 | (41,485 | ) | 66,171 | ||||||||||||||||||||||||
New Jersey/Delaware | 60,403 | (31,650 | ) | 28,753 | 60,262 | (29,981 | ) | 30,281 | 59,671 | (28,506 | ) | 31,165 | ||||||||||||||||||||||||
Richmond, Virginia | 34,180 | (15,399 | ) | 18,781 | 35,058 | (14,916 | ) | 20,142 | 35,701 | (14,484 | ) | 21,217 | ||||||||||||||||||||||||
California | 19,388 | (10,165 | ) | 9,223 | 18,369 | (9,411 | ) | 8,958 | 17,463 | (9,043 | ) | 8,420 | ||||||||||||||||||||||||
Austin, Texas (a) | 5,610 | (3,223 | ) | 2,387 | 31,451 | (13,298 | ) | 18,153 | 32,379 | (13,951 | ) | 18,428 | ||||||||||||||||||||||||
Corporate | 1,128 | (1,805 | ) | (677 | ) | 1,515 | (1,314 | ) | 201 | 1,142 | 65 | 1,207 | ||||||||||||||||||||||||
Operating Properties | $ | 596,982 | $ | (235,965 | ) | $ | 361,017 | $ | 562,210 | $ | (221,769 | ) | $ | 340,441 | $ | 535,679 | $ | (210,848 | ) | $ | 324,831 | |||||||||||||||
(a) | On April 3, 2014, the Company contributed two three-story, Class A office buildings, containing an aggregate of 192,396 net rentable square feet, known as Four Points Centre in Austin, Texas to the Austin Venture. See Note 3, "Real Estate Investments," for further information on the contribution. Accordingly, the Company's 50% interest in the financial results of this property for the period subsequent to April 3, 2014 is reported as a component of 'Equity in income (loss) of real estate ventures' in the Company's consolidated statements of operations and, as a result, no longer included as a component of net operating income. | |||||||||||||||||||||||||||||||||||
(b) | Includes property operating expense, real estate taxes and third party management expense. | |||||||||||||||||||||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | ||||||||||||||||||||||||||||||||||||
Unconsolidated real estate ventures: | ||||||||||||||||||||||||||||||||||||
Investment in real estate ventures, at equity | Equity in income (loss) of real estate ventures | |||||||||||||||||||||||||||||||||||
As of | Years ended December 31, | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Philadelphia CBD (a) | $ | 27,137 | $ | 19,975 | $ | 27,859 | $ | 46 | $ | 1,547 | $ | 1,113 | ||||||||||||||||||||||||
Pennsylvania Suburbs | 17,385 | 17,272 | 33,160 | (777 | ) | 925 | 520 | |||||||||||||||||||||||||||||
Metropolitan Washington, D.C. | 73,127 | 59,905 | 49,169 | (317 | ) | 130 | (648 | ) | ||||||||||||||||||||||||||||
New Jersey/Delaware | — | — | 17,294 | 989 | 1,245 | 1,803 | ||||||||||||||||||||||||||||||
Richmond, Virginia | 1,574 | 1,400 | 1,245 | 349 | 381 | 269 | ||||||||||||||||||||||||||||||
Austin, Texas (b) (c) | 105,781 | 81,960 | 64,828 | (1,080 | ) | (564 | ) | (316 | ) | |||||||||||||||||||||||||||
Total | $ | 225,004 | $ | 180,512 | $ | 193,555 | $ | (790 | ) | $ | 3,664 | $ | 2,741 | |||||||||||||||||||||||
(a) | During the fourth quarter of 2014, the Company made an additional $5.2 million capital contribution to 1919 Ventures. See Note 4, "Investment In Unconsolidated Ventures," for further information on this transaction. | |||||||||||||||||||||||||||||||||||
(b) | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of December 31, 2014, which is included in other liabilities. | |||||||||||||||||||||||||||||||||||
(c) | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. On July 31, 2014, the Austin Venture completed the acquisition of the Crossings at Lakeline. On October 17, 2014, the Austin Venture acquired River Place. See Note 4, "Investment In Unconsolidated Ventures," for further information on these acquisitions. | |||||||||||||||||||||||||||||||||||
Reconciliation of consolidated net operating income | Net operating income (“NOI”) is defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Segment NOI includes revenue, real estate taxes and property operating expenses directly related to operation and management of the properties owned and managed within the respective geographical region. Segment NOI excludes property level depreciation and amortization, revenue and expenses directly associated with third party real estate management services, expenses associated with corporate administrative support services, and inter-company eliminations. NOI also does not reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. Trends in development and construction activities that could materially impact the Company’s results from operations are also not reflected in NOI. All companies may not calculate NOI in the same manner. NOI is the measure that is used by the Company to evaluate the operating performance of its real estate assets by segment. The Company also believes that NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expenses recorded at the property level. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Consolidated net operating income | $ | 361,017 | $ | 340,441 | $ | 324,831 | ||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||
Interest expense | (124,329 | ) | (121,937 | ) | (132,939 | ) | ||||||||||||||||||||||||||||||
Interest expense - amortization of deferred financing costs | (5,148 | ) | (4,676 | ) | (6,208 | ) | ||||||||||||||||||||||||||||||
Interest expense - financing obligation | (1,144 | ) | (972 | ) | (850 | ) | ||||||||||||||||||||||||||||||
Depreciation and amortization | (208,569 | ) | (197,021 | ) | (188,382 | ) | ||||||||||||||||||||||||||||||
General and administrative expenses | (26,779 | ) | (27,628 | ) | (25,413 | ) | ||||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||
Interest income | 3,974 | 1,044 | 3,008 | |||||||||||||||||||||||||||||||||
Historic tax credit transaction income | 11,853 | 11,853 | 11,840 | |||||||||||||||||||||||||||||||||
Recognized hedge activity | (828 | ) | — | (2,985 | ) | |||||||||||||||||||||||||||||||
Equity in income (loss) of real estate ventures | (790 | ) | 3,664 | 2,741 | ||||||||||||||||||||||||||||||||
Net gain from remeasurement of investments in real estate ventures | 458 | 6,866 | — | |||||||||||||||||||||||||||||||||
Net gain on sales of interests in real estate | 4,901 | — | — | |||||||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 1,184 | (137 | ) | — | ||||||||||||||||||||||||||||||||
Net (loss) gain on real estate venture transactions | (417 | ) | 29,604 | (950 | ) | |||||||||||||||||||||||||||||||
Provision for impairment on assets held for sale | (1,765 | ) | — | — | ||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (7,594 | ) | (2,119 | ) | (22,002 | ) | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 6,024 | 38,982 | (37,309 | ) | ||||||||||||||||||||||||||||||||
Income from discontinued operations | 918 | 4,207 | 43,838 | |||||||||||||||||||||||||||||||||
Net income | $ | 6,942 | $ | 43,189 | $ | 6,529 | ||||||||||||||||||||||||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases, Operating [Abstract] | ||||
Operating Leases Future Minimum Payments Due [Table Text Block] | The Company leases properties to tenants under operating leases with various expiration dates extending to 2030. Minimum future rentals on non-cancelable leases at December 31, 2014 are as follows (in thousands): | |||
Year | Minimum Rent | |||
2015 | $ | 461,215 | ||
2016 | 443,383 | |||
2017 | 411,288 | |||
2018 | 362,370 | |||
2019 | 315,196 | |||
Thereafter | 1,515,750 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Future minimum rental payments under the terms of all non-cancellable ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The Company’s ground leases have remaining lease terms ranging from 7 to 75 years. Minimum future rental payments on non-cancelable leases at December 31, 2014 are as follows (in thousands): | ||||
Year | Minimum Rent | ||||
2015 | $ | 1,378 | |||
2016 | 1,378 | ||||
2017 | 1,378 | ||||
2018 | 1,378 | ||||
2019 | 1,378 | ||||
Thereafter | 57,114 | ||||
Total | $ | 64,004 | |||
Summary_of_Quarterly_Results_T
Summary of Quarterly Results (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of quarterly financial information as of and for the years ended December 31, 2014 and 2013 (in thousands, except per share data): | |||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Total revenue | $ | 152,114 | $ | 150,500 | $ | 146,558 | $ | 147,810 | ||||||||
Net income (loss) | (2,245 | ) | 2,174 | 8,882 | (1,869 | ) | ||||||||||
Net income (loss) allocated to Common Shares | (4,041 | ) | 385 | 6,967 | (3,585 | ) | ||||||||||
Basic earnings (loss) per Common Share | $ | (0.03 | ) | $ | — | $ | 0.04 | $ | (0.02 | ) | ||||||
Diluted earnings (loss) per Common Share | $ | (0.03 | ) | $ | — | $ | 0.04 | $ | (0.02 | ) | ||||||
2013 | ||||||||||||||||
Total revenue | $ | 139,554 | $ | 140,664 | $ | 143,354 | $ | 138,658 | ||||||||
Net income | 3,919 | 7,180 | 11,088 | 21,002 | ||||||||||||
Net income allocated to Common Shares | 2,058 | 5,308 | 9,173 | 18,975 | ||||||||||||
Basic earnings per Common Share | $ | 0.01 | $ | 0.03 | $ | 0.06 | $ | 0.12 | ||||||||
Diluted earnings per Common Share | $ | 0.01 | $ | 0.03 | $ | 0.06 | $ | 0.12 | ||||||||
Organization_of_The_Parent_Com1
Organization of The Parent Company and The Operating Partnership (Details) | Dec. 31, 2014 |
acre | |
sqft | |
Parent Company [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Ownership in the Operating Partnership | 99.00% |
Net rentable square feet | 25,100,000 |
Area Owned by Company of Undeveloped Parcels Of Land | 415 |
Area of additional undeveloped parcels of land with option to purchase | 63 |
Total potential development capacity | 6,000,000 |
Unconsolidated real estate ventures [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of unconsolidated real estate ventures | 17 |
Net rentable square feet | 6,700,000 |
Wholly-owned management company subsidiaries [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Net rentable square feet | 33,900,000 |
Third Parties and Unconsolidated Real Estate Ventures [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Net rentable square feet | 8,900,000 |
Subsidiaries [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Ownership in the Operating Partnership | 100.00% |
Total Properties [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 200 |
Office Properties [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 167 |
Industrial facilities [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 20 |
Mixed-use properties [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 5 |
Retail Properties [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 1 |
Core Properties [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 193 |
Development Property [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 3 |
Assets Held-for-sale [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 2 |
Redevelopment Property [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 1 |
Re-entitlement Property [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Number of properties with ownership interest | 1 |
Wholly Owned Properties [Member] | Parent Company [Member] | |
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |
Net rentable square feet | 25,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 02, 2010 |
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Increased revenue due to amortization of deferred rent | $2.40 | $2.40 | $2.40 | |
Decrease in revenue due to amortization of lease incentives | 1.5 | 0.7 | 0.8 | |
Increase in shares due to amendments in plan, shares solely available for options and share appreciation rights | 2,684,795 | 3,600,000 | ||
Revenue increased by straight-line rent adjustment | 13.7 | 17.7 | 21.1 | |
Increase in Common shares available for future awards | 6,000,000 | |||
Common shares available for future awards | 4,304,006 | |||
Options awarded, term | one to ten-year | |||
Stock-based compensation expense | 6.1 | 8.3 | 8.6 | |
Stock-based compensation expense, capitalized | 1.7 | 1.4 | 2.6 | |
Capitalized interest | 4.8 | 2.6 | 2.6 | |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |
The Grove at Cira Centre South [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Guaranty Liabilities | 24.7 | |||
PJP VII [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Guaranty Liabilities | 0.5 | |||
TB-BDN Plymouth Apartments [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Guaranty Liabilities | 3.2 | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 55 years 0 months 0 days | |||
TenantImprovementsUsefulLives | 16 years 0 months 0 days | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 5 years 0 months 0 days | |||
TenantImprovementsUsefulLives | 1 year 0 months 0 days | |||
Equity Method Investments [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Capitalized interest | 2 | 0.6 | ||
Accounts receivable and accrued rent receivable [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | ||
Accrued Rent Receivable [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Allowance for Doubtful Accounts Receivable | $13.40 | $13 | ||
Tenant relationship value [Member] | ||||
Summary Of Significant Accounting Policies (Textuals) [Abstract] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Notes Receivable) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Capitalized interest | $4,800,000 | $2,600,000 | $2,600,000 |
Interest Income | 3,974,000 | 1,044,000 | 3,008,000 |
Notes receivable | 88,000,000 | 7,026,000 | |
Accrued Rent Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable | 13,400,000 | 13,000,000 | |
River Place [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Income | 700,000 | ||
Notes receivable | 88,000,000 | ||
Accounts receivable and accrued rent receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
20 Year Amortization Period [Member] | Purchase money mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | 7,000,000 | ||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||
Notes Receivable Amortization Period, Years | 20 years | 20 years | |
20 Year Amortization Period [Member] | Accrued interest received [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Income | 1,500,000 | ||
Trenton Properties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Income | 1,000,000 | ||
Number of properties sold | 2 | ||
Gross deferred gain on sale of properties | 12,900,000 | ||
Equity Method Investments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Capitalized interest | $2,000,000 | $600,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Construction in Progress (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Construction in Progress [Line Items] | |||
Internal direct construction costs capitalized related to development of properties and land holdings | $5,200,000 | $3,700,000 | $4,700,000 |
Capitalized interest | 4,800,000 | 2,600,000 | 2,600,000 |
Salaries including bonuses and benefits, capitalized during the period | 5,194,000 | 3,673,000 | 4,669,000 |
Development [Member] | |||
Construction in Progress [Line Items] | |||
Salaries including bonuses and benefits, capitalized during the period | 1,749,000 | 156,000 | 57,000 |
Redevelopment [Member] | |||
Construction in Progress [Line Items] | |||
Salaries including bonuses and benefits, capitalized during the period | 184,000 | 194,000 | 353,000 |
Tenant Improvements [Member] | |||
Construction in Progress [Line Items] | |||
Salaries including bonuses and benefits, capitalized during the period | $3,261,000 | $3,323,000 | $4,259,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Impairment or DIsposal of Long-Lived Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Acquisitions and Disposals [Line Items] | |||
Provision for impairment on assets held for sale | $1,765 | $0 | $0 |
Gains (Losses) on Sales of Investment Real Estate | 4,901 | 0 | 0 |
Valleybrooke Office Park [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Provision for impairment on assets held for sale | 1,765 | ||
Gains (Losses) on Sales of Investment Real Estate | $200 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Accounts Receivable and Accrued Rent Receivable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Straight Line Rent Adjustments | ($13,700,000) | ($17,700,000) | ($21,100,000) |
Proceeds from repayment of mortgage notes receivable | 7,026,000 | 200,000 | 23,364,000 |
Accounts receivable and accrued rent receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
Tenant Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable | 2,000,000 | 3,200,000 | |
Accrued Rent Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable | 13,400,000 | 13,000,000 | |
20 Year Amortization Period [Member] | Purchase money mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes Receivable Amortization Period, Years | 20 years | 20 years | |
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||
Notes Receivable Due Two Thousand Sixteen [Member] | Purchase money mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from repayment of mortgage notes receivable | 23,500,000 | ||
Trenton Properties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred Gain on Sale of Property | $12,900,000 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies Schedule of Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Other assets | $65,111 | $62,377 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Increase In Revenue Due To Amortization Of Deferred Rent | $2,400,000 | $2,400,000 | $2,400,000 |
Distributable Income Minimum Percentage | 90.00% | ||
Federal excise tax if sufficient taxable income is not distributed within prescribed time limits | 4.00% | ||
Excise tax equal to annual amount | 4.00% | ||
Excise tax, if sum of ordinary income | 85.00% | ||
Excise tax, if Net capital gain exceeds cash distributions and certain taxes paid | 95.00% | ||
Tax Basis of Assets, Cost for Income Tax Purposes | 3,700,000,000 | 4,000,000,000 | |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||
Income Tax Contingency [Line Items] | |||
Tax Basis of Assets, Cost for Income Tax Purposes | $3,700,000,000 | $4,000,000,000 |
Recovered_Sheet2
Summary of Significant Accounting Policies Deferred Costs (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ||
Intangible Assets, net | 99,403 | $132,329 |
Service Life [Member] | ||
Operating Leased Assets [Line Items] | ||
Remaining Lease Period - Minimum | 1 year 0 months 0 days | |
Remaining Lease Period - Maximum | 15 years 0 months 0 days |
Recovered_Sheet3
Summary of Significant Accounting Policies Finite-lived intangible assets (Details) | Dec. 31, 2014 |
Y | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Net | 7 |
Maximum remaining lease period | 75 |
Real_Estate_Investments_Real_E
Real Estate Investments Real Estate Investments, Business Combinations (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 19, 2013 |
One and Two Commerce Square [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $255,705 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 85,036 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 8,637 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 332,104 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 238,082 | |
Business Combination, return of capital on equity method investment | -30,424 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 10,423 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | -946 | |
Business Combination, Total Cash Payment at Settlement | 73,075 | |
Leases, Acquired-in-Place [Member] | One and Two Commerce Square [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 80,916 | |
Above Market Leases [Member] | One and Two Commerce Square [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,120 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 10 months 24 days | |
Below Market Lease [Member] | One and Two Commerce Square [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ($8,637) | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 6 months | |
One and Two Commerce Square [Member] | Leases, Acquired-in-Place [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 10 months 24 days |
Real_Estate_Investments_Pro_Fo
Real Estate Investments, Pro Forma of Acquired Properties (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | $610,979 | $592,753 | |||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 21,805 | -60,011 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $25,957 | ($16,970) | |||||||||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) | ||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic | $0.14 | ($0.42) | |||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.01) | $0.20 | ($0.36) | ||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted | $0.14 | ($0.42) | |||||||||
Earnings Per Share, Basic | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) |
Pro Forma, Earnings Per Share, Basic | $0.17 | ($0.12) | |||||||||
Earnings Per Share, Diluted | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) |
Pro Forma Earnings Per Share, Diluted | $0.17 | ($0.12) |
Real_Estate_Investments_Gross_
Real Estate Investments, Gross Carrying Value of Company's Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Gross carrying value of rental properties | |||||
Land | $669,635 | $680,513 | |||
Building and improvements | 3,409,303 | 3,504,060 | |||
Tenant improvements | 524,754 | 484,716 | |||
Rental properties | 4,603,692 | 4,669,289 | 4,726,169 | ||
Real Estate Held-for-sale | 27,436 | [1] | 0 | [1] | 0 |
Real Estate Investment Property, at Cost, Gross of Held For Sale | $4,631,128 | $4,669,289 | $4,726,169 | ||
[1] | (a)Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. |
Real_Estate_Investments_Acquis
Real Estate Investments, Acquisitions and Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 19, 2013 | Oct. 17, 2013 | Jun. 14, 2013 | Apr. 07, 2014 | Jul. 18, 2012 | Jun. 22, 2012 | Mar. 22, 2012 | Jan. 17, 2012 | Jun. 28, 2013 | Jun. 19, 2013 | Feb. 19, 2014 | Apr. 25, 2013 | Apr. 03, 2014 | Oct. 16, 2013 | Nov. 19, 2013 | Mar. 27, 2014 | Apr. 16, 2014 | Aug. 05, 2013 | Feb. 25, 2013 | Oct. 17, 2014 | Jul. 31, 2014 | |
acre | acre | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | Properties | acre | acre | acre | acre | acre | sqft | sqft | Properties | |||||||||||||
Storey | Storey | Properties | Real_Estate_Investments | |||||||||||||||||||||||||||||
sqft | ||||||||||||||||||||||||||||||||
acre | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Provision for impairment on assets held for sale | $1,765,000 | $0 | $0 | |||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 610,979,000 | 592,753,000 | ||||||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 3,400,000 | |||||||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 200,000 | |||||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 458,000 | 6,866,000 | 0 | |||||||||||||||||||||||||||||
Land | 669,635,000 | 680,513,000 | 669,635,000 | 680,513,000 | ||||||||||||||||||||||||||||
Adjustment to Record Land Acquisition to Fair Value | 0 | 7,752,000 | 0 | |||||||||||||||||||||||||||||
Payments to Acquire Real Estate | 18,443,000 | 161,604,000 | 77,555,000 | |||||||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 4,901,000 | 0 | 0 | |||||||||||||||||||||||||||||
Equity Method Investments | 225,004,000 | 180,512,000 | 225,004,000 | 180,512,000 | 193,555,000 | |||||||||||||||||||||||||||
Secured Debt | 654,590,000 | 670,151,000 | 654,590,000 | 670,151,000 | ||||||||||||||||||||||||||||
Balance of the Financing Obligation | 37,558,000 | 32,923,000 | 37,558,000 | 32,923,000 | ||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 900,000 | 3,382,000 | 34,774,000 | |||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 1,184,000 | -137,000 | 0 | |||||||||||||||||||||||||||||
Area Owned By Real Estate Venture Of Undeveloped Parcels Of Land | 3 | 3 | ||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 21,805,000 | -60,011,000 | ||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 25,957,000 | -16,970,000 | ||||||||||||||||||||||||||||||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) | |||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic | $0.14 | ($0.42) | ||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.01) | $0.20 | ($0.36) | |||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted | $0.14 | ($0.42) | ||||||||||||||||||||||||||||||
Earnings Per Share, Basic | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) | |||||||||||||||||||||
Pro Forma, Earnings Per Share, Basic | $0.17 | ($0.12) | ||||||||||||||||||||||||||||||
Earnings Per Share, Diluted | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) | |||||||||||||||||||||
Pro Forma Earnings Per Share, Diluted | $0.17 | ($0.12) | ||||||||||||||||||||||||||||||
Other assets | 65,111,000 | 62,377,000 | 65,111,000 | 62,377,000 | ||||||||||||||||||||||||||||
One and Two Commerce Square [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 255,705,000 | |||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 99.00% | |||||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 981,000 | |||||||||||||||||||||||||||||||
Number of floors of a building | 41 | |||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 331,800,000 | |||||||||||||||||||||||||||||||
Business Combination, Assumption of Existing Mortgage Debt | 237,100,000 | |||||||||||||||||||||||||||||||
Lease percentage of acquired property | 86.70% | 86.70% | ||||||||||||||||||||||||||||||
Net rentable space of property acquired | 1,896,142 | |||||||||||||||||||||||||||||||
Acquisition related costs | 900,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 85,036,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -8,637,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 332,104,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -238,082,000 | |||||||||||||||||||||||||||||||
Business Combination, return of capital on equity method investment | -30,424,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 10,423,000 | |||||||||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | -946,000 | |||||||||||||||||||||||||||||||
Business Combination, Total Cash Payment at Settlement | 73,075,000 | |||||||||||||||||||||||||||||||
Four Points Centre [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Area of Land | 22.3 | |||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 47,300,000 | |||||||||||||||||||||||||||||||
Lease percentage of acquired property | 99.20% | |||||||||||||||||||||||||||||||
Business Acquisition Purchase Price Allocation Intangible Assets | 6,500,000 | |||||||||||||||||||||||||||||||
Business Acquisition Purchase Price Allocated To Market Lease Liabilities | 1,000,000 | |||||||||||||||||||||||||||||||
Net rentable space of property acquired | 192,396 | |||||||||||||||||||||||||||||||
Acquisition related costs | 100,000 | |||||||||||||||||||||||||||||||
Business Acquisition Purchase Price Allocation Building | 36,000,000 | |||||||||||||||||||||||||||||||
Business Acquisition Purchase Price Allocation, Land Portion | 5,800,000 | |||||||||||||||||||||||||||||||
Cira Ground Land Parcel [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Area of Land | 0.8 | |||||||||||||||||||||||||||||||
Ground Lease Buy-out, Total Cost | 24,600,000 | |||||||||||||||||||||||||||||||
Accrued Rent | 12,100,000 | |||||||||||||||||||||||||||||||
Acquisition related costs | 1,400,000 | |||||||||||||||||||||||||||||||
Rob Roy - Land [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Area of Land | 16.8 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 3,500,000 | |||||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 1,200,000 | |||||||||||||||||||||||||||||||
1000 Atrium Way and Libertyview [Member] [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Number of Real Estate Properties | 2 | 2 | ||||||||||||||||||||||||||||||
Valleybrooke Office Park [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Disposal group, number of properties held for sale | 5 | 5 | ||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 279,934 | 279,934 | ||||||||||||||||||||||||||||||
Sales price of properties sold | 37,900,000 | 37,900,000 | ||||||||||||||||||||||||||||||
Campus Pointe [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 4,700,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 172,943 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 42,500,000 | |||||||||||||||||||||||||||||||
West Point II Land [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Area of Land | 5.3 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 1,600,000 | |||||||||||||||||||||||||||||||
1000 Atrium Way [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Net rentable space of property acquired | 99,668 | 99,668 | ||||||||||||||||||||||||||||||
875 First Avenue [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 100,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 50,000 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 3,800,000 | |||||||||||||||||||||||||||||||
1336 Enterprise Drive [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 200,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 39,330 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 2,600,000 | |||||||||||||||||||||||||||||||
Dabney Land, East [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Area of Land | 8 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 500,000 | |||||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | -100,000 | |||||||||||||||||||||||||||||||
Pacific View Plaza [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | -500,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 51,695 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 10,300,000 | |||||||||||||||||||||||||||||||
Princeton Pike Corporate Center [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 5,300,000 | 900,000 | ||||||||||||||||||||||||||||||
Number of flex/office properties sold | 8 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 800,546 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 121,000,000 | |||||||||||||||||||||||||||||||
Oaklands Corporate Center [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 9,900,000 | |||||||||||||||||||||||||||||||
Number of flex/office properties sold | 11 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 466,719 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 52,700,000 | |||||||||||||||||||||||||||||||
Pacific Ridge Corporate Center [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | -2,800,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 121,381 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 29,000,000 | |||||||||||||||||||||||||||||||
South Lake at Dulles Corner [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 14,500,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 268,240 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 91,100,000 | |||||||||||||||||||||||||||||||
304 Harper Drive [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 200,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 32,978 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 3,000,000 | |||||||||||||||||||||||||||||||
The Bluffs [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | -900,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 68,708 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 18,000,000 | |||||||||||||||||||||||||||||||
100 Arrandale Boulevard [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | -400,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 34,931 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 3,500,000 | |||||||||||||||||||||||||||||||
1700 Paoli Pike [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | -400,000 | |||||||||||||||||||||||||||||||
Net rentable square feet of properties sold | 28,000 | |||||||||||||||||||||||||||||||
Sales price of properties sold | 2,700,000 | |||||||||||||||||||||||||||||||
Four Points Centre [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Number of floors of a building | 3 | 3 | ||||||||||||||||||||||||||||||
Net rentable space of property acquired | 192,396 | |||||||||||||||||||||||||||||||
Number of Real Estate Properties | 2 | |||||||||||||||||||||||||||||||
Libertyview [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Net rentable space of property acquired | 121,737 | 121,737 | ||||||||||||||||||||||||||||||
Austin Joint Venture [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Equity Method Investments | 40,374,000 | 40,374,000 | ||||||||||||||||||||||||||||||
Company's Ownership Percentage in the Real Estate Venture | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Net rentable space of property acquired | 590,881 | |||||||||||||||||||||||||||||||
Number of Real Estate Properties | 7 | 2 | ||||||||||||||||||||||||||||||
Austin Joint Venture [Member] | Four Points Centre [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Non-Recourse Debt | 29,000,000 | |||||||||||||||||||||||||||||||
Brandywine - Al Venture [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Equity Method Investments | 45,712,000 | 45,712,000 | ||||||||||||||||||||||||||||||
Company's Ownership Percentage in the Real Estate Venture | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Encino Trace - Land [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Number of potential development properties | 2 | |||||||||||||||||||||||||||||||
Number of floors of a building | 4 | |||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 14,000,000 | |||||||||||||||||||||||||||||||
Total potential development capacity | 320,000 | |||||||||||||||||||||||||||||||
Land | 4,600,000 | |||||||||||||||||||||||||||||||
Escrow Deposit | 1,000,000 | |||||||||||||||||||||||||||||||
Construction in Progress, Gross | 8,400,000 | |||||||||||||||||||||||||||||||
Lease percentage of acquired property | 75.00% | |||||||||||||||||||||||||||||||
Area Owned by Company of Undeveloped Parcels Of Land | 54.1 | |||||||||||||||||||||||||||||||
Three Logan Square [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Area of Land | 1.8 | |||||||||||||||||||||||||||||||
Ground Lease Buy-out, Total Cost | 20,800,000 | |||||||||||||||||||||||||||||||
Adjustment to Record Land Acquisition to Fair Value | 4,300,000 | |||||||||||||||||||||||||||||||
Acquisition related costs | 100,000 | |||||||||||||||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 655,934,000 | 669,762,000 | 655,934,000 | 669,762,000 | ||||||||||||||||||||||||||||
Secured Debt | 654,590,000 | 670,151,000 | 654,590,000 | 670,151,000 | ||||||||||||||||||||||||||||
Secured Debt [Member] | Two Commerce Square [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.96% | |||||||||||||||||||||||||||||||
Long-term Debt, Fair Value | 107,900,000 | |||||||||||||||||||||||||||||||
Long-term Debt, Gross | 112,000,000 | |||||||||||||||||||||||||||||||
Secured Debt [Member] | One Commerce Square [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.67% | |||||||||||||||||||||||||||||||
Long-term Debt, Fair Value | 130,200,000 | |||||||||||||||||||||||||||||||
Long-term Debt, Gross | 125,100,000 | |||||||||||||||||||||||||||||||
Subsidiaries [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Provision for impairment on assets held for sale | 1,765,000 | 0 | 0 | |||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 458,000 | 6,866,000 | 0 | |||||||||||||||||||||||||||||
Adjustment to Record Land Acquisition to Fair Value | 0 | 7,752,000 | ||||||||||||||||||||||||||||||
Payments to Acquire Real Estate | 18,443,000 | 161,604,000 | 77,555,000 | |||||||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 4,901,000 | 0 | 0 | |||||||||||||||||||||||||||||
Equity Method Investments | 225,004,000 | 180,512,000 | 225,004,000 | 180,512,000 | ||||||||||||||||||||||||||||
Secured Debt | 654,590,000 | 670,151,000 | 654,590,000 | 670,151,000 | ||||||||||||||||||||||||||||
Balance of the Financing Obligation | 37,558,000 | 32,923,000 | 37,558,000 | 32,923,000 | ||||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | 900,000 | 3,382,000 | 34,774,000 | |||||||||||||||||||||||||||||
Net gain (loss) on real estate venture transactions | -417,000 | 3,683,000 | 0 | |||||||||||||||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 1,184,000 | -137,000 | 0 | |||||||||||||||||||||||||||||
Continuing operations (in dollars per share) | ($0.01) | $0.20 | ($0.36) | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.01) | $0.20 | ($0.36) | |||||||||||||||||||||||||||||
Earnings Per Share, Basic | $0 | $0.23 | ($0.06) | |||||||||||||||||||||||||||||
Earnings Per Share, Diluted | $0 | $0.23 | ($0.06) | |||||||||||||||||||||||||||||
Other assets | 65,111,000 | 62,377,000 | 65,111,000 | 62,377,000 | ||||||||||||||||||||||||||||
Brandywine Realty Trust [Member] | Austin Joint Venture [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Company's Ownership Percentage in the Real Estate Venture | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Aggregate gross sales price of a joint venture | 330,000,000 | |||||||||||||||||||||||||||||||
Brandywine Realty Trust [Member] | Austin Joint Venture [Member] | Four Points Centre [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Aggregate gross sales price of a joint venture | 41,500,000 | |||||||||||||||||||||||||||||||
Amount Of Participant Contribution | 5,900,000 | |||||||||||||||||||||||||||||||
Net gain (loss) on real estate venture transactions | -200,000 | |||||||||||||||||||||||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 34,400,000 | |||||||||||||||||||||||||||||||
DRA Advisors LLC [Member] | Austin Joint Venture [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Company's Ownership Percentage in the Real Estate Venture | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Non-Recourse Debt | 230,600,000 | |||||||||||||||||||||||||||||||
Amount Of Participant Contribution | 49,700,000 | |||||||||||||||||||||||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 271,500,000 | |||||||||||||||||||||||||||||||
DRA Advisors LLC [Member] | Austin Joint Venture [Member] | Four Points Centre [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Amount Of Participant Contribution | 5,900,000 | |||||||||||||||||||||||||||||||
Encino Trace - Building I [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Construction in Progress, Gross | 38,800,000 | 38,800,000 | ||||||||||||||||||||||||||||||
Valleybrooke Office Park [Member] | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||
Provision for impairment on assets held for sale | 1,765,000 | |||||||||||||||||||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $200,000 |
Investment_in_Unconsolidated_V2
Investment in Unconsolidated Ventures (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 17, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jun. 19, 2013 | Oct. 16, 2013 | Apr. 03, 2014 | Jan. 20, 2011 | Mar. 26, 2013 | Jan. 25, 2013 | Oct. 20, 2014 | Oct. 21, 2014 | Dec. 19, 2013 | |
sqft | acre | acre | beds | Storey | ||||||||||||
Buildings | sqft | Storey | ||||||||||||||
Real_Estate_Ventures | acre | |||||||||||||||
Room | ||||||||||||||||
acre | ||||||||||||||||
ApartmentUnits | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of apartment units in a Real Estate Venture | 345 | |||||||||||||||
Net gain (loss) on real estate venture transactions | ($417,000) | $29,604,000 | ($950,000) | |||||||||||||
Net proceeds from the contribution of land to an unconsolidated real estate venture | 8,212,000 | 0 | 0 | |||||||||||||
Payments to Acquire Equity Method Investments | 46,098,000 | 33,069,000 | 65,354,000 | |||||||||||||
Company's share of equity (Company's basis) | 225,004,000 | 180,512,000 | 193,555,000 | |||||||||||||
Net gain on real estate venture transactions | -417,000 | 3,683,000 | 0 | |||||||||||||
Number of unconsolidated Real Estate Ventures | 17 | |||||||||||||||
Equity Method Investments including net liabilities | 223,790,000 | |||||||||||||||
Number of real estate ventures that owns 51 office buildings | 11 | |||||||||||||||
Number of office buildings owned by 15 Real Estate Ventures | 65 | |||||||||||||||
Net rentable square feet of 51 office buildings owned the 15 Real Estate Ventures | 6,700,000 | |||||||||||||||
Number of real estate ventures that owns undeveloped land | 1 | |||||||||||||||
Area of undeveloped parcels of land (in acres) owned by a Real Estate Venture | 3 | |||||||||||||||
Number of real estate ventures that owns land under development | 4 | |||||||||||||||
Area Owned By Real Estate Venture in Parcels Of Land Under Development | 22.6 | |||||||||||||||
Number of real estate ventures developed hotel property | 1 | |||||||||||||||
Number of rooms in a hotel property developed by one Real Estate Venture | 137 | |||||||||||||||
Minimum ownership interest in unconsolidated Real Estate Ventures | 20.00% | |||||||||||||||
Maximum ownership interest in unconsolidated Real Estate Ventures | 65.00% | |||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 458,000 | 6,866,000 | 0 | |||||||||||||
Brandywine Nineteen Nineteen Ventures [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||
Company's share of equity (Company's basis) | 12,823,000 | |||||||||||||||
Area of undeveloped parcels of land (in acres) owned by a Real Estate Venture | 1 | |||||||||||||||
Payments to Acquire Land | 9,300,000 | |||||||||||||||
Austin, Texas [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of floors of a building | 3 | |||||||||||||||
BDN Beacon Venture LLC [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||||||||||||
Company's share of equity (Company's basis) | 17,000,000 | |||||||||||||||
Austin Joint Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity method investment, Consideration transferred | 128,100,000 | 48,200,000 | ||||||||||||||
Short-term Bank Loans and Notes Payable | 88,000,000 | |||||||||||||||
Number of Real Estate Properties | 7 | 2 | ||||||||||||||
Potential future capital contributions under joint ventures which are not contractually binding | 100,000,000 | |||||||||||||||
Equity method investments, Cash contributions | 69,000,000 | 12,800,000 | ||||||||||||||
Equity method investments, Closing costs | 200,000 | 100,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||
Company's share of equity (Company's basis) | 40,374,000 | |||||||||||||||
Two Tower Bridge [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Company's share of equity (Company's basis) | -100,000 | |||||||||||||||
Net gain on real estate venture transactions | 3,683,000 | |||||||||||||||
Investments, Fair Value Disclosure | 3,600,000 | |||||||||||||||
4040 Wilson Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Area of Real Estate Property | 426,900 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||
Equity Method Investment, Budgeted Total Project Cost | 194,600,000 | |||||||||||||||
Payments to Acquire Equity Method Investments | 72,000,000 | |||||||||||||||
Guaranty Percentage | 100.00% | |||||||||||||||
Company's share of equity (Company's basis) | 27,415,000 | |||||||||||||||
Area of undeveloped parcels of land (in acres) owned by a Real Estate Venture | 1.3 | |||||||||||||||
Six Tower Bridge [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Net gain (loss) on sale of undepreciated real estate | 7,800,000 | |||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 24,500,000 | |||||||||||||||
Business Acquisition Purchase Price Allocation Building | 14,800,000 | |||||||||||||||
Business Acquisition Purchase Price Allocation, Land Portion | 6,900,000 | |||||||||||||||
Business Acquisition Purchase Price Allocation Intangible Assets | 3,300,000 | |||||||||||||||
Business Acquisition Purchase Price Allocated To Market Lease Liabilities | 500,000 | |||||||||||||||
The Grove at Cira Centre South [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity method investments, Cash contributions | 0 | |||||||||||||||
Number of floors of a building | 33 | |||||||||||||||
Student housing bed capacity | 850 | |||||||||||||||
Equity Method Investment, Budgeted Total Project Cost | 158,500,000 | |||||||||||||||
Payments to Acquire Equity Method Investments | 60,700,000 | |||||||||||||||
Construction Loan | 97,800,000 | |||||||||||||||
Equity Method Investment, Aggregate Cost | 4,000,000 | |||||||||||||||
Area of undeveloped parcels of land (in acres) owned by a Real Estate Venture | 1 | |||||||||||||||
Equity Method Investment, Underlying Equity in Net Assets | 8,500,000 | |||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 4,500,000 | |||||||||||||||
TB-BDN Plymouth Apartments [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Guaranty Liabilities | 3,200,000 | |||||||||||||||
PJP VII [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Guaranty Liabilities | 500,000 | |||||||||||||||
The Grove at Cira Centre South [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Guaranty Liabilities | 24,700,000 | |||||||||||||||
Third Parties and Real Estate Ventures [Member] | Brandywine Nineteen Nineteen Ventures [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||
LCOR/Calstrs [Member] | Brandywine Nineteen Nineteen Ventures [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Aggregate gross sales price of a joint venture | 16,400,000 | |||||||||||||||
General Partners' Contributed Capital | 5,200,000 | |||||||||||||||
Equity method investments, Cash contributions | 13,400,000 | |||||||||||||||
Net proceeds from the contribution of land to an unconsolidated real estate venture | 8,200,000 | |||||||||||||||
Ashton Park [Member] | 4040 Wilson Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Fair value of land, net of amount encumbered | 36,000,000 | |||||||||||||||
Brandywine Realty Trust [Member] | Austin, Texas [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity method investment, agreement to pay future capital expenditures | 4,400,000 | |||||||||||||||
Brandywine Realty Trust [Member] | Austin Joint Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of properties contributed to a joint venture | 7 | |||||||||||||||
Area of Real Estate Property | 1,398,826 | |||||||||||||||
Aggregate gross sales price of a joint venture | 330,000,000 | |||||||||||||||
Equity method investment, agreement to pay future capital expenditures | 800,000 | 5,200,000 | ||||||||||||||
Equity method investments, Cash contributions | 18,900,000 | 6,400,000 | ||||||||||||||
Net gain (loss) on real estate venture transactions | 25,900,000 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||
Equity Method Investment, Additional Distribution Rights | 10.00% | |||||||||||||||
Brandywine Realty Trust [Member] | 4040 Wilson Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Payments to Acquire Interest in Joint Venture | 26,800,000 | 36,000,000 | ||||||||||||||
DRA Advisors LLC [Member] | Austin Joint Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity Method Investment, Distribution, Net of Initial Funding Agreement | 266,300,000 | |||||||||||||||
Amount Of Participant Contribution | 49,700,000 | |||||||||||||||
Equity method investments, Closing costs | 1,900,000 | |||||||||||||||
Closing Prorations and Lender Holdbacks | 6,900,000 | |||||||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 271,500,000 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||
Non-Recourse Debt | 230,600,000 | |||||||||||||||
Campus Crest Properties, LLC [Member] | The Grove at Cira Centre South [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||||||||
HSRE, LLC [Member] [Member] | The Grove at Cira Centre South [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | |||||||||||||||
Four Points Centre [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of Real Estate Properties | 2 | |||||||||||||||
Number of floors of a building | 3 | 3 | ||||||||||||||
Four Points Centre [Member] | Austin Joint Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Non-Recourse Debt | 29,000,000 | |||||||||||||||
Four Points Centre [Member] | Brandywine Realty Trust [Member] | Austin Joint Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Aggregate gross sales price of a joint venture | 41,500,000 | |||||||||||||||
Amount Of Participant Contribution | 5,900,000 | |||||||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 34,400,000 | |||||||||||||||
Four Points Centre [Member] | DRA Advisors LLC [Member] | Austin Joint Venture [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Amount Of Participant Contribution | $5,900,000 |
Investment_in_Unconsolidated_V3
Investment in Unconsolidated Ventures (Financial Position of Unconsolidated Real Estate Ventures) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 |
Financial position of the Real Estate Ventures | ||||
Equity Method Investment Summarized Financial Information Debt | $965,077 | |||
Company's share of equity (Company's basis) | 225,004 | 180,512 | 193,555 | |
PJP Two [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt Instrument, Maturity Date | 1-Nov-23 | |||
Financial position of the Real Estate Ventures | ||||
Equity Method Investment Summarized Financial Information Debt | 3,492 | |||
Company's share of equity (Company's basis) | 403 | |||
Coppell Associates [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt Instrument, Maturity Date | 1-Feb-16 | |||
Financial position of the Real Estate Ventures | ||||
Equity Method Investment Summarized Financial Information Debt | 15,747 | |||
Company's share of equity (Company's basis) | -1,214 | |||
Unconsolidated real estate ventures [Member] | ||||
Financial position of the Real Estate Ventures | ||||
Net property | 1,281,282 | 965,475 | ||
Other Assets | 195,121 | 164,152 | ||
Other Liabilities | 68,481 | 49,442 | ||
Equity Method Investment Summarized Financial Information Debt | 965,077 | 699,860 | ||
Equity | 442,845 | 380,325 | ||
Company's share of equity (Company's basis) | 225,004 | 180,512 | ||
PJP Five [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt Instrument, Maturity Date | 11-Aug-19 | |||
Financial position of the Real Estate Ventures | ||||
Equity Method Investment Summarized Financial Information Debt | 5,242 | |||
Company's share of equity (Company's basis) | 216 | |||
Austin Joint Venture [Member] | ||||
Financial position of the Real Estate Ventures | ||||
Equity Method Investment Summarized Financial Information Debt | 382,100 | 34,500 | ||
Company's share of equity (Company's basis) | $40,374 |
Investment_in_Unconsolidated_V4
Investment in Unconsolidated Ventures (Summary of Results of Operations of Unconsolidated Real Estate Ventures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of results of operations of Real Estate Ventures | |||
Income (Loss) from Equity Method Investments | ($790) | $3,664 | $2,741 |
Unconsolidated real estate ventures [Member] | |||
Summary of results of operations of Real Estate Ventures | |||
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 | -7,652 | 816 | 1,364 |
Income (Loss) from Equity Method Investments | ($790) | $3,664 | $2,741 |
Investment_in_Unconsolidated_V5
Investment in Unconsolidated Ventures Company's Investment in Real Estate Ventures and the Company's Share of the Real Estate Ventures' Income (Loss) (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2014 | Mar. 26, 2013 | Jan. 20, 2011 | Jun. 19, 2013 | Apr. 03, 2014 | |
acre | acre | acre | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area Owned By Real Estate Venture Of Undeveloped Parcels Of Land | 3 | ||||||||
Equity Method Investments | $225,004,000 | $180,512,000 | $193,555,000 | ||||||
Income (Loss) from Equity Method Investments | -790,000 | 3,664,000 | 2,741,000 | ||||||
Equity Method Investment Summarized Financial Information Debt | 965,077,000 | ||||||||
Equity Method Investments including net liabilities | 223,790,000 | ||||||||
Equity Method Investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment Summarized Financial Information Debt | 965,077,000 | ||||||||
Broadmoor Austin Associates [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 65,407,000 | ||||||||
Income (Loss) from Equity Method Investments | -460,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 53,516,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.04% | ||||||||
Debt Instrument, Maturity Date | 10-Apr-23 | ||||||||
HSRE, LLC [Member] [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||
Equity Method Investments | 14,314,000 | ||||||||
Income (Loss) from Equity Method Investments | 67,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 90,245,000 | ||||||||
Debt Instrument, Interest Rate Terms | L+2.20% | ||||||||
Debt Instrument, Maturity Date | 25-Jul-16 | ||||||||
4040 Wilson Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area Owned By Real Estate Venture Of Undeveloped Parcels Of Land | 1.3 | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 27,415,000 | ||||||||
Income (Loss) from Equity Method Investments | -132,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 0 | ||||||||
Brandywine - Al Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 45,712,000 | ||||||||
Income (Loss) from Equity Method Investments | -185,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 133,843,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.93% | ||||||||
Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 40,374,000 | ||||||||
Income (Loss) from Equity Method Investments | -574,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 382,100,000 | 34,500,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.57% | ||||||||
Equity method investments, Closing costs | 200,000 | 100,000 | |||||||
BDN Beacon Venture LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||||
Equity Method Investments | 17,000,000 | ||||||||
TB-BDN Plymouth Apartments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 12,720,000 | ||||||||
Income (Loss) from Equity Method Investments | -83,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 29,481,000 | ||||||||
Debt Instrument, Interest Rate Terms | L+1.70% | ||||||||
Debt Instrument, Maturity Date | 20-Dec-17 | ||||||||
Brandywine Nineteen Nineteen Ventures [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area Owned By Real Estate Venture Of Undeveloped Parcels Of Land | 1 | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||
Equity Method Investments | 12,823,000 | ||||||||
Income (Loss) from Equity Method Investments | -21,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 0 | ||||||||
Debt Instrument, Interest Rate Terms | L+2.25% | ||||||||
Debt Instrument, Maturity Date | 21-Oct-18 | ||||||||
Debt Instrument, Interest Rate Terms | LIBOR + 2.25% | ||||||||
Interest rate upon receipt of certificate of occupancy | 2.00% | ||||||||
Interest rate upon stabilization | 1.75% | ||||||||
Interest rate protection cap | 4.50% | ||||||||
One Thousand Chesterbrook Blvd. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 2,152,000 | ||||||||
Income (Loss) from Equity Method Investments | 388,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 24,251,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | ||||||||
Debt Instrument, Maturity Date | 1-Dec-21 | ||||||||
Four Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 65.00% | ||||||||
Equity Method Investments | 1,474,000 | ||||||||
Income (Loss) from Equity Method Investments | -144,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 10,353,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.20% | ||||||||
Debt Instrument, Maturity Date | 10-Feb-21 | ||||||||
Residence Inn Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | 723,000 | ||||||||
Income (Loss) from Equity Method Investments | 107,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 13,394,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.63% | ||||||||
Debt Instrument, Maturity Date | 11-Feb-16 | ||||||||
PJP VII [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||
Equity Method Investments | 911,000 | ||||||||
Income (Loss) from Equity Method Investments | 177,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 5,785,000 | ||||||||
Debt Instrument, Interest Rate Terms | L+2.65% | ||||||||
Debt Instrument, Maturity Date | 31-Dec-19 | ||||||||
PJP Two [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||
Equity Method Investments | 403,000 | ||||||||
Income (Loss) from Equity Method Investments | 73,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 3,492,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.12% | ||||||||
Debt Instrument, Maturity Date | 1-Nov-23 | ||||||||
G&I Interchange Office LLC (DRA — N. PA) [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||||
Equity Method Investments | 0 | ||||||||
Income (Loss) from Equity Method Investments | -658,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 174,595,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.78% | ||||||||
Debt Instrument, Maturity Date | 28-Feb-15 | ||||||||
Sale of ownership in properties | 80.00% | ||||||||
Seven Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||||
Equity Method Investments | 315,000 | ||||||||
Income (Loss) from Equity Method Investments | -388,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 14,865,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.78% | ||||||||
PJP Five [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||
Equity Method Investments | 216,000 | ||||||||
Income (Loss) from Equity Method Investments | 166,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 5,242,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.47% | ||||||||
Debt Instrument, Maturity Date | 11-Aug-19 | ||||||||
Two Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | -100,000 | ||||||||
PJP Six [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||
Equity Method Investments | 45,000 | ||||||||
Income (Loss) from Equity Method Investments | -67,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 8,168,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.08% | ||||||||
Debt Instrument, Maturity Date | 1-Apr-23 | ||||||||
Coppell Associates [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investments | -1,214,000 | ||||||||
Income (Loss) from Equity Method Investments | -45,000 | ||||||||
Equity Method Investment Summarized Financial Information Debt | 15,747,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | ||||||||
Debt Instrument, Maturity Date | 1-Feb-16 | ||||||||
Invesco, L.P. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | 0 | ||||||||
Income (Loss) from Equity Method Investments | 989,000 | ||||||||
Secured Debt [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Long-term Debt, Weighted Average Interest Rate | 5.72% | 5.73% | 6.65% | ||||||
Secured Debt [Member] | Brandywine - Al Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Long-term Debt, Weighted Average Interest Rate | 3.93% | ||||||||
Secured Debt [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Long-term Debt, Weighted Average Interest Rate | 3.57% | ||||||||
Secured Debt [Member] | Seven Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Long-term Debt, Weighted Average Interest Rate | 3.78% | ||||||||
Secured Debt [Member] | Fifth mortgage - swapped to fixed [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 34,500,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.87% | ||||||||
Secured Debt [Member] | Fixed rate loan maturing January 2019 [Member] | Brandywine - Al Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 39,300,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | ||||||||
Secured Debt [Member] | Fixed rate loan maturing January 2022 [Member] | Brandywine - Al Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 28,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.65% | ||||||||
Secured Debt [Member] | Fixed rate loan maturing August 2019 [Member] | Brandywine - Al Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 66,500,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.22% | ||||||||
Secured Debt [Member] | First mortgage - swapped to fixed [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 34,000,000 | ||||||||
Derivative, Fixed Interest Rate | 1.59% | ||||||||
Derivative, Basis Spread on Variable Rate | 1.93% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.52% | ||||||||
Secured Debt [Member] | Second mortgage - swapped to fixed [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 56,000,000 | ||||||||
Derivative, Fixed Interest Rate | 1.49% | ||||||||
Derivative, Basis Spread on Variable Rate | 1.70% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.19% | ||||||||
Secured Debt [Member] | Third mortgage - swapped to fixed [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 140,600,000 | ||||||||
Derivative, Fixed Interest Rate | 1.43% | ||||||||
Derivative, Basis Spread on Variable Rate | 2.01% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.44% | ||||||||
Secured Debt [Member] | Fourth mortgage - swapped to fixed [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | 29,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||
Secured Debt [Member] | Mortgage Maturing February 2015 [Domain] | Brandywine - Al Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Number of Fixed Rate Mortgages | 3 | ||||||||
Secured Debt [Member] | Mortgage Maturing February 2015 [Domain] | Seven Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment Summarized Financial Information Debt | 8,000,000 | ||||||||
Debt Instrument, Number of Fixed Rate Mortgages | 2 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||||||
Secured Debt [Member] | Fixed Rate Loan Maturing September 2025 [Member] | Seven Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment Summarized Financial Information Debt | 1,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||
Secured Debt [Member] | Fixed Rate Loan Maturing February 2016 [Member] | Seven Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment Summarized Financial Information Debt | 2,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Secured Debt [Member] | Fixed Rate Loan Maturing March 2020 [Member] | Seven Tower Bridge [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment Summarized Financial Information Debt | 3,900,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||||||||
Four Points Centre [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Non-Recourse Debt | 29,000,000 | ||||||||
Secured Debt [Member] | Austin Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Face Amount | $88,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Investment_in_Unconsolidated_V6
Investment in Unconsolidated Ventures Aggregate Principal Payments of Recourse and Non-recourse Debt Payable to Third-parties (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Loss on real estate venture formation | $0 | $0 | ($950) | |
Schedule of Equity Method Investments [Line Items] | ||||
2015 | 102,030 | |||
2016 | 367,703 | |||
2017 | 330,323 | |||
2018 | 336,954 | |||
2019 | 213,155 | |||
Thereafter | 1,109,298 | |||
Equity Method Investment Summarized Financial Information Debt | 965,077 | |||
Brandywine Nineteen Nineteen Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Summarized Financial Information Debt | 0 | |||
Austin Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Summarized Financial Information Debt | 382,100 | 34,500 | ||
Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
2015 | 279,351 | |||
2016 | 133,809 | |||
2017 | 44,465 | |||
2018 | 231,030 | |||
2019 | 182,522 | |||
Thereafter | 93,900 | |||
Equity Method Investment Summarized Financial Information Debt | 965,077 | |||
Seven Tower Bridge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Summarized Financial Information Debt | 14,865 | |||
Fixed Rate Loan Maturing February 2016 [Member] | Secured Debt [Member] | Seven Tower Bridge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Summarized Financial Information Debt | 2,000 | |||
Fixed Rate Loan Maturing March 2020 [Member] | Secured Debt [Member] | Seven Tower Bridge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment Summarized Financial Information Debt | $3,900 |
Investment_in_Unconsolidated_V7
Investment in Unconsolidated Ventures Notes Receivable (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Oct. 17, 2014 | Oct. 16, 2013 | |
Real_Estate_Investments | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Real Estate Investments in residential towers | 1 | ||||
Equity Method Investment, Summarized financial information debt | 965,077,000 | ||||
Financing Receivable, Net | 88,000,000 | 7,026,000 | |||
Austin Joint Venture [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Short-term Debt, Terms | 4.0% through December 31, 2014, (ii) 5.0% from January 1, 2015 through January 31, 2015, (iii) 7.0% from February 1, 2015 through February 28, 2015 and (iv) 9.0% from March 1, 2015 through March 31, 2015. | ||||
River Place [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Net | 88,000,000 | ||||
Austin Joint Venture [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net Rentable Area | 232,274 | ||||
Equity Method Investment, Summarized financial information debt | 382,100,000 | 34,500,000 | |||
Equity method investments, Cash contributions | 69,000,000 | 12,800,000 | |||
Equity method investments, Closing costs | 200,000 | 100,000 | |||
Equity method investments, Purchase adjustments | 900,000 | ||||
Equity method investments, Credit from seller | 600,000 | ||||
Number of Real Estate Properties | 2 | 7 | |||
Austin, Texas [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of floors of a building | 3 | ||||
Secured Debt [Member] | Austin Joint Venture [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Short-term Debt, Terms | 0.05 | ||||
DRA Advisors LLC [Member] | Austin Joint Venture [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Equity method investments, Closing costs | $1,900,000 |
Deferred_Costs_Details
Deferred Costs (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Costs Net [Abstract] | ||
Leasing Costs, Total Cost | $164,081 | $155,885 |
Financing Costs, Total Cost | 40,401 | 40,317 |
Total Cost | 204,482 | 196,202 |
Leasing Costs, Accumulated Amortization | -64,065 | -58,805 |
Financing Costs, Accumulated Amortization | -15,193 | -14,443 |
Total, Accumulated Amortization | -79,258 | -73,248 |
Leasing Costs, Deferred Costs, net | 100,016 | 97,080 |
Financing Costs, Deferred Costs, net | 25,208 | 25,874 |
Deferred Costs | $125,224 | $122,954 |
Deferred_Costs_Details_Textual
Deferred Costs (Details Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leased Assets [Line Items] | |||
Deferred Costs, Leasing, Net | $100,016,000 | $97,080,000 | |
Deferred Costs (Textuals) [Abstract] | |||
Capitalized internal direct leasing costs | $7,100,000 | $7,500,000 | $7,500,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible assets | ||
Total Cost | $169,224 | $196,147 |
Accumulated Amortization | -69,821 | -63,818 |
Intangible Assets, net | 99,403 | 132,329 |
Leases, Acquired-in-Place [Member] | ||
Intangible assets | ||
Total Cost | 129,411 | 150,782 |
Accumulated Amortization | -42,068 | -35,607 |
Intangible Assets, net | 87,343 | 115,175 |
Tenant relationship value [Member] | ||
Intangible assets | ||
Total Cost | 34,172 | 38,692 |
Accumulated Amortization | -26,344 | -26,868 |
Intangible Assets, net | 7,828 | 11,824 |
Above market leases acquired [Member] | ||
Intangible assets | ||
Total Cost | 5,641 | 6,673 |
Accumulated Amortization | -1,409 | -1,343 |
Intangible Assets, net | 4,232 | 5,330 |
Below market leases acquired [Member] | ||
Intangible assets | ||
Total Cost | -53,049 | -81,991 |
Accumulated Amortization | 27,039 | 47,547 |
Intangible Assets, net | ($26,010) | ($34,444) |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Annual amortization of intangible assets and liabilities | |||
Intangible Assets, net | $99,403,000 | $132,329,000 | |
Assets [Member] | |||
Annual amortization of intangible assets and liabilities | |||
2015 | 21,363,000 | ||
2016 | 16,898,000 | ||
2017 | 15,148,000 | ||
2018 | 11,399,000 | ||
2019 | 10,086,000 | ||
Thereafter | 24,509,000 | ||
Intangible Assets, net | 99,403,000 | ||
Liabilities [Member] | |||
Annual amortization of intangible assets and liabilities | |||
2015 | -5,212,000 | ||
2016 | -3,253,000 | ||
2017 | -2,664,000 | ||
2018 | -2,241,000 | ||
2019 | -1,909,000 | ||
Thereafter | -10,731,000 | ||
Intangible Assets, net | -26,010,000 | ||
Tenant Move-Outs Prior to End of the Lease Term [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Written Off Through Accelerated Amortization | $800,000 | $1,600,000 | $1,400,000 |
Debt_Obligations_Consolidated_
Debt Obligations (Consolidated Debt Obligations Outstanding) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | $376,174,000 | $29,250,000 | $164,968,000 | |
Early Repayment of Senior Debt | 383,768,000 | 31,369,000 | 338,097,000 | |
Gain (Loss) on Early Extinguishment of Debt | -7,594,000 | -2,119,000 | -22,002,000 | |
Write off of Deferred Debt Issuance Cost | 152,000 | 40,000 | 451,000 | |
Gains (Losses) on Extinguishment of Debt | 2,606,000 | 7,594,000 | 2,119,000 | 22,002,000 |
Consolidated debt obligations | ||||
Plus: premiums/(discounts), net | -8,155,000 | |||
Total mortgage indebtedness | 654,590,000 | 670,151,000 | ||
Total Debt Obligations | 2,451,308,000 | 2,595,381,000 | ||
Repayments of Unsecured Debt | 250,828,000 | 0 | 190,485,000 | |
Long Term Debt Maturities Repayments Of Principal | 2,459,463,000 | |||
Recognized hedge activity | 800,000 | 828,000 | 0 | 2,985,000 |
Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 655,934,000 | 669,762,000 | ||
Plus: premiums/(discounts), net | -1,344,000 | 389,000 | ||
Total mortgage indebtedness | 654,590,000 | 670,151,000 | ||
Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 1,803,529,000 | 1,929,703,000 | ||
Plus: premiums/(discounts), net | -6,811,000 | -4,473,000 | ||
Total unsecured indebtedness | 1,796,718,000 | 1,925,230,000 | ||
Note Five [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | 42,700,000 | |||
Gains (Losses) on Extinguishment of Debt | 5,000,000 | |||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 0 | 157,625,000 | ||
Debt Instrument, Maturity Date | 15-May-15 | |||
Effective interest rate | 7.76% | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
Debt Instrument, Repurchased Face Amount | 114,900,000 | |||
Debt Instrument, Redemption, Description | $1,070.24 per $1,000 | |||
New Revolving Credit Facility [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | |||
Consolidated debt obligations | ||||
Debt instrument, basis spread on variable rate | 1.50% | |||
Three-Year Term Loan - Swapped to fixed [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 0 | 150,000,000 | ||
Debt Instrument, Maturity Date | 1-Feb-15 | |||
Effective interest rate | 2.60% | |||
Debt Instrument, Repurchased Face Amount | 150,000,000 | |||
Four-Year Term Loan - Swapped to fixed [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Debt Instrument, Repurchased Face Amount | 100,000,000 | |||
Three and Four Year Term Loan [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Write off of Deferred Debt Issuance Cost | 300,000 | |||
Four-Year Term Loan - Variable [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 0 | 100,000,000 | ||
Debt Instrument, Maturity Date | 1-Feb-16 | |||
Debt Instrument, Interest Rate Terms | LIBOR + 1.75% | |||
Seven Year Term Loan - Swapped to fixed [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 200,000,000 | 200,000,000 | ||
Debt Instrument, Maturity Date | 1-Feb-19 | |||
Effective interest rate | 3.62% | |||
Debt Instrument, Term | 7 years | |||
Debt Instrument, Face Amount | 200,000,000 | |||
Line of Credit and Seven Year Term Loan [Member] | ||||
Consolidated debt obligations | ||||
Debt Instrument, Interest Rate Terms | Based on the Company's current credit rating, the spread will be 150 basis points under the Credit Facility and 190 basis points under the seven-year term loan | |||
Debt Instrument, Interest Rate Terms | federal funds rate plus 0.50% | |||
$300.0M 5.750% Guaranteed Notes due 2012 [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
$250.0M 5.400% Guaranteed Notes due 2014 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | 75,100,000 | |||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 0 | 218,549,000 | ||
Debt Instrument, Maturity Date | 1-Nov-14 | |||
Effective interest rate | 5.53% | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
Debt Instrument, Repurchased Face Amount | 143,500,000 | |||
Debt Instrument, Redemption, Description | $1,026.88 per $1,000 | |||
$250.0M 6.000% Guaranteed Notes due 2016 [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 149,919,000 | 149,919,000 | ||
Debt Instrument, Maturity Date | 1-Apr-16 | |||
Effective interest rate | 5.95% | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
$300.0M 5.700% Guaranteed Notes due 2017 [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 300,000,000 | 300,000,000 | ||
Debt Instrument, Maturity Date | 1-May-17 | |||
Effective interest rate | 5.68% | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |||
Debt Instrument, Face Amount | 300,000,000 | |||
$325.0M 4.950% Guaranteed Notes due 2018 [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 325,000,000 | 325,000,000 | ||
Debt Instrument, Maturity Date | 15-Apr-18 | |||
Effective interest rate | 5.13% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | |||
Debt Instrument, Face Amount | 325,000,000 | |||
Note 2023 [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 250,000,000 | 250,000,000 | ||
Debt Instrument, Maturity Date | 15-Feb-23 | |||
Effective interest rate | 4.02% | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
Note 2024 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt instrument, Unamortized discount, Percent of face amount | 99.39% | |||
Debt instrument, Yield to maturity | 4.18% | |||
Debt instrument, Yield to maturity spread at time of pricing | 1.70% | |||
Debt Instrument, Unamortized Discount | 1,500,000 | |||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 250,000,000 | 0 | ||
Debt Instrument, Maturity Date | 1-Oct-24 | |||
Effective interest rate | 4.23% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
Note 2029 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt instrument, Unamortized discount, Percent of face amount | 99.19% | |||
Debt instrument, Yield to maturity | 4.63% | |||
Debt instrument, Yield to maturity spread at time of pricing | 2.15% | |||
Debt Instrument, Unamortized Discount | 2,000,000 | |||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 250,000,000 | 0 | ||
Debt Instrument, Maturity Date | 1-Oct-29 | |||
Effective interest rate | 4.60% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
Notes 2024 and 2029 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Proceeds from Notes Payable | 492,900,000 | |||
Indenture IA (Preferred Trust I) [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 27,062,000 | 27,062,000 | ||
Debt Instrument, Maturity Date | 30-Mar-35 | |||
Effective interest rate | 2.75% | |||
Indenture IB (Preferred Trust I) [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 25,774,000 | 25,774,000 | ||
Debt Instrument, Maturity Date | 30-Apr-35 | |||
Effective interest rate | 3.30% | |||
Indenture II (Preferred Trust II) [Member] | Unsecured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 25,774,000 | 25,774,000 | ||
Debt Instrument, Maturity Date | 30-Jul-35 | |||
Effective interest rate | 3.09% | |||
Tysons Corner [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 89,513,000 | 91,395,000 | ||
Debt Instrument, Maturity Date | 1-Aug-15 | |||
Effective interest rate | 5.36% | |||
One Commerce Square [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 123,205,000 | 125,089,000 | ||
Debt Instrument, Maturity Date | 6-Jan-16 | |||
Effective interest rate | 3.68% | |||
Two Logan Square [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 87,767,000 | 88,583,000 | ||
Debt Instrument, Maturity Date | 1-Apr-16 | |||
Effective interest rate | 7.57% | |||
Fairview Eleven Tower [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Fairview Eleven Tower [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 21,242,000 | 21,630,000 | ||
Debt Instrument, Maturity Date | 1-Jan-17 | |||
Effective interest rate | 4.25% | |||
Two Commerce Square [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 112,000,000 | 112,000,000 | ||
Debt Instrument, Maturity Date | 5-Apr-23 | |||
Effective interest rate | 4.51% | |||
IRS Philadelphia Campus [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 184,442,000 | 190,964,000 | ||
Debt Instrument, Maturity Date | 10-Sep-30 | |||
Effective interest rate | 7.00% | |||
Cira South Garage [Member] | Secured Debt [Member] | ||||
Consolidated debt obligations | ||||
Long-term Debt, Gross | 37,765,000 | 40,101,000 | ||
Debt Instrument, Maturity Date | 10-Sep-30 | |||
Effective interest rate | 7.12% | |||
Note Four [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | 218,549,000 | 19,830,000 | 4,302,000 | |
Early Repayment of Senior Debt | 219,404,000 | 20,853,000 | 4,566,000 | |
Gain (Loss) on Early Extinguishment of Debt | -855,000 | -1,020,000 | -264,000 | |
Write off of Deferred Debt Issuance Cost | 9,000 | 16,000 | 8,000 | |
Note Three [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | 301,000 | |||
Early Repayment of Senior Debt | 303,000 | |||
Gain (Loss) on Early Extinguishment of Debt | -2,000 | |||
Write off of Deferred Debt Issuance Cost | 0 | |||
Note Five [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | 157,625,000 | 8,910,000 | 60,794,000 | |
Early Repayment of Senior Debt | 164,364,000 | 9,945,000 | 69,497,000 | |
Gain (Loss) on Early Extinguishment of Debt | -6,739,000 | -1,036,000 | -8,712,000 | |
Write off of Deferred Debt Issuance Cost | 143,000 | 23,000 | 183,000 | |
Note Six [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Extinguishment of Debt, Amount | 510,000 | 99,571,000 | ||
Early Repayment of Senior Debt | 571,000 | 112,541,000 | ||
Gain (Loss) on Early Extinguishment of Debt | -63,000 | -13,024,000 | ||
Write off of Deferred Debt Issuance Cost | 1,000 | 260,000 | ||
Discharge of Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Early Repayment of Senior Debt | $383,768,000 | $31,369,000 | $186,907,000 |
Debt_Obligations_Outstanding_U
Debt Obligations (Outstanding Unsecured Notes in Series of Transactions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of principal payments of debt obligations | |||
Principal | $376,174 | $29,250 | $164,968 |
Repurchase Amount | 383,768 | 31,369 | 338,097 |
Gain (Loss) on Early Extinguishment of Debt | -7,594 | -2,119 | -22,002 |
Acceleration of Deferred Financing Amortization | 152 | 40 | 451 |
Note Three [Member] | |||
Schedule of principal payments of debt obligations | |||
Principal | 301 | ||
Repurchase Amount | 303 | ||
Gain (Loss) on Early Extinguishment of Debt | -2 | ||
Acceleration of Deferred Financing Amortization | 0 | ||
Note Four [Member] | |||
Schedule of principal payments of debt obligations | |||
Principal | 218,549 | 19,830 | 4,302 |
Repurchase Amount | 219,404 | 20,853 | 4,566 |
Gain (Loss) on Early Extinguishment of Debt | -855 | -1,020 | -264 |
Acceleration of Deferred Financing Amortization | 9 | 16 | 8 |
Note Five [Member] | |||
Schedule of principal payments of debt obligations | |||
Principal | 157,625 | 8,910 | 60,794 |
Repurchase Amount | 164,364 | 9,945 | 69,497 |
Gain (Loss) on Early Extinguishment of Debt | -6,739 | -1,036 | -8,712 |
Acceleration of Deferred Financing Amortization | 143 | 23 | 183 |
Note Six [Member] | |||
Schedule of principal payments of debt obligations | |||
Principal | 510 | 99,571 | |
Repurchase Amount | 571 | 112,541 | |
Gain (Loss) on Early Extinguishment of Debt | -63 | -13,024 | |
Acceleration of Deferred Financing Amortization | 1 | 260 | |
Discharge of Debt [Member] | |||
Schedule of principal payments of debt obligations | |||
Repurchase Amount | $383,768 | $31,369 | $186,907 |
Debt_Obligations_Aggregate_Sch
Debt Obligations (Aggregate Scheduled Principal Payments of Debt Obligation, Excluding Amortization of Discounts and Premiums) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of debt repurchases | ||
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 | |
Total Debt Obligations | $2,451,308 | $2,595,381 |
Debt_Obligations_Details_Textu
Debt Obligations (Details Textuals) (USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt obligations (Textuals) | ||||
Early Repayment of Senior Debt | $383,768,000 | $31,369,000 | $338,097,000 | |
Amortization of Financing Costs | 5,148,000 | 4,676,000 | 6,208,000 | |
Loss on early extinguishment of debt | -2,606,000 | -7,594,000 | -2,119,000 | -22,002,000 |
Unsecured Debt [Member] | ||||
Debt obligations (Textuals) | ||||
Long-term Debt, Gross | 1,803,529,000 | 1,929,703,000 | ||
Secured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Properties encumbered mortgage indebtedness carrying value, net | 655,900,000 | 669,800,000 | ||
Debt obligations (Textuals) | ||||
Long-term Debt, Gross | 655,934,000 | 669,762,000 | ||
Letter of Credit [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Debt obligations (Textuals) | ||||
Letters of credit outstanding | 4,300,000 | |||
New Revolving Credit Facility [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Debt obligations (Textuals) | ||||
Unused availability under the Credit Facility | 595,700,000 | |||
Note 2023 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 250,000,000 | |||
Long-term Debt, Gross | 250,000,000 | 250,000,000 | ||
$300.0M 5.750% Guaranteed Notes due 2012 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
$250.0M 5.400% Guaranteed Notes due 2014 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Redemption, Description | $1,026.88 per $1,000 | |||
Debt Instrument, Repurchased Face Amount | 143,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 250,000,000 | |||
Long-term Debt, Gross | 0 | 218,549,000 | ||
$250.0M 7.500% Guaranteed Notes due 2015 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Redemption, Description | $1,070.24 per $1,000 | |||
Debt Instrument, Repurchased Face Amount | 114,900,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 250,000,000 | |||
Long-term Debt, Gross | 0 | 157,625,000 | ||
Loss on early extinguishment of debt | -5,000,000 | |||
$250.0M 6.000% Guaranteed Notes due 2016 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 250,000,000 | |||
Long-term Debt, Gross | 149,919,000 | 149,919,000 | ||
$300.0M 5.700% Guaranteed Notes due 2017 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 300,000,000 | |||
Long-term Debt, Gross | 300,000,000 | 300,000,000 | ||
$325.0M 4.950% Guaranteed Notes due 2018 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 325,000,000 | |||
Long-term Debt, Gross | 325,000,000 | 325,000,000 | ||
Three Year Term Loan [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 150,000,000 | |||
Debt obligations (Textuals) | ||||
Long-term Debt, Gross | 0 | 150,000,000 | ||
Seven Year Term Loan [Member] | Unsecured Debt [Member] | ||||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 200,000,000 | |||
Derivative, Average Fixed Interest Rate | 3.62% | |||
Long-term Debt, Gross | 200,000,000 | 200,000,000 | ||
Note 2024 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 250,000,000 | |||
Long-term Debt, Gross | 250,000,000 | 0 | ||
Note 2029 [Member] | Unsecured Debt [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |||
Debt obligations (Textuals) | ||||
Debt instrument, face amount | 250,000,000 | |||
Long-term Debt, Gross | 250,000,000 | 0 | ||
Subsidiaries [Member] | ||||
Debt obligations (Textuals) | ||||
Early Repayment of Senior Debt | 383,768,000 | 31,369,000 | 338,097,000 | |
Amortization of Financing Costs | 5,148,000 | 4,676,000 | 6,208,000 | |
Loss on early extinguishment of debt | -7,594,000 | -2,119,000 | -22,002,000 | |
Subsidiaries [Member] | $300.0M 5.750% Guaranteed Notes due 2012 [Member] | ||||
Debt obligations (Textuals) | ||||
Early Repayment of Senior Debt | $151,200,000 |
Debt_Obligations_Details_Textu1
Debt Obligations (Details Textuals 2) (USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ||||
Long Term Debt Maturities Repayments Of Principal | $2,459,463,000 | |||
Extinguishment of Debt, Amount | 376,174,000 | 29,250,000 | 164,968,000 | |
Amortization of Financing Costs | 5,148,000 | 4,676,000 | 6,208,000 | |
Derivative, Gain (Loss) on Derivative, Net | -800,000 | -828,000 | 0 | -2,985,000 |
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 0.29% | |||
Long-term Debt, Gross | 1,803,529,000 | 1,929,703,000 | ||
Unsecured Debt [Member] | Three Year Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 150,000,000 | ||
Unsecured Debt [Member] | Four-Year Term Loan - Variable [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 100,000,000 | ||
Unsecured Debt [Member] | Seven Year Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Declining prepayment penalty in year three | 1.00% | |||
Derivative, Average Fixed Interest Rate | 3.62% | |||
Long-term Debt, Gross | 200,000,000 | 200,000,000 | ||
Unsecured Debt [Member] | Note 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 250,000,000 | 250,000,000 | ||
Unsecured Debt [Member] | Note Five [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 157,625,000 | ||
Extinguishment of Debt, Amount | 42,700,000 | |||
Unsecured Debt [Member] | Note Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 149,919,000 | 149,919,000 | ||
Unsecured Debt [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Letters of Credit Outstanding, Amount | 4,300,000 | |||
Unsecured Debt [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Line of Credit Facility, Remaining Borrowing Capacity | 595,700,000 | |||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Weighted Average Interest Rate | 5.72% | 5.73% | 6.65% | |
Long-term Debt, Gross | 655,934,000 | 669,762,000 | ||
Note Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $510,000 | $99,571,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Company's estimates of fair value differ from the carrying amounts | ||
Secured Debt | $654,590 | $670,151 |
Mortgage notes payable, Fair Value | 707,241 | 715,244 |
Unsecured notes payable, Carrying Amount | 1,518,108 | 1,396,620 |
Unsecured notes payable, Fair Value | 1,593,212 | 1,471,041 |
Variable rate debt instruments, Carrying Amount | 278,610 | 528,610 |
Variable rate debt instruments, Fair Value | 257,188 | 526,693 |
Notes receivable, Carrying Amount | 88,000 | 7,026 |
Notes receivable, Fair Value | $87,692 | $7,759 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details Textuals) (Variable rate and mortgage debt [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Variable rate and mortgage debt [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Discount Rate | 4.26% |
Risk_Management_and_Use_of_Fin2
Risk Management and Use of Financial Instruments (Fair Values of Derivative Financial Instruments) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |
Long Term Debt Maturities Repayments Of Principal | $2,459,463 | |||
Derivative, Gain (Loss) on Derivative, Net | -800 | -828 | 0 | -2,985 |
Note Five [Member] | Unsecured Debt [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 114,900 | |||
Three Year Term Loan [Member] | Unsecured Debt [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 150,000 | |||
Other Assets [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.300% Interest Rate Swap Maturing January 30, 2021 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 549 | |||
Other Assets [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.090% Interest Rate Swap Maturing October 30, 2019 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 218 | |||
Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 278,610 | 428,610 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -3,490 | -1,421 | ||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.623% Interest Rate Swap Maturing February 1, 2019 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 3.62% | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -2,649 | -545 | ||
Derivative Liability, Notional Amount | 200,000 | 200,000 | ||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.703% Interest Rate Swap Maturing February 1, 2016 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.70% | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | -887 | ||
Derivative Liability, Notional Amount | 0 | 77,000 | ||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.470% Interest Rate Swap Maturing February 1, 2015 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.47% | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | -283 | ||
Derivative Liability, Notional Amount | 0 | 50,000 | ||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.513% Interest Rate Swap Maturing May 1, 2015 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.51% | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | -162 | ||
Derivative Liability, Notional Amount | 0 | 23,000 | ||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.750% Interest Rate Swap Maturing September 30, 2017 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.75% | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -253 | -311 | ||
Derivative Liability, Notional Amount | 27,062 | 27,062 | ||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.300% Interest Rate Swap Maturing January 30, 2021 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 3.30% | |||
Derivative Asset, Notional Amount | 25,774 | 25,774 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | -334 | |||
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.090% Interest Rate Swap Maturing October 30, 2019 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 3.09% | |||
Derivative Asset, Notional Amount | 25,774 | 25,774 | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | ($254) |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 07, 2014 | Feb. 25, 2013 |
sqft | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Income from discontinued operations | $918 | $4,207 | $43,838 | ||||||||||
Revenue: | |||||||||||||
Rents | 483,682 | 461,387 | 437,560 | ||||||||||
Tenant Reimbursements | 84,879 | 79,087 | 77,060 | ||||||||||
Termination fees | 8,000 | 4,497 | 3,233 | ||||||||||
Other | 3,221 | 4,186 | 5,710 | ||||||||||
Total revenue | 147,810 | 146,558 | 150,500 | 152,114 | 138,658 | 143,354 | 140,664 | 139,554 | 596,982 | 562,210 | 535,679 | ||
Expenses: | |||||||||||||
Property operating expenses | 177,330 | 160,406 | 152,319 | ||||||||||
Real estate taxes | 51,844 | 55,612 | 53,402 | ||||||||||
Depreciation and amortization | 208,569 | 197,021 | 188,382 | ||||||||||
Total operating expenses | 471,313 | 446,418 | 424,643 | ||||||||||
Interest Income | 3,974 | 1,044 | 3,008 | ||||||||||
Income from discontinued operations before gain on sale of interests in real estate | 18 | 825 | 9,064 | ||||||||||
Net gain (loss) on disposition of discontinued operations | 900 | 3,382 | 34,774 | ||||||||||
Princeton Pike Corporate Center [Member] | |||||||||||||
Expenses: | |||||||||||||
Net gain (loss) on disposition of discontinued operations | 5,300 | 900 | |||||||||||
Net Rentable Space Sold | 800,546 | ||||||||||||
Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Income from discontinued operations | 918 | 4,207 | 43,838 | ||||||||||
Revenue: | |||||||||||||
Rents | 0 | 4,754 | 28,678 | ||||||||||
Tenant Reimbursements | 26 | 355 | 2,353 | ||||||||||
Termination fees | 0 | 0 | 11 | ||||||||||
Other | 0 | 123 | 378 | ||||||||||
Total revenue | 26 | 5,232 | 31,420 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 8 | 1,839 | 8,687 | ||||||||||
Real estate taxes | 0 | 649 | 3,468 | ||||||||||
Depreciation and amortization | 0 | 1,921 | 10,208 | ||||||||||
Total operating expenses | 8 | 4,409 | 22,363 | ||||||||||
Interest Income | 0 | 2 | 7 | ||||||||||
Income from discontinued operations before gain on sale of interests in real estate | 18 | 825 | 9,064 | ||||||||||
Net gain (loss) on disposition of discontinued operations | $900 | $3,382 | $34,774 | ||||||||||
Net Rentable Space Sold | 2,000,000 | 2,000,000 | |||||||||||
Number of properties sold (in properties) | 28 |
Non_Controlling_Interests_in_T1
Non Controlling Interests in The Parent Company (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Noncontrolling Interest [Abstract] | ||
Aggregate amount related to non-controlling interests classified within equity | $17.50 | $20.30 |
Settlement value of non controlling interest in operating partnership | $24.50 | $24.80 |
Beneficiaries_Equity_of_The_Pa1
Beneficiaries Equity of The Parent Company (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator | |||||||||||
Income (loss) from continuing operations, Basic | $6,024 | $38,982 | ($37,309) | ||||||||
Income (loss) from continuing operations, Diluted | 6,024 | 38,982 | -37,309 | ||||||||
Net loss attributable to non-controlling interests | 44 | 0 | 0 | ||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable, Diluted | 44 | 0 | 0 | ||||||||
Net (income) loss attributable to non-controlling interests — LP units | -1 | -357 | 863 | ||||||||
Noncontrolling Interest In Net Income Loss of Limited Partnerships, Redeemable Diluted | -1 | -357 | 863 | ||||||||
Amount allocated to unvested restricted shareholders | -349 | -363 | -376 | ||||||||
Amount allocable to unvested restricted shareholders, Diluted | -349 | -363 | -376 | ||||||||
Preferred share/unit dividends, Basic | -6,900 | -6,900 | -10,405 | ||||||||
Preferred share/unit dividends, Diluted | -6,900 | -6,900 | -10,405 | ||||||||
Preferred share/unit redemption premium, basic | 0 | 0 | -4,052 | ||||||||
Preferred share/unit redemption Premium, Diluted | 0 | 0 | -4,052 | ||||||||
Income Loss from continuing operations available to common shareholders/unitholders, Basic | -1,182 | 31,362 | -51,279 | ||||||||
Income Loss from continuing operations available to common shareholders Diluted | -1,182 | 31,362 | -51,279 | ||||||||
Discontinued operations attributable to common unitholders | 918 | 4,207 | 43,838 | ||||||||
Income (loss) from discontinued operations, Diluted | 918 | 4,207 | 43,838 | ||||||||
Discontinued operations attributable to non-controlling interests - LP units | -10 | -55 | -797 | ||||||||
Discontinued operations attributable to non-controlling interests, diluted | -10 | -55 | -797 | ||||||||
Discontinued operations attributable to common shareholders, Basic | 908 | 4,152 | 43,041 | ||||||||
Discontinued operations attributable to common shareholders, Diluted | 908 | 4,152 | 43,041 | ||||||||
Net income (loss) attributable to Common Shareholders/Unitholders | -274 | 35,514 | -8,238 | ||||||||
Net income (loss) available to common shareholders/unitholders, Diluted | ($274) | $35,514 | ($8,238) | ||||||||
Denominator | |||||||||||
Weighted-average shares/units outstanding, Basic | 166,202,649 | 153,140,458 | 143,257,097 | ||||||||
Contingent securities/Stock based compensation | 0 | 1,273,853 | 0 | ||||||||
Weighted-average shares/units outstanding, Diluted | 166,202,649 | 154,414,311 | 143,257,097 | ||||||||
Earnings per Common Share: | |||||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Basic | ($0.01) | $0.20 | ($0.36) | ||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Diluted | ($0.01) | $0.20 | ($0.36) | ||||||||
Discontinued operations attributable to common shareholders/unitholders, Basic | $0.01 | $0.03 | $0.30 | ||||||||
Discontinued operations attributable to common shareholders, Diluted | $0.01 | $0.03 | $0.30 | ||||||||
Net income (loss) attributable to common shareholders/unitholders, Basic | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) |
Net income (loss) attributable to common shareholders/unitholders, Diluted | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) |
Beneficiaries_Equity_of_The_Pa2
Beneficiaries Equity of The Parent Company (DetailsTextuals) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Apr. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 15, 2015 | Jan. 06, 2015 | Nov. 05, 2013 | Dec. 09, 2014 |
Class of Stock [Line Items] | ||||||||
Stock Redeemed or Called During Period, Value | $103,448 | |||||||
Net proceeds from issuance of preferred shares | 0 | 0 | 96,237 | |||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Distributions Declared, Per Share | $0.60 | $0.60 | $0.60 | |||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | ||||||
Issuance of Common Shares of Beneficial Interest, shares | 12,650,000 | 21,850,000 | ||||||
Issuance of Common Shares of Beneficial Interest | 335,398 | 182,034 | 96,850 | |||||
Additional shares Expected to be purchased under program | 539,200 | |||||||
Dividends paid for preferred shares | 6,900 | 6,900 | 10,405 | |||||
Additional shares granted under option to purchase in public offering | 1,650,000 | |||||||
Proceeds from Issuance of Common Stock | 181,500 | 335,016 | 181,527 | 0 | ||||
Percentage of Preferential return | 6.90% | 6.90% | ||||||
Dividends Payable, Amount | 28,871 | 25,584 | ||||||
Preferred share/unit redemption charge | 0 | 0 | -4,052 | |||||
Dividend Paid | ||||||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Dividends Payable, Amount | 27,200 | |||||||
Series E Preferred Stock [Member] | ||||||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Percentage of Preferential return | 6.90% | |||||||
Preferred Stock, Liquidation Preference Per Share | $25 | |||||||
Series E Preferred Stock [Member] | Dividend Paid | ||||||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Dividends paid for preferred shares | 1,700 | |||||||
Class A Units [Member] | ||||||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Antidilutive securities excluded from computation of earnings per share | 1,535,102 | 1,763,739 | 1,845,737 | |||||
Offering Program [Member] | ||||||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Shares authorized for Equity Offering Program | 16,000,000 | |||||||
Remaining shares available for sales | 16,000,000 | |||||||
Subsidiaries [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Net proceeds from issuance of preferred shares | 0 | 0 | 96,237 | |||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 | ||||||
Proceeds from Issuance of Common Stock | 335,016 | 181,527 | 0 | |||||
Percentage of Preferential return | 6.90% | 6.90% | ||||||
Dividends Payable, Amount | 28,871 | 25,584 | ||||||
Preferred share/unit redemption charge | $0 | $0 | ($4,052) | |||||
Dividend Declared [Member] | Subsidiaries [Member] | ||||||||
Beneficiaries Equity of The Parent Company (Textuals) [Abstract] | ||||||||
Dividends Payable, Amount Per Share | $0.15 |
Partners_Equity_of_The_Operati2
Partners Equity of The Operating Partnership (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 09, 2014 |
Earnings per Common Partnership Unit [Line Items] | ||||||||||||
Dividends Payable, Amount | $28,871 | $25,584 | $28,871 | $25,584 | ||||||||
Dividends, Preferred Stock, Cash | 6,900 | 6,900 | 10,405 | |||||||||
Preferred shares, dividend rate (as a percent) | 6.90% | 6.90% | ||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations, Basic | 6,024 | 38,982 | -37,309 | |||||||||
Income (loss) from continuing operations, Diluted | 6,024 | 38,982 | -37,309 | |||||||||
Amount allocated to unvested restricted shareholders | -349 | -363 | -376 | |||||||||
Amount allocated to unvested restricted shareholders, Diluted | -349 | -363 | -376 | |||||||||
Preferred share/unit dividends, Basic | -6,900 | -6,900 | -10,405 | |||||||||
Preferred share/unit dividends, Diluted | -6,900 | -6,900 | -10,405 | |||||||||
Net loss attributable to non-controlling interests | 44 | 0 | 0 | |||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable, Diluted | -44 | 0 | 0 | |||||||||
Preferred share/unit redemption charge | 0 | 0 | -4,052 | |||||||||
Preferred share/unit redemption Premium, Diluted | 0 | 0 | -4,052 | |||||||||
Income Loss from continuing operations available to common shareholders/unitholders, Basic | -1,182 | 31,362 | -51,279 | |||||||||
Income Loss from continuing operations available to common shareholders Diluted | -1,182 | 31,362 | -51,279 | |||||||||
Discontinued operations attributable to common unitholders | 918 | 4,207 | 43,838 | |||||||||
Net income (loss) attributable to Common Shareholders/Unitholders | -274 | 35,514 | -8,238 | |||||||||
Net income (loss) available to common shareholders/unitholders, Diluted | -274 | 35,514 | -8,238 | |||||||||
Denominator | ||||||||||||
Weighted-average shares/units outstanding, Basic | 166,202,649 | 153,140,458 | 143,257,097 | |||||||||
Contingent securities/Stock based compensation | 0 | 1,273,853 | 0 | |||||||||
Weighted-average shares/units outstanding, Diluted | 166,202,649 | 154,414,311 | 143,257,097 | |||||||||
Income per Common Partnership Unit: | ||||||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Basic | ($0.01) | $0.20 | ($0.36) | |||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Diluted | ($0.01) | $0.20 | ($0.36) | |||||||||
Discontinued operations attributable to common shareholders/unitholders, Basic | $0.01 | $0.03 | $0.30 | |||||||||
Discontinued operations attributable to common shareholders, Diluted | $0.01 | $0.03 | $0.30 | |||||||||
Net income (loss) attributable to common shareholders/unitholders, Basic | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) | |
Net income (loss) attributable to common shareholders/unitholders, Diluted | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) | |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||||||||
Earnings per Common Partnership Unit [Line Items] | ||||||||||||
Dividends Payable, Amount | 28,871 | 25,584 | 28,871 | 25,584 | ||||||||
Preferred shares, dividend rate (as a percent) | 6.90% | 6.90% | ||||||||||
Numerator | ||||||||||||
Income (loss) from continuing operations, Basic | 6,024 | 38,982 | -37,309 | |||||||||
Income (loss) from continuing operations, Diluted | 6,024 | 38,982 | -37,309 | |||||||||
Amount allocated to unvested restricted shareholders | -349 | -363 | -376 | |||||||||
Amount allocated to unvested restricted shareholders, Diluted | -349 | -363 | -376 | |||||||||
Preferred share/unit dividends, Basic | -6,900 | -6,900 | -10,405 | |||||||||
Preferred share/unit dividends, Diluted | -6,900 | -6,900 | -10,405 | |||||||||
Net loss attributable to non-controlling interests | 44 | 0 | 0 | |||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable, Diluted | -44 | 0 | 0 | |||||||||
Preferred share/unit redemption charge | 0 | 0 | -4,052 | |||||||||
Preferred share/unit redemption Premium, Diluted | 0 | 0 | -4,052 | |||||||||
Income Loss from continuing operations available to common shareholders/unitholders, Basic | -1,181 | 31,719 | -52,142 | |||||||||
Income Loss from continuing operations available to common shareholders Diluted | -1,181 | 31,719 | -52,142 | |||||||||
Discontinued operations attributable to common unitholders | 918 | 4,207 | 43,838 | |||||||||
Discontinued operations attributable to common unitholders, Diluted | 918 | 4,207 | 43,838 | |||||||||
Net income (loss) attributable to Common Shareholders/Unitholders | -263 | 35,926 | -8,304 | |||||||||
Net income (loss) available to common shareholders/unitholders, Diluted | ($263) | $35,926 | ($8,304) | |||||||||
Denominator | ||||||||||||
Weighted-average shares/units outstanding, Basic | 167,942,246 | 154,929,545 | 145,883,217 | |||||||||
Contingent securities/Stock based compensation | 0 | 1,273,853 | 0 | |||||||||
Weighted-average shares/units outstanding, Diluted | 167,942,246 | 156,203,398 | 145,883,217 | |||||||||
Income per Common Partnership Unit: | ||||||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Basic | ($0.01) | $0.20 | ($0.36) | |||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Diluted | ($0.01) | $0.20 | ($0.36) | |||||||||
Discontinued operations attributable to common shareholders/unitholders, Basic | $0.01 | $0.03 | $0.30 | |||||||||
Discontinued operations attributable to common shareholders, Diluted | $0.01 | $0.03 | $0.30 | |||||||||
Net income (loss) attributable to common shareholders/unitholders, Basic | $0 | $0.23 | ($0.06) | |||||||||
Net income (loss) attributable to common shareholders/unitholders, Diluted | $0 | $0.23 | ($0.06) | |||||||||
Dividend Declared [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||||||||
Earnings per Common Partnership Unit [Line Items] | ||||||||||||
Dividends Payable, Amount Per Share | $0.15 |
Partners_Equity_of_The_Operati3
Partners Equity of The Operating Partnership (DetailsTextuals) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2013 | |
Earnings per Common Partnership Unit [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $6,024,000 | $38,982,000 | ($37,309,000) | |||||||||
Income Loss From Continuing Operations Including Portion Attributable To Non controlling Interest Diluted | 6,024,000 | 38,982,000 | -37,309,000 | |||||||||
Amount allocated to unvested restricted shareholders | 349,000 | 363,000 | 376,000 | |||||||||
Amount allocated to unvested restricted shareholders, Diluted | -349,000 | -363,000 | -376,000 | |||||||||
Preferred share/unit dividends, Basic | -6,900,000 | -6,900,000 | -10,405,000 | |||||||||
Preferred share/unit dividends, Diluted | -6,900,000 | -6,900,000 | -10,405,000 | |||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable | -44,000 | 0 | 0 | |||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable, Diluted | -44,000 | 0 | 0 | |||||||||
Preferred share/unit redemption premium, basic | 0 | 0 | -4,052,000 | |||||||||
Preferred share/unit redemption Premium, Diluted | 0 | 0 | -4,052,000 | |||||||||
Income Loss from continuing operations available to common shareholders/unitholders, Basic | -1,182,000 | 31,362,000 | -51,279,000 | |||||||||
Income Loss from continuing operations available to common shareholders Diluted | -1,182,000 | 31,362,000 | -51,279,000 | |||||||||
Discontinued operations attributable to common unitholders | 918,000 | 4,207,000 | 43,838,000 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | -274,000 | 35,514,000 | -8,238,000 | |||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | -274,000 | 35,514,000 | -8,238,000 | |||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,273,853 | 0 | |||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Basic | ($0.01) | $0.20 | ($0.36) | |||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.01) | $0.20 | ($0.36) | |||||||||
Discontinued operations attributable to common shareholders/unitholders, Basic | $0.01 | $0.03 | $0.30 | |||||||||
Discontinued operations attributable to common shareholders, Diluted | $0.01 | $0.03 | $0.30 | |||||||||
Net income (loss) attributable to common shareholders/unitholders, Basic | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) | |
Net income (loss) attributable to common shareholders/unitholders, Diluted | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) | |
Partners Equity of The Operating Partnership (Textuals) [Abstract] | ||||||||||||
Dividends Payable, Amount | 28,871,000 | 25,584,000 | 28,871,000 | 25,584,000 | ||||||||
Percentage of Preferential return | 6.90% | 6.90% | ||||||||||
Dividends, Preferred Stock, Cash | -6,900,000 | -6,900,000 | -10,405,000 | |||||||||
Partners' Capital Account, Redemptions | 9,741,000 | |||||||||||
Weighted-average shares/units outstanding, Basic | 166,202,649 | 153,140,458 | 143,257,097 | |||||||||
Weighted-average shares/units outstanding, Diluted | 166,202,649 | 154,414,311 | 143,257,097 | |||||||||
Series E Preferred Stock [Member] | ||||||||||||
Partners Equity of The Operating Partnership (Textuals) [Abstract] | ||||||||||||
Percentage of Preferential return | 6.90% | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $25 | $25 | ||||||||||
Class A Units [Member] | ||||||||||||
Partners Equity of The Operating Partnership (Textuals) [Abstract] | ||||||||||||
Redeemable Limited Partnership Units Potential Cash Redemption Value Closing Market Price | $15.98 | $14.09 | $15.98 | $14.09 | $12.19 | |||||||
Limited Partners' Capital Account, Units Outstanding | 1,535,102 | 1,763,739 | 1,535,102 | 1,763,739 | ||||||||
Offering Program [Member] | ||||||||||||
Partners Equity of The Operating Partnership (Textuals) [Abstract] | ||||||||||||
Shares Authorized For Equity Offering Program | 16,000,000 | |||||||||||
Remaining Shares Available For Sales | 16,000,000 | 16,000,000 | ||||||||||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||||||||
Earnings per Common Partnership Unit [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,024,000 | 38,982,000 | -37,309,000 | |||||||||
Income Loss From Continuing Operations Including Portion Attributable To Non controlling Interest Diluted | 6,024,000 | 38,982,000 | -37,309,000 | |||||||||
Amount allocated to unvested restricted shareholders | 349,000 | 363,000 | 376,000 | |||||||||
Amount allocated to unvested restricted shareholders, Diluted | -349,000 | -363,000 | -376,000 | |||||||||
Preferred share/unit dividends, Basic | -6,900,000 | -6,900,000 | -10,405,000 | |||||||||
Preferred share/unit dividends, Diluted | -6,900,000 | -6,900,000 | -10,405,000 | |||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable | -44,000 | 0 | 0 | |||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable, Diluted | -44,000 | 0 | 0 | |||||||||
Preferred share/unit redemption premium, basic | 0 | 0 | -4,052,000 | |||||||||
Preferred share/unit redemption Premium, Diluted | 0 | 0 | -4,052,000 | |||||||||
Income Loss from continuing operations available to common shareholders/unitholders, Basic | -1,181,000 | 31,719,000 | -52,142,000 | |||||||||
Income Loss from continuing operations available to common shareholders Diluted | -1,181,000 | 31,719,000 | -52,142,000 | |||||||||
Discontinued operations attributable to common unitholders | 918,000 | 4,207,000 | 43,838,000 | |||||||||
Discontinued operations attributable to common unitholders, Diluted | 918,000 | 4,207,000 | 43,838,000 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | -263,000 | 35,926,000 | -8,304,000 | |||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | -263,000 | 35,926,000 | -8,304,000 | |||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,273,853 | 0 | |||||||||
Income (Loss) from continuing operations attributable to common shareholders/unitholders, Basic | ($0.01) | $0.20 | ($0.36) | |||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.01) | $0.20 | ($0.36) | |||||||||
Discontinued operations attributable to common shareholders/unitholders, Basic | $0.01 | $0.03 | $0.30 | |||||||||
Discontinued operations attributable to common shareholders, Diluted | $0.01 | $0.03 | $0.30 | |||||||||
Net income (loss) attributable to common shareholders/unitholders, Basic | $0 | $0.23 | ($0.06) | |||||||||
Net income (loss) attributable to common shareholders/unitholders, Diluted | $0 | $0.23 | ($0.06) | |||||||||
Partners Equity of The Operating Partnership (Textuals) [Abstract] | ||||||||||||
Dividends Payable, Amount | 28,871,000 | 25,584,000 | 28,871,000 | 25,584,000 | ||||||||
Percentage of Preferential return | 6.90% | 6.90% | ||||||||||
Weighted-average shares/units outstanding, Basic | 167,942,246 | 154,929,545 | 145,883,217 | |||||||||
Weighted-average shares/units outstanding, Diluted | 167,942,246 | 156,203,398 | 145,883,217 | |||||||||
Maximum [Member] | ||||||||||||
Partners Equity of The Operating Partnership (Textuals) [Abstract] | ||||||||||||
Fees and Commissions | $0.02 |
Share_Based_and_Deferred_Compe2
Share Based and Deferred Compensation (Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,684,795 | ||
Stock-based compensation expense | $6,100,000 | $8,300,000 | $8,600,000 |
Stock-based compensation expense, capitalized | 1,700,000 | 1,400,000 | 2,600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,152,891 | ||
Option activity | |||
Outstanding at beginning of year, shares | 2,983,569 | ||
Exercised, shares | -184,116 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -114,658 | ||
Outstanding at end of year, shares | 2,684,795 | 2,983,569 | |
Outstanding at beginning of year, Weighted Average Exercise Price | $15.50 | ||
Exercised, Weighted Average Exercise Price | $11.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 671,008 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $20.61 | ||
Outstanding at end of year, Weighted Average Exercise Price | $15.55 | $15.50 | |
Vested/Exercisable at end of period, Weighted Average Exercise Price | $15.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 1 month 5 days | 5 years 1 month 25 days | |
Vested/Exercisable at end of period, Weighted Average Remaining Contractual Term (in years) | 4 years 1 month 5 days | ||
Outstanding at beginning of year, Aggregate Intrinsic Value | 0 | ||
Outstanding at end of year, Aggregate Intrinsic Value | 1,152,891 | 0 | |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 0 | 700,000 | 1,600,000 |
Stock-based compensation expense, capitalized | $0 | $100,000 | $500,000 |
Option activity | |||
Outstanding at end of year, shares | 2,684,795 |
Share_Based_and_Deferred_Compe3
Share Based and Deferred Compensation (Restricted Share Activity) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 01, 2014 | Mar. 12, 2014 | 29-May-14 | Feb. 07, 2014 | Mar. 11, 2014 | Feb. 25, 2013 | Mar. 01, 2012 |
Restricted Share Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $2.40 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months 6 days | |||||||
Company's restricted share activity | ||||||||
Non-vested at January 1, 2012, shares | 563,713 | |||||||
Non-vested at January 1, 2012, Weighted Average Grant Date Fair value | $12.56 | |||||||
Granted, shares | 229,119 | |||||||
Granted, Weighted Average Grant Date Fair value | $14.47 | |||||||
Vested, shares | -234,169 | |||||||
Vested, Weighted Average Grant Date Fair value | $13.44 | |||||||
Forfeited, shares | -18,597 | |||||||
Forfeited, Weighted Average Grant Date Fair Value | $12.67 | |||||||
Non-vested at December 31, 2012, shares | 540,066 | |||||||
Non-vested at December 31, 2012, Weighted Average Grant Date Fair value | $12.21 | |||||||
Restricted Performance Share Units Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $2.10 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 0 months 0 days | |||||||
Company's restricted share activity | ||||||||
Vested, shares | -150,829 | |||||||
Dividends Payable, Amount Per Share | $0.15 | |||||||
Executive Officer [Member] | Restricted Share Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 65,955 | 129,245 | ||||||
Age limit of voluntary termination of employment | 57 | |||||||
Company's restricted share activity | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 15 years | |||||||
Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 61,720 | 134,284 | 231,093 | 265,222 | ||||
Company's restricted share activity | ||||||||
Non-vested at January 1, 2012, shares | 473,215 | |||||||
Granted, shares | 196,004 | |||||||
Forfeited, shares | -69,822 | |||||||
Non-vested at December 31, 2012, shares | 599,397 | |||||||
Cliff Vesting [Member] | Executive Officer [Member] | Restricted Share Awards [Member] | ||||||||
Company's restricted share activity | ||||||||
Granted, shares | 131,641 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | after three years from the grant date | |||||||
Forfeited, shares | -2,396 | |||||||
Cliff Vesting [Member] | Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | ||||||||
Company's restricted share activity | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | three year cliff vesting period | |||||||
Ratable Vesting [Member] | Restricted Share Awards [Member] | ||||||||
Company's restricted share activity | ||||||||
Granted, shares | 27,684 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ratably over three years | |||||||
Ratable Vesting [Member] | Executive Officer [Member] | Restricted Share Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,839 | |||||||
Company's restricted share activity | ||||||||
Granted, shares | 69,794 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ratably over three years |
Share_Based_and_Deferred_Compe4
Share Based and Deferred Compensation (Details Textuals) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 11, 2014 | Mar. 12, 2014 | Mar. 01, 2012 | Feb. 25, 2014 | Feb. 25, 2013 | |
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,684,795 | 2,983,569 | 2,684,795 | ||||||
Stock-based compensation expense, capitalized | $1,700,000 | $1,400,000 | $2,600,000 | ||||||
Stock-based compensation expense | 6,100,000 | 8,300,000 | 8,600,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 184,116 | ||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 400,000 | 400,000 | 400,000 | ||||||
Stock Option [Member] | |||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,684,795 | 2,684,795 | |||||||
Stock-based compensation expense, capitalized | 0 | 100,000 | 500,000 | ||||||
Stock-based compensation expense | 0 | 700,000 | 1,600,000 | ||||||
Deferred Compensation Plan [Member] | |||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Deferred compensation arrangement with individual increase in compensation expense. | 0 | 200,000 | 300,000 | ||||||
Number of shares to be issued under deferred compensation plan included in total shares outstanding | 400,000 | 300,000 | 400,000 | ||||||
Restricted Share Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 229,119 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 18,597 | ||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Unrecognized compensation expenses | 2,400,000 | 2,400,000 | |||||||
Weighted average period over which options will be recognized | 1 year 5 months 6 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 540,066 | 563,713 | 540,066 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | three years from the initial grant dates | ||||||||
Stock-based compensation expense | 2,700,000 | 3,200,000 | 3,400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 600,000 | 900,000 | 600,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Cliff Vesting, Minimum | 3 years | ||||||||
Voluntary termination of employment terms | after reaching age 57 and accumulating at least 15 years of service with the Company | ||||||||
Accumulated Service Period For Voluntary Termination | 15 years | ||||||||
Restricted Performance Share Units Plan [Member] | |||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Unrecognized compensation expenses | 2,100,000 | 2,100,000 | |||||||
Weighted average period over which options will be recognized | 1 year 0 months 0 days | ||||||||
Stock-based compensation expense | 4,400,000 | 3,500,000 | 3,200,000 | ||||||
Vesting Period, Minimum | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 800,000 | 1,200,000 | 1,100,000 | ||||||
Voluntary termination of employment terms | after reaching age 57 and accumulating at least 15 years of service with the Company | ||||||||
Accumulated Service Period For Voluntary Termination | 15 years | ||||||||
Employee Share Purchase Plan [Member] | |||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Stock-based compensation expense | 100,000 | 100,000 | 100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | ||||||||
Aggregate share-based awards awarded to executives | 1,250,000 | 1,250,000 | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 400,000 | 400,000 | 400,000 | ||||||
Share purchases made by employees under ESPP | 85% of the average closing price per share for a specified period | ||||||||
Percentage of plan contribution | 20.00% | ||||||||
Amount of participant contribution | 50,000 | 50,000 | |||||||
Executive Officer [Member] | Restricted Share Awards [Member] | |||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 65,955 | 65,955 | 129,245 | ||||||
Age limit of voluntary termination of employment | 57 | ||||||||
Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 196,004 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 69,822 | ||||||||
Share Based and Deferred Compensation (Textuals) [Abstract] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 599,397 | 473,215 | 599,397 | ||||||
Aggregate share-based awards awarded to executives | 134,284 | 61,720 | 265,222 | 231,093 | |||||
Fair value of awards on the grant date | $2,624,000 | $1,225,000 | $4,273,000 | $4,137,000 | |||||
Cliff Vesting [Member] | Executive Officer [Member] | Restricted Share Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 131,641 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,396 |
Share_Based_and_Deferred_Compe5
Share Based and Deferred Compensation 401(K) Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0.40 | $0.40 | $0.40 |
Share_Based_Deferred_Compensat
Share Based Deferred Compensation (Restricted Performance Share Units) (Details) (Executive Officer [Member], Restricted Performance Share Units Plan [Member], USD $) | 0 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 11, 2014 | Mar. 12, 2014 | Mar. 01, 2012 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Feb. 25, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $2,624 | $1,225 | $4,273 | $4,137 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 599,397 | 473,215 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 196,004 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -69,822 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 134,284 | 61,720 | 265,222 | 231,093 | |||
March 1, 2012 RSPU Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 207,383 | 242,122 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -34,739 | ||||||
February 25, 2013 RSPU Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 199,577 | 231,093 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -31,516 | ||||||
March 11, 2014 RSPU Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 130,717 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 134,284 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -3,567 | ||||||
March 12, 2014 RSPU Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 61,720 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 61,720 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||||
Cliff Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | three year cliff vesting period |
Distributions_Details
Distributions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Distributions [Abstract] | |||
Common Share Distributions Payments of Ordinary Dividends | $0.41 | $0.52 | $0.39 |
Common Share Distributions Capital Gain | $0.02 | $0 | $0 |
Common Share Distributions Non-taxable Distributions | $0.17 | $0.08 | $0.21 |
Common Stock, Dividends, Per Share, Declared | $0.60 | $0.60 | $0.60 |
Percentage Of Distributions classified as ordinary income | 69.00% | 87.00% | 65.00% |
Percentage Of Distributions classified as capital gain | 3.30% | 0.00% | 0.00% |
Percentage Of Distributions classified as non-taxable distribution | 27.70% | 13.00% | 35.00% |
Dividends, Preferred Stock | $6,900 | $6,900 | $10,405 |
Percentage Of Preferred Distributions classified as ordinary income | 100.00% | 100.00% | 100.00% |
Tax_Credit_Transactions_Detail
Tax Credit Transactions (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 17, 2008 | Aug. 27, 2010 | |
sqft | |||||
Tax Credit Transactions (Textuals) [Abstract] | |||||
Historic tax credit transaction income | $11,853,000 | $11,853,000 | $11,840,000 | ||
Deferred transaction costs | 125,224,000 | 122,954,000 | |||
Historic Tax Credit Transaction [Member] | |||||
Tax Credit Transactions (Textuals) [Abstract] | |||||
Area of IRS Philadelphia Campus building (in square foot) | 862,692 | ||||
Percentage of building leased to IRS | 100.00% | ||||
Percentage of tax credit recapture | 20.00% | ||||
Contribution allocated in non controlling interest | 3,000,000 | 2,800,000 | |||
Recognition of cash received as revenue net of allocated expenses on or after September 2011, period | over the five year credit recapture period as defined in the Internal Revenue Code | ||||
Historic tax credit transaction income | 11,900,000 | -11,900,000 | |||
Allocated expenses within other income (expense) | 500,000 | ||||
Deferred transaction costs | 500,000 | 1,000,000 | |||
Rate of return on noncontrolling interest expected | 2.00% | ||||
Accretion of non-controlling interest liability | -1,400,000 | -1,300,000 | |||
Recognition of cash received as revenue net of allocated expenses on or after September 2011, period in years | 5 years | ||||
New Markets Tax Credit Transaction [Member] | |||||
Tax Credit Transactions (Textuals) [Abstract] | |||||
Percentage of tax credit recapture | 100.00% | ||||
Percentage of qualified investments | 39.00% | ||||
Recognition of cash received as revenue net of allocated expenses on or after September 2011, period in years | 7 years | ||||
Brandywine Realty Trust [Member] | New Markets Tax Credit Transaction [Member] | |||||
Tax Credit Transactions (Textuals) [Abstract] | |||||
Deferred transaction costs | 5,300,000 | 5,300,000 | |||
USB [Member] | Historic Tax Credit Transaction [Member] | |||||
Tax Credit Transactions (Textuals) [Abstract] | |||||
Agreed contribution in project cost by USB | 64,100,000 | ||||
USB contributions presented within deferred income | 15,100,000 | 26,800,000 | |||
Allocated expenses within other income (expense) | -500,000 | ||||
USB [Member] | New Markets Tax Credit Transaction [Member] | |||||
Tax Credit Transactions (Textuals) [Abstract] | |||||
USB contributions presented within deferred income | $13,300,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Accumulated other comprehensive income (loss) [Line Items] | ||||
Balance at January 1, | ($2,995) | |||
Change during year | -1,190 | 12,789 | -7,338 | |
Loss on settlement of interest rate swaps | -800 | -828 | 0 | -2,985 |
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 388 | 286 | 297 | |
Balance at December 31, | -4,607 | -2,995 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | ||||
Balance at January 1, | -2,995 | -15,918 | -6,079 | |
Change during year | -1,190 | 12,789 | -7,338 | |
Non-controlling interest- consolidated real estate venture partner's share of unrealized (gains)/losses on derivative financial instruments | 18 | -152 | 187 | |
Loss on settlement of interest rate swaps | -828 | -2,985 | ||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 388 | 286 | 297 | |
Balance at December 31, | -4,607 | -2,995 | -15,918 | |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | ||||
Balance at January 1, | -3,377 | |||
Change during year | -1,190 | 12,789 | -7,338 | |
Loss on settlement of interest rate swaps | -828 | 0 | -2,985 | |
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 388 | 286 | 297 | |
Balance at December 31, | -5,007 | -3,377 | ||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | ||||
Balance at January 1, | -3,377 | -16,452 | -6,426 | |
Change during year | -1,190 | 12,789 | -7,338 | |
Loss on settlement of interest rate swaps | -828 | -2,985 | ||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 388 | 286 | 297 | |
Balance at December 31, | ($5,007) | ($3,377) | ($16,452) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 17, 2014 | Jul. 31, 2014 | Apr. 03, 2014 | Dec. 19, 2013 | ||||
Reportable_Segments | sqft | Properties | Storey | ||||||||||||||||
Real_Estate_Investments | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Number of Reportable Segments | 7 | ||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | $4,603,692 | $4,669,289 | $4,603,692 | $4,669,289 | $4,726,169 | ||||||||||||||
Real Estate Held-for-sale | 27,436 | [1] | 0 | [1] | 27,436 | [1] | 0 | [1] | 0 | ||||||||||
Real Estate Investment Property, at Cost, Gross of Held For Sale | 4,631,128 | 4,669,289 | 4,631,128 | 4,669,289 | 4,726,169 | ||||||||||||||
Construction-in-progress | 201,360 | 74,174 | 201,360 | 74,174 | |||||||||||||||
Land inventory | 90,603 | 93,351 | 90,603 | 93,351 | |||||||||||||||
Total revenue | 147,810 | 146,558 | 150,500 | 152,114 | 138,658 | 143,354 | 140,664 | 139,554 | 596,982 | 562,210 | 535,679 | ||||||||
Property operating expenses, real estate taxes and third party management expenses | -235,965 | -221,769 | -210,848 | ||||||||||||||||
Net operating income | 361,017 | 340,441 | 324,831 | ||||||||||||||||
Equity Method Investments | 225,004 | 180,512 | 225,004 | 180,512 | 193,555 | ||||||||||||||
Equity in income (loss) of real estate ventures | -790 | 3,664 | 2,741 | ||||||||||||||||
Pennsylvania Suburbs [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 1,178,470 | 1,199,105 | 1,178,470 | 1,199,105 | 1,178,730 | ||||||||||||||
Total revenue | 160,630 | 153,426 | 150,075 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -55,062 | -54,506 | -52,657 | ||||||||||||||||
Net operating income | 105,568 | 98,920 | 97,418 | ||||||||||||||||
Equity Method Investments | 17,385 | 17,272 | 17,385 | 17,272 | 33,160 | ||||||||||||||
Equity in income (loss) of real estate ventures | -777 | 925 | 520 | ||||||||||||||||
Philadelphia CBD [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 1,338,655 | 1,300,666 | 1,338,655 | 1,300,666 | 988,590 | ||||||||||||||
Total revenue | 201,809 | 146,081 | 131,592 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -75,262 | -55,702 | -50,787 | ||||||||||||||||
Net operating income | 126,547 | 90,379 | 80,805 | ||||||||||||||||
Equity Method Investments | 27,137 | 19,975 | 27,137 | 19,975 | 27,859 | ||||||||||||||
Equity in income (loss) of real estate ventures | 46 | 1,547 | 1,113 | ||||||||||||||||
Metropolitan, D.C. [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 1,183,652 | 1,214,965 | 1,183,652 | 1,214,965 | 1,193,200 | ||||||||||||||
Total revenue | 113,834 | 116,048 | 107,656 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -43,399 | -42,641 | -41,485 | ||||||||||||||||
Net operating income | 70,435 | 73,407 | 66,171 | ||||||||||||||||
Equity Method Investments | 73,127 | 59,905 | 73,127 | 59,905 | 49,169 | ||||||||||||||
Equity in income (loss) of real estate ventures | -317 | 130 | -648 | ||||||||||||||||
New Jersey/ Delaware [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 392,581 | 414,716 | 392,581 | 414,716 | 546,644 | ||||||||||||||
Total revenue | 60,403 | 60,262 | 59,671 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -31,650 | -29,981 | -28,506 | ||||||||||||||||
Net operating income | 28,753 | 30,281 | 31,165 | ||||||||||||||||
Equity Method Investments | 0 | 0 | 0 | 0 | 17,294 | ||||||||||||||
Equity in income (loss) of real estate ventures | 989 | 1,245 | 1,803 | ||||||||||||||||
Richmond, Virginia [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 317,076 | 310,397 | 317,076 | 310,397 | 309,923 | ||||||||||||||
Total revenue | 34,180 | 35,058 | 35,701 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -15,399 | -14,916 | -14,484 | ||||||||||||||||
Net operating income | 18,781 | 20,142 | 21,217 | ||||||||||||||||
Equity Method Investments | 1,574 | 1,400 | 1,574 | 1,400 | 1,245 | ||||||||||||||
Equity in income (loss) of real estate ventures | 349 | 381 | 269 | ||||||||||||||||
CALIFORNIA | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 193,258 | 192,584 | 193,258 | 192,584 | 223,736 | ||||||||||||||
Total revenue | 19,388 | 18,369 | 17,463 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -10,165 | -9,411 | -9,043 | ||||||||||||||||
Net operating income | 9,223 | 8,958 | 8,420 | ||||||||||||||||
Austin, Texas [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 0 | 36,856 | 0 | 36,856 | 285,346 | ||||||||||||||
Total revenue | 5,610 | 31,451 | 32,379 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -3,223 | -13,298 | -13,951 | ||||||||||||||||
Net operating income | 2,387 | 18,153 | 18,428 | ||||||||||||||||
Equity Method Investments | 105,781 | 81,960 | 105,781 | 81,960 | 64,828 | ||||||||||||||
Equity in income (loss) of real estate ventures | -1,080 | -564 | -316 | ||||||||||||||||
Corporate [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Construction-in-progress | 201,360 | 74,174 | 201,360 | 74,174 | 48,950 | ||||||||||||||
Land inventory | 90,603 | 93,351 | 90,603 | 93,351 | 102,439 | ||||||||||||||
Total revenue | 1,128 | 1,515 | 1,142 | ||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | -1,805 | -1,314 | 65 | ||||||||||||||||
Net operating income | -677 | 201 | 1,207 | ||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 4,603,692 | 4,669,289 | 4,603,692 | 4,669,289 | 4,726,169 | ||||||||||||||
Assets Held-for-sale [Member] | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Real Estate Held-for-sale | 27,436 | 0 | 27,436 | 0 | 0 | ||||||||||||||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Operating properties | 4,603,692 | 4,669,289 | 4,603,692 | 4,669,289 | |||||||||||||||
Construction-in-progress | 201,360 | 74,174 | 201,360 | 74,174 | |||||||||||||||
Land inventory | 90,603 | 93,351 | 90,603 | 93,351 | |||||||||||||||
Total revenue | 596,982 | 562,210 | 535,679 | ||||||||||||||||
Equity Method Investments | 225,004 | 180,512 | 225,004 | 180,512 | |||||||||||||||
Equity in income (loss) of real estate ventures | -790 | 3,664 | 2,741 | ||||||||||||||||
Austin Joint Venture [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net Rentable Space | 590,881 | ||||||||||||||||||
Number of Real Estate Properties | 7 | 2 | |||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||
Equity Method Investments | 40,374 | 40,374 | |||||||||||||||||
Equity in income (loss) of real estate ventures | ($574) | ||||||||||||||||||
Durham, NC [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Number of Real Estate Properties | 0 | 0 | |||||||||||||||||
Four Points Centre [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Number of floors of a building | 3 | 3 | |||||||||||||||||
Net Rentable Space | 192,396 | ||||||||||||||||||
Number of Real Estate Properties | 2 | ||||||||||||||||||
1000 Atrium Way and Libertyview [Member] [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Number of Real Estate Properties | 2 | 2 | |||||||||||||||||
[1] | (a)Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 16, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | $147,810 | $146,558 | $150,500 | $152,114 | $138,658 | $143,354 | $140,664 | $139,554 | $596,982 | $562,210 | $535,679 | |
Reconciliation of consolidated net operating income | ||||||||||||
Consolidated net operating income | 361,017 | 340,441 | 324,831 | |||||||||
Less: | ||||||||||||
Interest expense | -124,329 | -121,937 | -132,939 | |||||||||
Interest expense - amortization of deferred financing costs | -5,148 | -4,676 | -6,208 | |||||||||
Interest expense — financing obligation | -1,144 | -972 | -850 | |||||||||
Depreciation and amortization | -208,569 | -197,021 | -188,382 | |||||||||
Administrative expenses | -26,779 | -27,628 | -25,413 | |||||||||
Plus: | ||||||||||||
Interest Income | 3,974 | 1,044 | 3,008 | |||||||||
Historic tax credit transaction income | 11,853 | 11,853 | 11,840 | |||||||||
Recognized hedge activity | -800 | -828 | 0 | -2,985 | ||||||||
Equity in income (loss) of real estate ventures | -790 | 3,664 | 2,741 | |||||||||
Net gain (loss) on sale of undepreciated real estate | 458 | 6,866 | 0 | |||||||||
Net gain from remeasurement of investments in real estate ventures | 4,901 | 0 | 0 | |||||||||
Net gain (loss) on sale of undepreciated real estate | 1,184 | -137 | 0 | |||||||||
Net gain (loss) on real estate venture transactions | -417 | 29,604 | -950 | |||||||||
Provision for impairment on assets held for sale | -1,765 | 0 | 0 | |||||||||
Gain (loss) on early extinguishment of debt | -2,606 | -7,594 | -2,119 | -22,002 | ||||||||
Income (loss) from continuing operations | 6,024 | 38,982 | -37,309 | |||||||||
Income from discontinued operations | 918 | 4,207 | 43,838 | |||||||||
Net income (loss) | -1,869 | 8,882 | 2,174 | -2,245 | 21,002 | 11,088 | 7,180 | 3,919 | 6,942 | 43,189 | 6,529 | |
Philadelphia CBD [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 201,809 | 146,081 | 131,592 | |||||||||
Reconciliation of consolidated net operating income | ||||||||||||
Consolidated net operating income | 126,547 | 90,379 | 80,805 | |||||||||
Plus: | ||||||||||||
Equity in income (loss) of real estate ventures | 46 | 1,547 | 1,113 | |||||||||
New Jersey/ Delaware [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 60,403 | 60,262 | 59,671 | |||||||||
Reconciliation of consolidated net operating income | ||||||||||||
Consolidated net operating income | 28,753 | 30,281 | 31,165 | |||||||||
Plus: | ||||||||||||
Equity in income (loss) of real estate ventures | 989 | 1,245 | 1,803 | |||||||||
Richmond, Virginia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 34,180 | 35,058 | 35,701 | |||||||||
Reconciliation of consolidated net operating income | ||||||||||||
Consolidated net operating income | 18,781 | 20,142 | 21,217 | |||||||||
Plus: | ||||||||||||
Equity in income (loss) of real estate ventures | 349 | 381 | 269 | |||||||||
Austin, Texas [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenue | 5,610 | 31,451 | 32,379 | |||||||||
Reconciliation of consolidated net operating income | ||||||||||||
Consolidated net operating income | 2,387 | 18,153 | 18,428 | |||||||||
Plus: | ||||||||||||
Equity in income (loss) of real estate ventures | ($1,080) | ($564) | ($316) |
Operating_Leases_Details
Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $461,215 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 443,383 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 411,288 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 362,370 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 315,196 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | $1,515,750 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2004 | Dec. 31, 2014 | Dec. 31, 2012 |
sqft | |||
Y | |||
Commitments and Contingencies (Textuals) [Abstract] | |||
Minimum remaining lease period | 7 | ||
Maximum remaining lease period | 75 | ||
Leased Area Of Building | 708,844 | ||
Amount to be paid if the Company takes fee title to Two Logan Square upon foreclosure of related mortgage | $2.90 | ||
Liability related to acquisition of TRC | 0.7 | 1.8 | |
Agreed holding period (not to sell) for properties acquired as part of the TRC acquisition | 15 years | ||
One Commerce Square [Member] | |||
Commitments and Contingencies (Textuals) [Abstract] | |||
Tax guarantee obligation | 125 | ||
Two Commerce Square [Member] | |||
Commitments and Contingencies (Textuals) [Abstract] | |||
Tax guarantee obligation | 100 | ||
One and Two Commerce Square [Member] | |||
Commitments and Contingencies (Textuals) [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | ||
Historic Tax Credit Transaction [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Accretion Of Non Controlling Interest Liability | 1.4 | 1.3 | |
New Markets Tax Credit Transaction [Member] | |||
Commitments and Contingencies (Textuals) [Abstract] | |||
Tax Credit Carryforward, Amount | $8 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Ground Rent) (Details) (Ground Rent [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Ground Rent [Member] | |
Minimum future rental payments on non-cancelable leases | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $1,378 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,378 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,378 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,378 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,378 |
Operating Leases, Future Minimum Payments, Due Thereafter | 57,114 |
Total | $64,004 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | |
Jan. 30, 2015 | Jan. 08, 2015 | |
River Place [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Collection of Notes Receivable | $88,000,000 | |
1000 Atrium Way and Libertyview [Member] [Member] | ||
Subsequent Event [Line Items] | ||
Number of Real Estate Properties | 2 | |
Sale Consideration Of Sold Property | 28,300,000 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $9,000,000 | |
1000 Atrium Way [Member] | ||
Subsequent Event [Line Items] | ||
Net Rentable Space Sold | 99,668 | |
Libertyview [Member] | ||
Subsequent Event [Line Items] | ||
Net Rentable Space Sold | 121,737 |
Summary_of_Quarterly_Results_D
Summary of Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $147,810 | $146,558 | $150,500 | $152,114 | $138,658 | $143,354 | $140,664 | $139,554 | $596,982 | $562,210 | $535,679 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -1,869 | 8,882 | 2,174 | -2,245 | 21,002 | 11,088 | 7,180 | 3,919 | 6,942 | 43,189 | 6,529 |
Net Income (Loss) Attributable to Parent | ($3,585) | $6,967 | $385 | ($4,041) | $18,975 | $9,173 | $5,308 | $2,058 | $6,975 | $42,777 | $6,595 |
Earnings Per Share, Basic | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) |
Earnings Per Share, Diluted | ($0.02) | $0.04 | $0 | ($0.03) | $0.12 | $0.06 | $0.03 | $0.01 | $0 | $0.23 | ($0.06) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance at Beginning of Period | $16,248 | $16,646 | $15,485 |
Valuation Allowances and Reserves, Additions | 790 | 1,384 | 1,891 |
Valuation Allowances and Reserves, Deductions | 1,691 | 1,782 | 730 |
Valuation Allowances and Reserves, Balance at End of Period | $15,347 | $16,248 | $16,646 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | $655,934 | |||
Initial Cost [Abstract] | ||||
Land | 625,594 | |||
Buildings and Improvements | 3,362,277 | |||
Net Improvements (Retirements) Since Acquisition | 643,257 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 673,838 | |||
Buildings and Improvements | 3,957,290 | |||
Total | 4,631,128 | 4,669,289 | 4,726,169 | 4,793,080 |
Accumulated Depreciation at December 31, 2013 | 1,078,996 | 983,808 | 954,665 | 865,710 |
400 Berwyn Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,657 | |||
Buildings and Improvements | 4,462 | |||
Net Improvements (Retirements) Since Acquisition | 14,011 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,657 | |||
Buildings and Improvements | 18,473 | |||
Total | 21,130 | |||
Accumulated Depreciation at December 31, 2013 | 6,255 | |||
Depreciable Life (Years) | 40 years | |||
300 Berwyn Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,206 | |||
Buildings and Improvements | 13,422 | |||
Net Improvements (Retirements) Since Acquisition | 3,800 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,206 | |||
Buildings and Improvements | 17,222 | |||
Total | 19,428 | |||
Accumulated Depreciation at December 31, 2013 | 8,280 | |||
Depreciable Life (Years) | 40 years | |||
1050 Westlakes Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,611 | |||
Buildings and Improvements | 10,445 | |||
Net Improvements (Retirements) Since Acquisition | 5,047 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,611 | |||
Buildings and Improvements | 15,492 | |||
Total | 18,103 | |||
Accumulated Depreciation at December 31, 2013 | 7,984 | |||
Depreciable Life (Years) | 40 years | |||
1200 Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,595 | |||
Buildings and Improvements | 11,809 | |||
Net Improvements (Retirements) Since Acquisition | 3,534 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,595 | |||
Buildings and Improvements | 15,343 | |||
Total | 17,938 | |||
Accumulated Depreciation at December 31, 2013 | 6,457 | |||
Depreciable Life (Years) | 40 years | |||
200 Berwyn Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,533 | |||
Buildings and Improvements | 9,460 | |||
Net Improvements (Retirements) Since Acquisition | 2,466 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,533 | |||
Buildings and Improvements | 11,926 | |||
Total | 13,459 | |||
Accumulated Depreciation at December 31, 2013 | 5,751 | |||
Depreciable Life (Years) | 40 years | |||
1180 Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,086 | |||
Buildings and Improvements | 8,342 | |||
Net Improvements (Retirements) Since Acquisition | 2,979 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,086 | |||
Buildings and Improvements | 11,321 | |||
Total | 13,407 | |||
Accumulated Depreciation at December 31, 2013 | 3,441 | |||
Depreciable Life (Years) | 40 years | |||
100 Berwyn Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,180 | |||
Buildings and Improvements | 7,290 | |||
Net Improvements (Retirements) Since Acquisition | 2,228 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,180 | |||
Buildings and Improvements | 9,518 | |||
Total | 10,698 | |||
Accumulated Depreciation at December 31, 2013 | 4,661 | |||
Depreciable Life (Years) | 40 years | |||
1160 Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,781 | |||
Buildings and Improvements | 7,124 | |||
Net Improvements (Retirements) Since Acquisition | 4,255 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,045 | |||
Buildings and Improvements | 11,115 | |||
Total | 13,160 | |||
Accumulated Depreciation at December 31, 2013 | 2,961 | |||
Depreciable Life (Years) | 40 years | |||
1100 Cassett Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,695 | |||
Buildings and Improvements | 6,779 | |||
Net Improvements (Retirements) Since Acquisition | 1,269 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,695 | |||
Buildings and Improvements | 8,048 | |||
Total | 9,743 | |||
Accumulated Depreciation at December 31, 2013 | 2,561 | |||
Depreciable Life (Years) | 40 years | |||
980 Harvest Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,079 | |||
Buildings and Improvements | 8,315 | |||
Net Improvements (Retirements) Since Acquisition | 736 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,079 | |||
Buildings and Improvements | 9,051 | |||
Total | 11,130 | |||
Accumulated Depreciation at December 31, 2013 | 2,935 | |||
Depreciable Life (Years) | 40 years | |||
910 Harvest Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,224 | |||
Buildings and Improvements | 8,645 | |||
Net Improvements (Retirements) Since Acquisition | -730 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,224 | |||
Buildings and Improvements | 7,915 | |||
Total | 9,139 | |||
Accumulated Depreciation at December 31, 2013 | 4,394 | |||
Depreciable Life (Years) | 40 years | |||
925 Harvest Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,671 | |||
Buildings and Improvements | 6,606 | |||
Net Improvements (Retirements) Since Acquisition | 993 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,671 | |||
Buildings and Improvements | 7,599 | |||
Total | 9,270 | |||
Accumulated Depreciation at December 31, 2013 | 3,480 | |||
Depreciable Life (Years) | 40 years | |||
920 Harvest Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,209 | |||
Buildings and Improvements | 6,595 | |||
Net Improvements (Retirements) Since Acquisition | -684 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,209 | |||
Buildings and Improvements | 5,911 | |||
Total | 7,120 | |||
Accumulated Depreciation at December 31, 2013 | 3,134 | |||
Depreciable Life (Years) | 40 years | |||
Six Tower Bridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,927 | |||
Buildings and Improvements | 14,722 | |||
Net Improvements (Retirements) Since Acquisition | 786 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,927 | |||
Buildings and Improvements | 15,508 | |||
Total | 22,435 | |||
Accumulated Depreciation at December 31, 2013 | 698 | |||
Depreciable Life (Years) | 40 years | |||
426 Lancaster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,689 | |||
Buildings and Improvements | 6,756 | |||
Net Improvements (Retirements) Since Acquisition | 376 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,689 | |||
Buildings and Improvements | 7,132 | |||
Total | 8,821 | |||
Accumulated Depreciation at December 31, 2013 | 3,431 | |||
Depreciable Life (Years) | 40 years | |||
52 Swedesford Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,241 | |||
Buildings and Improvements | 16,579 | |||
Net Improvements (Retirements) Since Acquisition | 3,262 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,241 | |||
Buildings and Improvements | 19,841 | |||
Total | 24,082 | |||
Accumulated Depreciation at December 31, 2013 | 8,392 | |||
Depreciable Life (Years) | 40 years | |||
One Progress Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,399 | |||
Buildings and Improvements | 5,629 | |||
Net Improvements (Retirements) Since Acquisition | 5,202 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,399 | |||
Buildings and Improvements | 10,831 | |||
Total | 12,230 | |||
Accumulated Depreciation at December 31, 2013 | 4,457 | |||
Depreciable Life (Years) | 40 years | |||
500 Enterprise Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,303 | |||
Buildings and Improvements | 5,188 | |||
Net Improvements (Retirements) Since Acquisition | 3,743 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,303 | |||
Buildings and Improvements | 8,931 | |||
Total | 10,234 | |||
Accumulated Depreciation at December 31, 2013 | 4,098 | |||
Depreciable Life (Years) | 40 years | |||
640 Freedom Business Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,222 | |||
Buildings and Improvements | 16,891 | |||
Net Improvements (Retirements) Since Acquisition | 4,686 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,222 | |||
Buildings and Improvements | 21,577 | |||
Total | 25,799 | |||
Accumulated Depreciation at December 31, 2013 | 9,535 | |||
Depreciable Life (Years) | 40 years | |||
555 Croton Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,486 | |||
Buildings and Improvements | 17,943 | |||
Net Improvements (Retirements) Since Acquisition | 1,412 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,486 | |||
Buildings and Improvements | 19,355 | |||
Total | 23,841 | |||
Accumulated Depreciation at December 31, 2013 | 6,779 | |||
Depreciable Life (Years) | 40 years | |||
630 Allendale Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,836 | |||
Buildings and Improvements | 4,028 | |||
Net Improvements (Retirements) Since Acquisition | 12,484 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,898 | |||
Buildings and Improvements | 16,450 | |||
Total | 19,348 | |||
Accumulated Depreciation at December 31, 2013 | 5,778 | |||
Depreciable Life (Years) | 40 years | |||
620 Freedom Business Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,770 | |||
Buildings and Improvements | 11,014 | |||
Net Improvements (Retirements) Since Acquisition | 3,375 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,770 | |||
Buildings and Improvements | 14,389 | |||
Total | 17,159 | |||
Accumulated Depreciation at December 31, 2013 | 7,515 | |||
Depreciable Life (Years) | 40 years | |||
1000 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,772 | |||
Buildings and Improvements | 10,936 | |||
Net Improvements (Retirements) Since Acquisition | 2,117 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,772 | |||
Buildings and Improvements | 13,053 | |||
Total | 15,825 | |||
Accumulated Depreciation at December 31, 2013 | 5,894 | |||
Depreciable Life (Years) | 40 years | |||
1060 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,712 | |||
Buildings and Improvements | 10,953 | |||
Net Improvements (Retirements) Since Acquisition | 4,522 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,712 | |||
Buildings and Improvements | 15,475 | |||
Total | 18,187 | |||
Accumulated Depreciation at December 31, 2013 | 6,646 | |||
Depreciable Life (Years) | 40 years | |||
630 Freedom Business Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,773 | |||
Buildings and Improvements | 11,144 | |||
Net Improvements (Retirements) Since Acquisition | 2,343 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,773 | |||
Buildings and Improvements | 13,487 | |||
Total | 16,260 | |||
Accumulated Depreciation at December 31, 2013 | 6,300 | |||
Depreciable Life (Years) | 40 years | |||
1040 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,860 | |||
Buildings and Improvements | 11,282 | |||
Net Improvements (Retirements) Since Acquisition | 6,080 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,860 | |||
Buildings and Improvements | 17,362 | |||
Total | 20,222 | |||
Accumulated Depreciation at December 31, 2013 | 5,460 | |||
Depreciable Life (Years) | 40 years | |||
1020 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,168 | |||
Buildings and Improvements | 8,576 | |||
Net Improvements (Retirements) Since Acquisition | 7,617 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,168 | |||
Buildings and Improvements | 16,193 | |||
Total | 18,361 | |||
Accumulated Depreciation at December 31, 2013 | 6,766 | |||
Depreciable Life (Years) | 40 years | |||
610 Freedom Business Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,017 | |||
Buildings and Improvements | 8,070 | |||
Net Improvements (Retirements) Since Acquisition | 2,393 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,017 | |||
Buildings and Improvements | 10,463 | |||
Total | 12,480 | |||
Accumulated Depreciation at December 31, 2013 | 4,883 | |||
Depreciable Life (Years) | 40 years | |||
650 Park Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,916 | |||
Buildings and Improvements | 4,378 | |||
Net Improvements (Retirements) Since Acquisition | 1,701 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,916 | |||
Buildings and Improvements | 6,079 | |||
Total | 7,995 | |||
Accumulated Depreciation at December 31, 2013 | 2,920 | |||
Depreciable Life (Years) | 40 years | |||
500 North Gulph Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,303 | |||
Buildings and Improvements | 5,201 | |||
Net Improvements (Retirements) Since Acquisition | 1,522 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,303 | |||
Buildings and Improvements | 6,723 | |||
Total | 8,026 | |||
Accumulated Depreciation at December 31, 2013 | 3,390 | |||
Depreciable Life (Years) | 40 years | |||
741 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,287 | |||
Buildings and Improvements | 5,151 | |||
Net Improvements (Retirements) Since Acquisition | 11 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,287 | |||
Buildings and Improvements | 5,162 | |||
Total | 6,449 | |||
Accumulated Depreciation at December 31, 2013 | 2,363 | |||
Depreciable Life (Years) | 40 years | |||
751-761 Fifth Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,097 | |||
Buildings and Improvements | 4,391 | |||
Net Improvements (Retirements) Since Acquisition | 31 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,097 | |||
Buildings and Improvements | 4,422 | |||
Total | 5,519 | |||
Accumulated Depreciation at December 31, 2013 | 2,021 | |||
Depreciable Life (Years) | 40 years | |||
600 Park Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,012 | |||
Buildings and Improvements | 4,048 | |||
Net Improvements (Retirements) Since Acquisition | 385 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,012 | |||
Buildings and Improvements | 4,433 | |||
Total | 5,445 | |||
Accumulated Depreciation at December 31, 2013 | 2,045 | |||
Depreciable Life (Years) | 40 years | |||
620 Allendale Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,020 | |||
Buildings and Improvements | 3,839 | |||
Net Improvements (Retirements) Since Acquisition | 658 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,020 | |||
Buildings and Improvements | 4,497 | |||
Total | 5,517 | |||
Accumulated Depreciation at December 31, 2013 | 2,008 | |||
Depreciable Life (Years) | 40 years | |||
660 Allendale Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 396 | |||
Buildings and Improvements | 948 | |||
Net Improvements (Retirements) Since Acquisition | 2,957 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,085 | |||
Buildings and Improvements | 3,216 | |||
Total | 4,301 | |||
Accumulated Depreciation at December 31, 2013 | 921 | |||
Depreciable Life (Years) | 40 years | |||
640 Allendale Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 439 | |||
Buildings and Improvements | 432 | |||
Net Improvements (Retirements) Since Acquisition | 1,580 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 439 | |||
Buildings and Improvements | 2,012 | |||
Total | 2,451 | |||
Accumulated Depreciation at December 31, 2013 | 802 | |||
Depreciable Life (Years) | 40 years | |||
14 Campus Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,244 | |||
Buildings and Improvements | 4,217 | |||
Net Improvements (Retirements) Since Acquisition | 1,533 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,244 | |||
Buildings and Improvements | 5,750 | |||
Total | 7,994 | |||
Accumulated Depreciation at December 31, 2013 | 3,322 | |||
Depreciable Life (Years) | 40 years | |||
11 Campus Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,112 | |||
Buildings and Improvements | 4,067 | |||
Net Improvements (Retirements) Since Acquisition | 1,006 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,112 | |||
Buildings and Improvements | 5,073 | |||
Total | 6,185 | |||
Accumulated Depreciation at December 31, 2013 | 1,967 | |||
Depreciable Life (Years) | 40 years | |||
17 Campus Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,108 | |||
Buildings and Improvements | 5,155 | |||
Net Improvements (Retirements) Since Acquisition | -374 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,108 | |||
Buildings and Improvements | 4,781 | |||
Total | 5,889 | |||
Accumulated Depreciation at December 31, 2013 | 1,728 | |||
Depreciable Life (Years) | 40 years | |||
15 Campus Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,164 | |||
Buildings and Improvements | 3,896 | |||
Net Improvements (Retirements) Since Acquisition | 249 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,164 | |||
Buildings and Improvements | 4,145 | |||
Total | 5,309 | |||
Accumulated Depreciation at December 31, 2013 | 1,394 | |||
Depreciable Life (Years) | 40 years | |||
18 Campus Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 787 | |||
Buildings and Improvements | 3,312 | |||
Net Improvements (Retirements) Since Acquisition | -77 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 787 | |||
Buildings and Improvements | 3,235 | |||
Total | 4,022 | |||
Accumulated Depreciation at December 31, 2013 | 1,631 | |||
Depreciable Life (Years) | 40 years | |||
401 Plymouth Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,198 | |||
Buildings and Improvements | 16,131 | |||
Net Improvements (Retirements) Since Acquisition | 16,130 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,198 | |||
Buildings and Improvements | 32,261 | |||
Total | 38,459 | |||
Accumulated Depreciation at December 31, 2013 | 9,982 | |||
Depreciable Life (Years) | 40 years | |||
4000 Chemical Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,373 | |||
Buildings and Improvements | 24,546 | |||
Net Improvements (Retirements) Since Acquisition | 1,467 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,373 | |||
Buildings and Improvements | 26,013 | |||
Total | 30,386 | |||
Accumulated Depreciation at December 31, 2013 | 4,864 | |||
Depreciable Life (Years) | 40 years | |||
610 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,651 | |||
Buildings and Improvements | 14,514 | |||
Net Improvements (Retirements) Since Acquisition | 3,357 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,651 | |||
Buildings and Improvements | 17,871 | |||
Total | 21,522 | |||
Accumulated Depreciation at December 31, 2013 | 5,892 | |||
Depreciable Life (Years) | 40 years | |||
600 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,652 | |||
Buildings and Improvements | 15,288 | |||
Net Improvements (Retirements) Since Acquisition | 1,609 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,652 | |||
Buildings and Improvements | 16,897 | |||
Total | 20,549 | |||
Accumulated Depreciation at December 31, 2013 | 5,659 | |||
Depreciable Life (Years) | 40 years | |||
630 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,558 | |||
Buildings and Improvements | 14,743 | |||
Net Improvements (Retirements) Since Acquisition | 1,902 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,558 | |||
Buildings and Improvements | 16,645 | |||
Total | 20,203 | |||
Accumulated Depreciation at December 31, 2013 | 5,994 | |||
Depreciable Life (Years) | 40 years | |||
620 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,572 | |||
Buildings and Improvements | 14,435 | |||
Net Improvements (Retirements) Since Acquisition | 1,339 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,572 | |||
Buildings and Improvements | 15,774 | |||
Total | 19,346 | |||
Accumulated Depreciation at December 31, 2013 | 5,378 | |||
Depreciable Life (Years) | 40 years | |||
660 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,694 | |||
Buildings and Improvements | 5,487 | |||
Net Improvements (Retirements) Since Acquisition | 18,484 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 5,404 | |||
Buildings and Improvements | 22,261 | |||
Total | 27,665 | |||
Accumulated Depreciation at December 31, 2013 | 1,436 | |||
Depreciable Life (Years) | 30 years | |||
2240/2250 Butler Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,104 | |||
Buildings and Improvements | 4,627 | |||
Net Improvements (Retirements) Since Acquisition | 1,312 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,104 | |||
Buildings and Improvements | 5,939 | |||
Total | 7,043 | |||
Accumulated Depreciation at December 31, 2013 | 3,596 | |||
Depreciable Life (Years) | 40 years | |||
2260 Butler Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 661 | |||
Buildings and Improvements | 2,727 | |||
Net Improvements (Retirements) Since Acquisition | 2,115 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 661 | |||
Buildings and Improvements | 4,842 | |||
Total | 5,503 | |||
Accumulated Depreciation at December 31, 2013 | 2,165 | |||
Depreciable Life (Years) | 40 years | |||
120 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 685 | |||
Buildings and Improvements | 2,773 | |||
Net Improvements (Retirements) Since Acquisition | 729 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 685 | |||
Buildings and Improvements | 3,502 | |||
Total | 4,187 | |||
Accumulated Depreciation at December 31, 2013 | 1,767 | |||
Depreciable Life (Years) | 40 years | |||
140 West Germantown Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 481 | |||
Buildings and Improvements | 1,976 | |||
Net Improvements (Retirements) Since Acquisition | 282 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 481 | |||
Buildings and Improvements | 2,258 | |||
Total | 2,739 | |||
Accumulated Depreciation at December 31, 2013 | 1,079 | |||
Depreciable Life (Years) | 40 years | |||
351 Plymouth Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,043 | |||
Buildings and Improvements | 555 | |||
Net Improvements (Retirements) Since Acquisition | 0 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,043 | |||
Buildings and Improvements | 555 | |||
Total | 1,598 | |||
Accumulated Depreciation at December 31, 2013 | 135 | |||
Depreciable Life (Years) | 40 years | |||
150 Radnor Chester Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 11,925 | |||
Buildings and Improvements | 36,986 | |||
Net Improvements (Retirements) Since Acquisition | 12,549 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 11,897 | |||
Buildings and Improvements | 49,563 | |||
Total | 61,460 | |||
Accumulated Depreciation at December 31, 2013 | 16,431 | |||
Depreciable Life (Years) | 29 years | |||
One Radnor Corporate Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,323 | |||
Buildings and Improvements | 28,613 | |||
Net Improvements (Retirements) Since Acquisition | 23,182 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,323 | |||
Buildings and Improvements | 51,795 | |||
Total | 59,118 | |||
Accumulated Depreciation at December 31, 2013 | 18,406 | |||
Depreciable Life (Years) | 29 years | |||
201 King of Prussia Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 8,956 | |||
Buildings and Improvements | 29,811 | |||
Net Improvements (Retirements) Since Acquisition | 5,070 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 8,949 | |||
Buildings and Improvements | 34,888 | |||
Total | 43,837 | |||
Accumulated Depreciation at December 31, 2013 | 15,445 | |||
Depreciable Life (Years) | 25 years | |||
555 Lancaster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 8,014 | |||
Buildings and Improvements | 16,508 | |||
Net Improvements (Retirements) Since Acquisition | 16,854 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 8,609 | |||
Buildings and Improvements | 32,767 | |||
Total | 41,376 | |||
Accumulated Depreciation at December 31, 2013 | 12,563 | |||
Depreciable Life (Years) | 24 years | |||
Four Radnor Corporate Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 5,406 | |||
Buildings and Improvements | 21,390 | |||
Net Improvements (Retirements) Since Acquisition | 8,501 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 5,705 | |||
Buildings and Improvements | 29,592 | |||
Total | 35,297 | |||
Accumulated Depreciation at December 31, 2013 | 10,480 | |||
Depreciable Life (Years) | 30 years | |||
Five Radnor Corporate Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,506 | |||
Buildings and Improvements | 25,525 | |||
Net Improvements (Retirements) Since Acquisition | 5,455 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,578 | |||
Buildings and Improvements | 30,908 | |||
Total | 37,486 | |||
Accumulated Depreciation at December 31, 2013 | 8,024 | |||
Depreciable Life (Years) | 38 years | |||
Three Radnor Corporate Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,773 | |||
Buildings and Improvements | 17,961 | |||
Net Improvements (Retirements) Since Acquisition | 2,645 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,791 | |||
Buildings and Improvements | 20,588 | |||
Total | 25,379 | |||
Accumulated Depreciation at December 31, 2013 | 8,094 | |||
Depreciable Life (Years) | 29 years | |||
Two Radnor Corporate Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,937 | |||
Buildings and Improvements | 15,484 | |||
Net Improvements (Retirements) Since Acquisition | 3,888 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,942 | |||
Buildings and Improvements | 19,367 | |||
Total | 23,309 | |||
Accumulated Depreciation at December 31, 2013 | 6,882 | |||
Depreciable Life (Years) | 29 years | |||
130 Radnor Chester Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,573 | |||
Buildings and Improvements | 8,338 | |||
Net Improvements (Retirements) Since Acquisition | 3,483 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,567 | |||
Buildings and Improvements | 11,827 | |||
Total | 14,394 | |||
Accumulated Depreciation at December 31, 2013 | 4,357 | |||
Depreciable Life (Years) | 25 years | |||
170 Radnor Chester Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,514 | |||
Buildings and Improvements | 8,147 | |||
Net Improvements (Retirements) Since Acquisition | 1,718 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,509 | |||
Buildings and Improvements | 9,870 | |||
Total | 12,379 | |||
Accumulated Depreciation at December 31, 2013 | 3,051 | |||
Depreciable Life (Years) | 25 years | |||
200 N. Radnor Chester Rd. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,366 | |||
Buildings and Improvements | 0 | |||
Net Improvements (Retirements) Since Acquisition | 3,675 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,366 | |||
Buildings and Improvements | 3,675 | |||
Total | 7,041 | |||
Accumulated Depreciation at December 31, 2013 | 113 | |||
Depreciable Life (Years) | 40 years | |||
101 West Elm Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,251 | |||
Buildings and Improvements | 25,209 | |||
Net Improvements (Retirements) Since Acquisition | 3,189 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,251 | |||
Buildings and Improvements | 28,398 | |||
Total | 34,649 | |||
Accumulated Depreciation at December 31, 2013 | 7,640 | |||
Depreciable Life (Years) | 40 years | |||
1 West Elm Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,557 | |||
Buildings and Improvements | 14,249 | |||
Net Improvements (Retirements) Since Acquisition | 3,876 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,557 | |||
Buildings and Improvements | 18,125 | |||
Total | 21,682 | |||
Accumulated Depreciation at December 31, 2013 | 4,204 | |||
Depreciable Life (Years) | 40 years | |||
595 East Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,729 | |||
Buildings and Improvements | 10,917 | |||
Net Improvements (Retirements) Since Acquisition | 2,307 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,729 | |||
Buildings and Improvements | 13,224 | |||
Total | 15,953 | |||
Accumulated Depreciation at December 31, 2013 | 4,464 | |||
Depreciable Life (Years) | 40 years | |||
575 East Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,178 | |||
Buildings and Improvements | 8,712 | |||
Net Improvements (Retirements) Since Acquisition | 1,681 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,178 | |||
Buildings and Improvements | 10,393 | |||
Total | 12,571 | |||
Accumulated Depreciation at December 31, 2013 | 3,692 | |||
Depreciable Life (Years) | 40 years | |||
565 East Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,872 | |||
Buildings and Improvements | 7,489 | |||
Net Improvements (Retirements) Since Acquisition | 1,744 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,872 | |||
Buildings and Improvements | 9,233 | |||
Total | 11,105 | |||
Accumulated Depreciation at December 31, 2013 | 3,166 | |||
Depreciable Life (Years) | 40 years | |||
585 East Swedesford Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,350 | |||
Buildings and Improvements | 5,401 | |||
Net Improvements (Retirements) Since Acquisition | 1,350 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,350 | |||
Buildings and Improvements | 6,751 | |||
Total | 8,101 | |||
Accumulated Depreciation at December 31, 2013 | 1,551 | |||
Depreciable Life (Years) | 40 years | |||
2970 Market Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 184,442 | |||
Initial Cost [Abstract] | ||||
Land | 22,430 | |||
Buildings and Improvements | 217,763 | |||
Net Improvements (Retirements) Since Acquisition | 12,021 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 22,430 | |||
Buildings and Improvements | 229,784 | |||
Total | 252,214 | |||
Accumulated Depreciation at December 31, 2013 | 27,560 | |||
Depreciable Life (Years) | 40 years | |||
2929 Arch Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 208,570 | |||
Net Improvements (Retirements) Since Acquisition | 29,302 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 12,586 | |||
Buildings and Improvements | 225,286 | |||
Total | 237,872 | |||
Accumulated Depreciation at December 31, 2013 | 85,000 | |||
Depreciable Life (Years) | 40 years | |||
1717 Arch Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 98,188 | |||
Net Improvements (Retirements) Since Acquisition | 66,550 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 25,195 | |||
Buildings and Improvements | 139,543 | |||
Total | 164,738 | |||
Accumulated Depreciation at December 31, 2013 | 19,000 | |||
Depreciable Life (Years) | 40 years | |||
2001 Market Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 112,000 | |||
Initial Cost [Abstract] | ||||
Land | 15,323 | |||
Buildings and Improvements | 120,842 | |||
Net Improvements (Retirements) Since Acquisition | 2,125 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 15,323 | |||
Buildings and Improvements | 122,967 | |||
Total | 138,290 | |||
Accumulated Depreciation at December 31, 2013 | 3,371 | |||
Depreciable Life (Years) | 40 years | |||
130 North 18th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 14,496 | |||
Buildings and Improvements | 107,736 | |||
Net Improvements (Retirements) Since Acquisition | 17,397 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 14,473 | |||
Buildings and Improvements | 125,156 | |||
Total | 139,629 | |||
Accumulated Depreciation at December 31, 2013 | 37,755 | |||
Depreciable Life (Years) | 34 years | |||
100 North 18th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 87,767 | |||
Initial Cost [Abstract] | ||||
Land | 16,066 | |||
Buildings and Improvements | 100,255 | |||
Net Improvements (Retirements) Since Acquisition | 10,925 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 16,066 | |||
Buildings and Improvements | 111,180 | |||
Total | 127,246 | |||
Accumulated Depreciation at December 31, 2013 | 35,435 | |||
Depreciable Life (Years) | 36 years | |||
2005 Market Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 123,205 | |||
Initial Cost [Abstract] | ||||
Land | 15,161 | |||
Buildings and Improvements | 122,486 | |||
Net Improvements (Retirements) Since Acquisition | -11,726 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 15,161 | |||
Buildings and Improvements | 110,760 | |||
Total | 125,921 | |||
Accumulated Depreciation at December 31, 2013 | 2,959 | |||
Depreciable Life (Years) | 40 years | |||
2930 Chestnut Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 37,765 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 76,008 | |||
Net Improvements (Retirements) Since Acquisition | 2,644 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 78,652 | |||
Total | 78,652 | |||
Accumulated Depreciation at December 31, 2013 | 8,677 | |||
Depreciable Life (Years) | 40 years | |||
1900 Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,768 | |||
Buildings and Improvements | 17,263 | |||
Net Improvements (Retirements) Since Acquisition | 481 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,768 | |||
Buildings and Improvements | 17,744 | |||
Total | 25,512 | |||
Accumulated Depreciation at December 31, 2013 | 1,246 | |||
Depreciable Life (Years) | 30 years | |||
3020 Market Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 21,417 | |||
Net Improvements (Retirements) Since Acquisition | 6,225 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 27,642 | |||
Total | 27,642 | |||
Accumulated Depreciation at December 31, 2013 | 3,260 | |||
Depreciable Life (Years) | 26 years | |||
101-103 Juniper Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 14,401 | |||
Net Improvements (Retirements) Since Acquisition | 324 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 478 | |||
Buildings and Improvements | 14,247 | |||
Total | 14,725 | |||
Accumulated Depreciation at December 31, 2013 | 1,865 | |||
Depreciable Life (Years) | 40 years | |||
Philadelphia Marine Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 532 | |||
Buildings and Improvements | 2,196 | |||
Net Improvements (Retirements) Since Acquisition | 3,444 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 628 | |||
Buildings and Improvements | 5,544 | |||
Total | 6,172 | |||
Accumulated Depreciation at December 31, 2013 | 2,408 | |||
Depreciable Life (Years) | 40 years | |||
11720 Beltsville Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,831 | |||
Buildings and Improvements | 16,661 | |||
Net Improvements (Retirements) Since Acquisition | 3,399 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,904 | |||
Buildings and Improvements | 19,987 | |||
Total | 23,891 | |||
Accumulated Depreciation at December 31, 2013 | 5,887 | |||
Depreciable Life (Years) | 46 years | |||
11700 Beltsville Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,808 | |||
Buildings and Improvements | 12,081 | |||
Net Improvements (Retirements) Since Acquisition | 293 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,863 | |||
Buildings and Improvements | 12,319 | |||
Total | 15,182 | |||
Accumulated Depreciation at December 31, 2013 | 2,702 | |||
Depreciable Life (Years) | 46 years | |||
11710 Beltsville Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,278 | |||
Buildings and Improvements | 11,100 | |||
Net Improvements (Retirements) Since Acquisition | -814 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,321 | |||
Buildings and Improvements | 10,243 | |||
Total | 12,564 | |||
Accumulated Depreciation at December 31, 2013 | 2,370 | |||
Depreciable Life (Years) | 46 years | |||
6600 Rockledge Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 37,421 | |||
Net Improvements (Retirements) Since Acquisition | 11,303 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 48,724 | |||
Total | 48,724 | |||
Accumulated Depreciation at December 31, 2013 | 15,070 | |||
Depreciable Life (Years) | 50 years | |||
11740 Beltsville Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 198 | |||
Buildings and Improvements | 870 | |||
Net Improvements (Retirements) Since Acquisition | 42 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 202 | |||
Buildings and Improvements | 908 | |||
Total | 1,110 | |||
Accumulated Depreciation at December 31, 2013 | 211 | |||
Depreciable Life (Years) | 46 years | |||
12015 Lee Jackson Memorial Highway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,770 | |||
Buildings and Improvements | 22,895 | |||
Net Improvements (Retirements) Since Acquisition | 3,987 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,841 | |||
Buildings and Improvements | 26,811 | |||
Total | 30,652 | |||
Accumulated Depreciation at December 31, 2013 | 7,188 | |||
Depreciable Life (Years) | 42 years | |||
11781 Lee Jackson Memorial Highway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,246 | |||
Buildings and Improvements | 19,836 | |||
Net Improvements (Retirements) Since Acquisition | 567 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,307 | |||
Buildings and Improvements | 20,342 | |||
Total | 23,649 | |||
Accumulated Depreciation at December 31, 2013 | 4,748 | |||
Depreciable Life (Years) | 40 years | |||
4401 Fair Lakes Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,569 | |||
Buildings and Improvements | 11,982 | |||
Net Improvements (Retirements) Since Acquisition | 247 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,599 | |||
Buildings and Improvements | 12,199 | |||
Total | 13,798 | |||
Accumulated Depreciation at December 31, 2013 | 2,456 | |||
Depreciable Life (Years) | 52 years | |||
3141 Fairview Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 21,242 | |||
Initial Cost [Abstract] | ||||
Land | 5,918 | |||
Buildings and Improvements | 40,981 | |||
Net Improvements (Retirements) Since Acquisition | 12,017 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,080 | |||
Buildings and Improvements | 51,836 | |||
Total | 58,916 | |||
Accumulated Depreciation at December 31, 2013 | 10,264 | |||
Depreciable Life (Years) | 51 years | |||
2340 Dulles Corner Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 16,345 | |||
Buildings and Improvements | 65,379 | |||
Net Improvements (Retirements) Since Acquisition | 18,280 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 16,129 | |||
Buildings and Improvements | 83,875 | |||
Total | 100,004 | |||
Accumulated Depreciation at December 31, 2013 | 28,064 | |||
Depreciable Life (Years) | 40 years | |||
2291 Wood Oak Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 8,243 | |||
Buildings and Improvements | 52,413 | |||
Net Improvements (Retirements) Since Acquisition | 13,499 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 8,782 | |||
Buildings and Improvements | 65,373 | |||
Total | 74,155 | |||
Accumulated Depreciation at December 31, 2013 | 13,524 | |||
Depreciable Life (Years) | 55 years | |||
196/198 Van Buren Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,931 | |||
Buildings and Improvements | 43,812 | |||
Net Improvements (Retirements) Since Acquisition | 9,040 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 8,348 | |||
Buildings and Improvements | 52,435 | |||
Total | 60,783 | |||
Accumulated Depreciation at December 31, 2013 | 10,308 | |||
Depreciable Life (Years) | 53 years | |||
2251 Corporate Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 11,472 | |||
Buildings and Improvements | 45,893 | |||
Net Improvements (Retirements) Since Acquisition | 2,276 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 11,472 | |||
Buildings and Improvements | 48,169 | |||
Total | 59,641 | |||
Accumulated Depreciation at December 31, 2013 | 9,758 | |||
Depreciable Life (Years) | 40 years | |||
2355 Dulles Corner Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 10,365 | |||
Buildings and Improvements | 43,876 | |||
Net Improvements (Retirements) Since Acquisition | 4,648 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 10,365 | |||
Buildings and Improvements | 48,524 | |||
Total | 58,889 | |||
Accumulated Depreciation at December 31, 2013 | 12,675 | |||
Depreciable Life (Years) | 40 years | |||
2411 Dulles Corner Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,279 | |||
Buildings and Improvements | 46,340 | |||
Net Improvements (Retirements) Since Acquisition | 117 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,417 | |||
Buildings and Improvements | 46,319 | |||
Total | 53,736 | |||
Accumulated Depreciation at December 31, 2013 | 8,645 | |||
Depreciable Life (Years) | 50 years | |||
13880 Dulles Corner Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,236 | |||
Buildings and Improvements | 39,213 | |||
Net Improvements (Retirements) Since Acquisition | 3,369 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,373 | |||
Buildings and Improvements | 42,445 | |||
Total | 49,818 | |||
Accumulated Depreciation at December 31, 2013 | 7,824 | |||
Depreciable Life (Years) | 55 years | |||
2121 Cooperative Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 5,598 | |||
Buildings and Improvements | 38,639 | |||
Net Improvements (Retirements) Since Acquisition | 2,532 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 5,795 | |||
Buildings and Improvements | 40,974 | |||
Total | 46,769 | |||
Accumulated Depreciation at December 31, 2013 | 7,665 | |||
Depreciable Life (Years) | 54 years | |||
2201 Cooperative Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,809 | |||
Buildings and Improvements | 34,093 | |||
Net Improvements (Retirements) Since Acquisition | 4,513 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,809 | |||
Buildings and Improvements | 38,606 | |||
Total | 43,415 | |||
Accumulated Depreciation at December 31, 2013 | 7,153 | |||
Depreciable Life (Years) | 54 years | |||
13825 Sunrise Valley Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,794 | |||
Buildings and Improvements | 19,365 | |||
Net Improvements (Retirements) Since Acquisition | 2,121 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,866 | |||
Buildings and Improvements | 21,414 | |||
Total | 25,280 | |||
Accumulated Depreciation at December 31, 2013 | 4,441 | |||
Depreciable Life (Years) | 46 years | |||
1676 International Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 58,470 | |||
Initial Cost [Abstract] | ||||
Land | 18,437 | |||
Buildings and Improvements | 97,538 | |||
Net Improvements (Retirements) Since Acquisition | 3,183 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 18,785 | |||
Buildings and Improvements | 100,373 | |||
Total | 119,158 | |||
Accumulated Depreciation at December 31, 2013 | 16,619 | |||
Depreciable Life (Years) | 55 years | |||
8260 Greensboro Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 31,043 | |||
Initial Cost [Abstract] | ||||
Land | 7,952 | |||
Buildings and Improvements | 33,964 | |||
Net Improvements (Retirements) Since Acquisition | 1,641 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 8,102 | |||
Buildings and Improvements | 35,455 | |||
Total | 43,557 | |||
Accumulated Depreciation at December 31, 2013 | 7,320 | |||
Depreciable Life (Years) | 52 years | |||
2273 Research Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 5,167 | |||
Buildings and Improvements | 31,110 | |||
Net Improvements (Retirements) Since Acquisition | 3,764 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 5,237 | |||
Buildings and Improvements | 34,804 | |||
Total | 40,041 | |||
Accumulated Depreciation at December 31, 2013 | 10,191 | |||
Depreciable Life (Years) | 45 years | |||
2275 Research Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 5,059 | |||
Buildings and Improvements | 29,668 | |||
Net Improvements (Retirements) Since Acquisition | 6,479 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 5,154 | |||
Buildings and Improvements | 36,052 | |||
Total | 41,206 | |||
Accumulated Depreciation at December 31, 2013 | 7,672 | |||
Depreciable Life (Years) | 45 years | |||
2277 Research Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,649 | |||
Buildings and Improvements | 26,952 | |||
Net Improvements (Retirements) Since Acquisition | 695 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,733 | |||
Buildings and Improvements | 27,563 | |||
Total | 32,296 | |||
Accumulated Depreciation at December 31, 2013 | 5,724 | |||
Depreciable Life (Years) | 45 years | |||
1900 Gallows Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,797 | |||
Buildings and Improvements | 47,817 | |||
Net Improvements (Retirements) Since Acquisition | 10,849 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,944 | |||
Buildings and Improvements | 58,519 | |||
Total | 66,463 | |||
Accumulated Depreciation at December 31, 2013 | 11,008 | |||
Depreciable Life (Years) | 52 years | |||
8521 Leesburg Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,316 | |||
Buildings and Improvements | 30,885 | |||
Net Improvements (Retirements) Since Acquisition | 4,858 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,397 | |||
Buildings and Improvements | 35,662 | |||
Total | 40,059 | |||
Accumulated Depreciation at December 31, 2013 | 6,399 | |||
Depreciable Life (Years) | 51 years | |||
457 Haddonfield Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,142 | |||
Buildings and Improvements | 9,120 | |||
Net Improvements (Retirements) Since Acquisition | 1,402 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,142 | |||
Buildings and Improvements | 10,522 | |||
Total | 12,664 | |||
Accumulated Depreciation at December 31, 2013 | 5,273 | |||
Depreciable Life (Years) | 40 years | |||
200 Lake Drive East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,069 | |||
Buildings and Improvements | 8,275 | |||
Net Improvements (Retirements) Since Acquisition | 1,328 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,069 | |||
Buildings and Improvements | 9,603 | |||
Total | 11,672 | |||
Accumulated Depreciation at December 31, 2013 | 3,635 | |||
Depreciable Life (Years) | 40 years | |||
220 Lake Drive East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,144 | |||
Buildings and Improvements | 8,798 | |||
Net Improvements (Retirements) Since Acquisition | 825 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,144 | |||
Buildings and Improvements | 9,623 | |||
Total | 11,767 | |||
Accumulated Depreciation at December 31, 2013 | 3,490 | |||
Depreciable Life (Years) | 40 years | |||
210 Lake Drive East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,645 | |||
Buildings and Improvements | 6,579 | |||
Net Improvements (Retirements) Since Acquisition | 1,917 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,645 | |||
Buildings and Improvements | 8,496 | |||
Total | 10,141 | |||
Accumulated Depreciation at December 31, 2013 | 2,812 | |||
Depreciable Life (Years) | 40 years | |||
20 East Clementon Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 769 | |||
Buildings and Improvements | 3,055 | |||
Net Improvements (Retirements) Since Acquisition | 480 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 769 | |||
Buildings and Improvements | 3,535 | |||
Total | 4,304 | |||
Accumulated Depreciation at December 31, 2013 | 1,682 | |||
Depreciable Life (Years) | 40 years | |||
10 Foster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 244 | |||
Buildings and Improvements | 971 | |||
Net Improvements (Retirements) Since Acquisition | 78 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 244 | |||
Buildings and Improvements | 1,049 | |||
Total | 1,293 | |||
Accumulated Depreciation at December 31, 2013 | 497 | |||
Depreciable Life (Years) | 40 years | |||
7 Foster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 231 | |||
Buildings and Improvements | 921 | |||
Net Improvements (Retirements) Since Acquisition | 123 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 231 | |||
Buildings and Improvements | 1,044 | |||
Total | 1,275 | |||
Accumulated Depreciation at December 31, 2013 | 475 | |||
Depreciable Life (Years) | 40 years | |||
50 East Clementon Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 114 | |||
Buildings and Improvements | 964 | |||
Net Improvements (Retirements) Since Acquisition | 653 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 114 | |||
Buildings and Improvements | 1,617 | |||
Total | 1,731 | |||
Accumulated Depreciation at December 31, 2013 | 483 | |||
Depreciable Life (Years) | 40 years | |||
2 Foster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 185 | |||
Buildings and Improvements | 730 | |||
Net Improvements (Retirements) Since Acquisition | 16 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 185 | |||
Buildings and Improvements | 746 | |||
Total | 931 | |||
Accumulated Depreciation at December 31, 2013 | 351 | |||
Depreciable Life (Years) | 40 years | |||
4 Foster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 183 | |||
Buildings and Improvements | 726 | |||
Net Improvements (Retirements) Since Acquisition | 16 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 183 | |||
Buildings and Improvements | 742 | |||
Total | 925 | |||
Accumulated Depreciation at December 31, 2013 | 343 | |||
Depreciable Life (Years) | 40 years | |||
1 Foster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 93 | |||
Buildings and Improvements | 364 | |||
Net Improvements (Retirements) Since Acquisition | 57 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 93 | |||
Buildings and Improvements | 421 | |||
Total | 514 | |||
Accumulated Depreciation at December 31, 2013 | 215 | |||
Depreciable Life (Years) | 40 years | |||
5 U.S. Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 21 | |||
Buildings and Improvements | 81 | |||
Net Improvements (Retirements) Since Acquisition | 3 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 21 | |||
Buildings and Improvements | 84 | |||
Total | 105 | |||
Accumulated Depreciation at December 31, 2013 | 39 | |||
Depreciable Life (Years) | 40 years | |||
5 Foster Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 9 | |||
Buildings and Improvements | 32 | |||
Net Improvements (Retirements) Since Acquisition | 26 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 9 | |||
Buildings and Improvements | 58 | |||
Total | 67 | |||
Accumulated Depreciation at December 31, 2013 | 28 | |||
Depreciable Life (Years) | 40 years | |||
1120 Executive Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,074 | |||
Buildings and Improvements | 8,415 | |||
Net Improvements (Retirements) Since Acquisition | 4,398 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,074 | |||
Buildings and Improvements | 12,813 | |||
Total | 14,887 | |||
Accumulated Depreciation at December 31, 2013 | 5,143 | |||
Depreciable Life (Years) | 40 years | |||
Two Eves Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 818 | |||
Buildings and Improvements | 3,461 | |||
Net Improvements (Retirements) Since Acquisition | 234 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 818 | |||
Buildings and Improvements | 3,695 | |||
Total | 4,513 | |||
Accumulated Depreciation at December 31, 2013 | 1,825 | |||
Depreciable Life (Years) | 40 years | |||
Five Eves Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 703 | |||
Buildings and Improvements | 2,819 | |||
Net Improvements (Retirements) Since Acquisition | 665 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 703 | |||
Buildings and Improvements | 3,484 | |||
Total | 4,187 | |||
Accumulated Depreciation at December 31, 2013 | 1,643 | |||
Depreciable Life (Years) | 40 years | |||
Four B Eves Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 588 | |||
Buildings and Improvements | 2,369 | |||
Net Improvements (Retirements) Since Acquisition | 420 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 588 | |||
Buildings and Improvements | 2,789 | |||
Total | 3,377 | |||
Accumulated Depreciation at December 31, 2013 | 1,449 | |||
Depreciable Life (Years) | 40 years | |||
Four A Eves Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 539 | |||
Buildings and Improvements | 2,168 | |||
Net Improvements (Retirements) Since Acquisition | 322 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 539 | |||
Buildings and Improvements | 2,490 | |||
Total | 3,029 | |||
Accumulated Depreciation at December 31, 2013 | 1,122 | |||
Depreciable Life (Years) | 40 years | |||
308 Harper Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,643 | |||
Buildings and Improvements | 6,663 | |||
Net Improvements (Retirements) Since Acquisition | 739 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,643 | |||
Buildings and Improvements | 7,402 | |||
Total | 9,045 | |||
Accumulated Depreciation at December 31, 2013 | 3,258 | |||
Depreciable Life (Years) | 40 years | |||
10000 Midlantic Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,206 | |||
Buildings and Improvements | 12,857 | |||
Net Improvements (Retirements) Since Acquisition | 4,228 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,206 | |||
Buildings and Improvements | 17,085 | |||
Total | 20,291 | |||
Accumulated Depreciation at December 31, 2013 | 7,138 | |||
Depreciable Life (Years) | 40 years | |||
700 East Gate Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,569 | |||
Buildings and Improvements | 14,436 | |||
Net Improvements (Retirements) Since Acquisition | 2,243 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,569 | |||
Buildings and Improvements | 16,679 | |||
Total | 20,248 | |||
Accumulated Depreciation at December 31, 2013 | 7,576 | |||
Depreciable Life (Years) | 40 years | |||
15000 Midlantic Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,061 | |||
Buildings and Improvements | 12,254 | |||
Net Improvements (Retirements) Since Acquisition | 1,619 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,061 | |||
Buildings and Improvements | 13,873 | |||
Total | 16,934 | |||
Accumulated Depreciation at December 31, 2013 | 6,518 | |||
Depreciable Life (Years) | 40 years | |||
1000 Howard Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,297 | |||
Buildings and Improvements | 9,288 | |||
Net Improvements (Retirements) Since Acquisition | 3,922 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,297 | |||
Buildings and Improvements | 13,210 | |||
Total | 15,507 | |||
Accumulated Depreciation at December 31, 2013 | 5,900 | |||
Depreciable Life (Years) | 40 years | |||
1000 Atrium Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,061 | |||
Buildings and Improvements | 8,180 | |||
Net Improvements (Retirements) Since Acquisition | 4,531 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,061 | |||
Buildings and Improvements | 12,711 | |||
Total | 14,772 | |||
Accumulated Depreciation at December 31, 2013 | 5,894 | |||
Depreciable Life (Years) | 40 years | |||
2000 Midlantic Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,202 | |||
Buildings and Improvements | 8,823 | |||
Net Improvements (Retirements) Since Acquisition | 2,970 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,202 | |||
Buildings and Improvements | 11,793 | |||
Total | 13,995 | |||
Accumulated Depreciation at December 31, 2013 | 5,349 | |||
Depreciable Life (Years) | 40 years | |||
701 East Gate Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,736 | |||
Buildings and Improvements | 6,877 | |||
Net Improvements (Retirements) Since Acquisition | 1,768 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,736 | |||
Buildings and Improvements | 8,645 | |||
Total | 10,381 | |||
Accumulated Depreciation at December 31, 2013 | 3,715 | |||
Depreciable Life (Years) | 40 years | |||
9000 Midlantic Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,472 | |||
Buildings and Improvements | 5,895 | |||
Net Improvements (Retirements) Since Acquisition | 2,185 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,472 | |||
Buildings and Improvements | 8,080 | |||
Total | 9,552 | |||
Accumulated Depreciation at December 31, 2013 | 3,503 | |||
Depreciable Life (Years) | 40 years | |||
307 Fellowship Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,565 | |||
Buildings and Improvements | 6,342 | |||
Net Improvements (Retirements) Since Acquisition | 1,517 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,565 | |||
Buildings and Improvements | 7,859 | |||
Total | 9,424 | |||
Accumulated Depreciation at December 31, 2013 | 3,472 | |||
Depreciable Life (Years) | 40 years | |||
305 Fellowship Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,421 | |||
Buildings and Improvements | 5,768 | |||
Net Improvements (Retirements) Since Acquisition | 1,631 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,421 | |||
Buildings and Improvements | 7,399 | |||
Total | 8,820 | |||
Accumulated Depreciation at December 31, 2013 | 3,122 | |||
Depreciable Life (Years) | 40 years | |||
303 Fellowship Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,493 | |||
Buildings and Improvements | 6,055 | |||
Net Improvements (Retirements) Since Acquisition | 851 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,493 | |||
Buildings and Improvements | 6,906 | |||
Total | 8,399 | |||
Accumulated Depreciation at December 31, 2013 | 3,114 | |||
Depreciable Life (Years) | 40 years | |||
309 Fellowship Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,518 | |||
Buildings and Improvements | 6,154 | |||
Net Improvements (Retirements) Since Acquisition | 780 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,518 | |||
Buildings and Improvements | 6,934 | |||
Total | 8,452 | |||
Accumulated Depreciation at December 31, 2013 | 3,070 | |||
Depreciable Life (Years) | 40 years | |||
1000 Bishops Gate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 934 | |||
Buildings and Improvements | 6,287 | |||
Net Improvements (Retirements) Since Acquisition | -647 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 934 | |||
Buildings and Improvements | 5,640 | |||
Total | 6,574 | |||
Accumulated Depreciation at December 31, 2013 | 1,534 | |||
Depreciable Life (Years) | 40 years | |||
161 Gaither Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,016 | |||
Buildings and Improvements | 4,064 | |||
Net Improvements (Retirements) Since Acquisition | 731 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,016 | |||
Buildings and Improvements | 4,795 | |||
Total | 5,811 | |||
Accumulated Depreciation at December 31, 2013 | 1,855 | |||
Depreciable Life (Years) | 40 years | |||
815 East Gate Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 636 | |||
Buildings and Improvements | 2,584 | |||
Net Improvements (Retirements) Since Acquisition | 550 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 636 | |||
Buildings and Improvements | 3,134 | |||
Total | 3,770 | |||
Accumulated Depreciation at December 31, 2013 | 1,436 | |||
Depreciable Life (Years) | 40 years | |||
4000 Midlantic Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 714 | |||
Buildings and Improvements | 5,085 | |||
Net Improvements (Retirements) Since Acquisition | -1,833 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 714 | |||
Buildings and Improvements | 3,252 | |||
Total | 3,966 | |||
Accumulated Depreciation at December 31, 2013 | 1,531 | |||
Depreciable Life (Years) | 40 years | |||
817 East Gate Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 611 | |||
Buildings and Improvements | 2,426 | |||
Net Improvements (Retirements) Since Acquisition | 263 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 611 | |||
Buildings and Improvements | 2,689 | |||
Total | 3,300 | |||
Accumulated Depreciation at December 31, 2013 | 1,159 | |||
Depreciable Life (Years) | 40 years | |||
400 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,528 | |||
Buildings and Improvements | 9,220 | |||
Net Improvements (Retirements) Since Acquisition | 1,086 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,528 | |||
Buildings and Improvements | 10,306 | |||
Total | 12,834 | |||
Accumulated Depreciation at December 31, 2013 | 3,911 | |||
Depreciable Life (Years) | 40 years | |||
100 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,160 | |||
Buildings and Improvements | 4,633 | |||
Net Improvements (Retirements) Since Acquisition | 859 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,160 | |||
Buildings and Improvements | 5,492 | |||
Total | 6,652 | |||
Accumulated Depreciation at December 31, 2013 | 2,595 | |||
Depreciable Life (Years) | 40 years | |||
200 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 911 | |||
Buildings and Improvements | 4,414 | |||
Net Improvements (Retirements) Since Acquisition | 1,018 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 911 | |||
Buildings and Improvements | 5,432 | |||
Total | 6,343 | |||
Accumulated Depreciation at December 31, 2013 | 2,180 | |||
Depreciable Life (Years) | 40 years | |||
Main Street-Plaza 1000 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,732 | |||
Buildings and Improvements | 10,942 | |||
Net Improvements (Retirements) Since Acquisition | 2,933 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,732 | |||
Buildings and Improvements | 13,875 | |||
Total | 16,607 | |||
Accumulated Depreciation at December 31, 2013 | 13,211 | |||
Depreciable Life (Years) | 40 years | |||
Main Street-Piazza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 696 | |||
Buildings and Improvements | 2,802 | |||
Net Improvements (Retirements) Since Acquisition | 3,034 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 696 | |||
Buildings and Improvements | 5,836 | |||
Total | 6,532 | |||
Accumulated Depreciation at December 31, 2013 | 1,714 | |||
Depreciable Life (Years) | 40 years | |||
Main Street-Promenade [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 531 | |||
Buildings and Improvements | 2,052 | |||
Net Improvements (Retirements) Since Acquisition | 444 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 531 | |||
Buildings and Improvements | 2,496 | |||
Total | 3,027 | |||
Accumulated Depreciation at December 31, 2013 | 1,218 | |||
Depreciable Life (Years) | 40 years | |||
920 North King Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,141 | |||
Buildings and Improvements | 21,140 | |||
Net Improvements (Retirements) Since Acquisition | 2,669 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,141 | |||
Buildings and Improvements | 23,809 | |||
Total | 29,950 | |||
Accumulated Depreciation at December 31, 2013 | 7,669 | |||
Depreciable Life (Years) | 30 years | |||
300 Delaware Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,368 | |||
Buildings and Improvements | 13,739 | |||
Net Improvements (Retirements) Since Acquisition | 2,548 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,368 | |||
Buildings and Improvements | 16,287 | |||
Total | 22,655 | |||
Accumulated Depreciation at December 31, 2013 | 6,642 | |||
Depreciable Life (Years) | 23 years | |||
Two Righter Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,802 | |||
Buildings and Improvements | 11,217 | |||
Net Improvements (Retirements) Since Acquisition | 6,172 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,802 | |||
Buildings and Improvements | 17,389 | |||
Total | 20,191 | |||
Accumulated Depreciation at December 31, 2013 | 4,822 | |||
Depreciable Life (Years) | 40 years | |||
One Righter Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,545 | |||
Buildings and Improvements | 10,195 | |||
Net Improvements (Retirements) Since Acquisition | 5,864 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,545 | |||
Buildings and Improvements | 16,059 | |||
Total | 18,604 | |||
Accumulated Depreciation at December 31, 2013 | 8,839 | |||
Depreciable Life (Years) | 40 years | |||
4364 South Alston Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,622 | |||
Buildings and Improvements | 6,419 | |||
Net Improvements (Retirements) Since Acquisition | 1,357 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,581 | |||
Buildings and Improvements | 7,817 | |||
Total | 9,398 | |||
Accumulated Depreciation at December 31, 2013 | 3,174 | |||
Depreciable Life (Years) | 40 years | |||
4805 Lake Brooke Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,640 | |||
Buildings and Improvements | 6,567 | |||
Net Improvements (Retirements) Since Acquisition | 1,537 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,640 | |||
Buildings and Improvements | 8,104 | |||
Total | 9,744 | |||
Accumulated Depreciation at December 31, 2013 | 3,243 | |||
Depreciable Life (Years) | 40 years | |||
Overlook I [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 748 | |||
Buildings and Improvements | 3,976 | |||
Net Improvements (Retirements) Since Acquisition | 599 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 790 | |||
Buildings and Improvements | 4,533 | |||
Total | 5,323 | |||
Accumulated Depreciation at December 31, 2013 | 677 | |||
Depreciable Life (Years) | 40 years | |||
Overlook II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 748 | |||
Buildings and Improvements | 4,492 | |||
Net Improvements (Retirements) Since Acquisition | 364 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 790 | |||
Buildings and Improvements | 4,814 | |||
Total | 5,604 | |||
Accumulated Depreciation at December 31, 2013 | 671 | |||
Depreciable Life (Years) | 40 years | |||
2812 Emerywood Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,069 | |||
Buildings and Improvements | 4,281 | |||
Net Improvements (Retirements) Since Acquisition | 515 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,069 | |||
Buildings and Improvements | 4,796 | |||
Total | 5,865 | |||
Accumulated Depreciation at December 31, 2013 | 2,182 | |||
Depreciable Life (Years) | 40 years | |||
300 Arboretum Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 5,450 | |||
Buildings and Improvements | 21,892 | |||
Net Improvements (Retirements) Since Acquisition | 6,917 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 5,450 | |||
Buildings and Improvements | 28,809 | |||
Total | 34,259 | |||
Accumulated Depreciation at December 31, 2013 | 10,862 | |||
Depreciable Life (Years) | 40 years | |||
7501 Boulders View Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,669 | |||
Buildings and Improvements | 19,699 | |||
Net Improvements (Retirements) Since Acquisition | 2,071 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,925 | |||
Buildings and Improvements | 21,514 | |||
Total | 26,439 | |||
Accumulated Depreciation at December 31, 2013 | 4,786 | |||
Depreciable Life (Years) | 40 years | |||
7300 Beaufont Springs Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,672 | |||
Buildings and Improvements | 19,689 | |||
Net Improvements (Retirements) Since Acquisition | 2,857 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,922 | |||
Buildings and Improvements | 22,296 | |||
Total | 27,218 | |||
Accumulated Depreciation at December 31, 2013 | 4,223 | |||
Depreciable Life (Years) | 40 years | |||
6800 Paragon Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,552 | |||
Buildings and Improvements | 18,414 | |||
Net Improvements (Retirements) Since Acquisition | 2,163 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,552 | |||
Buildings and Improvements | 20,577 | |||
Total | 25,129 | |||
Accumulated Depreciation at December 31, 2013 | 4,651 | |||
Depreciable Life (Years) | 40 years | |||
6802 Paragon Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,917 | |||
Buildings and Improvements | 11,454 | |||
Net Improvements (Retirements) Since Acquisition | 3,143 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,917 | |||
Buildings and Improvements | 14,597 | |||
Total | 17,514 | |||
Accumulated Depreciation at December 31, 2013 | 5,312 | |||
Depreciable Life (Years) | 40 years | |||
1025 Boulders Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,574 | |||
Buildings and Improvements | 11,297 | |||
Net Improvements (Retirements) Since Acquisition | 1,704 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,824 | |||
Buildings and Improvements | 12,751 | |||
Total | 15,575 | |||
Accumulated Depreciation at December 31, 2013 | 2,545 | |||
Depreciable Life (Years) | 40 years | |||
2100-2116 West Laburnam Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,482 | |||
Buildings and Improvements | 8,846 | |||
Net Improvements (Retirements) Since Acquisition | 2,770 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,482 | |||
Buildings and Improvements | 11,616 | |||
Total | 14,098 | |||
Accumulated Depreciation at December 31, 2013 | 5,162 | |||
Depreciable Life (Years) | 40 years | |||
7401 Beaufont Springs Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,349 | |||
Buildings and Improvements | 10,396 | |||
Net Improvements (Retirements) Since Acquisition | 1,011 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,599 | |||
Buildings and Improvements | 11,157 | |||
Total | 13,756 | |||
Accumulated Depreciation at December 31, 2013 | 2,289 | |||
Depreciable Life (Years) | 40 years | |||
7325 Beaufont Springs Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,344 | |||
Buildings and Improvements | 10,377 | |||
Net Improvements (Retirements) Since Acquisition | 630 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,594 | |||
Buildings and Improvements | 10,757 | |||
Total | 13,351 | |||
Accumulated Depreciation at December 31, 2013 | 2,049 | |||
Depreciable Life (Years) | 40 years | |||
9011 Arboretum Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,857 | |||
Buildings and Improvements | 7,702 | |||
Net Improvements (Retirements) Since Acquisition | 940 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,857 | |||
Buildings and Improvements | 8,642 | |||
Total | 10,499 | |||
Accumulated Depreciation at December 31, 2013 | 3,854 | |||
Depreciable Life (Years) | 40 years | |||
6806 Paragon Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 0 | |||
Buildings and Improvements | 10,288 | |||
Net Improvements (Retirements) Since Acquisition | -37 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 402 | |||
Buildings and Improvements | 9,849 | |||
Total | 10,251 | |||
Accumulated Depreciation at December 31, 2013 | 2,660 | |||
Depreciable Life (Years) | 40 years | |||
9100 Arboretum Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,362 | |||
Buildings and Improvements | 5,489 | |||
Net Improvements (Retirements) Since Acquisition | 979 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,362 | |||
Buildings and Improvements | 6,468 | |||
Total | 7,830 | |||
Accumulated Depreciation at December 31, 2013 | 2,807 | |||
Depreciable Life (Years) | 40 years | |||
2511 Brittons Hill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,202 | |||
Buildings and Improvements | 4,820 | |||
Net Improvements (Retirements) Since Acquisition | 1,221 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,202 | |||
Buildings and Improvements | 6,041 | |||
Total | 7,243 | |||
Accumulated Depreciation at December 31, 2013 | 2,846 | |||
Depreciable Life (Years) | 40 years | |||
100 Gateway Centre Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 391 | |||
Buildings and Improvements | 5,410 | |||
Net Improvements (Retirements) Since Acquisition | 617 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 391 | |||
Buildings and Improvements | 6,027 | |||
Total | 6,418 | |||
Accumulated Depreciation at December 31, 2013 | 1,922 | |||
Depreciable Life (Years) | 40 years | |||
9200 Arboretum Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 985 | |||
Buildings and Improvements | 3,973 | |||
Net Improvements (Retirements) Since Acquisition | 1,252 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 985 | |||
Buildings and Improvements | 5,225 | |||
Total | 6,210 | |||
Accumulated Depreciation at December 31, 2013 | 2,348 | |||
Depreciable Life (Years) | 40 years | |||
9210 Arboretum Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,110 | |||
Buildings and Improvements | 4,474 | |||
Net Improvements (Retirements) Since Acquisition | 517 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,110 | |||
Buildings and Improvements | 4,991 | |||
Total | 6,101 | |||
Accumulated Depreciation at December 31, 2013 | 2,239 | |||
Depreciable Life (Years) | 40 years | |||
2201-2245 Tomlynn Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,020 | |||
Buildings and Improvements | 4,067 | |||
Net Improvements (Retirements) Since Acquisition | 1,046 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,020 | |||
Buildings and Improvements | 5,113 | |||
Total | 6,133 | |||
Accumulated Depreciation at December 31, 2013 | 2,154 | |||
Depreciable Life (Years) | 40 years | |||
9211 Arboretum Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 582 | |||
Buildings and Improvements | 2,433 | |||
Net Improvements (Retirements) Since Acquisition | 844 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 582 | |||
Buildings and Improvements | 3,277 | |||
Total | 3,859 | |||
Accumulated Depreciation at December 31, 2013 | 1,317 | |||
Depreciable Life (Years) | 40 years | |||
2221-2245 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 530 | |||
Buildings and Improvements | 2,123 | |||
Net Improvements (Retirements) Since Acquisition | 359 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 530 | |||
Buildings and Improvements | 2,482 | |||
Total | 3,012 | |||
Accumulated Depreciation at December 31, 2013 | 990 | |||
Depreciable Life (Years) | 40 years | |||
2212-2224 Tomlynn Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 502 | |||
Buildings and Improvements | 2,014 | |||
Net Improvements (Retirements) Since Acquisition | 395 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 502 | |||
Buildings and Improvements | 2,409 | |||
Total | 2,911 | |||
Accumulated Depreciation at December 31, 2013 | 1,020 | |||
Depreciable Life (Years) | 40 years | |||
2244 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 550 | |||
Buildings and Improvements | 2,203 | |||
Net Improvements (Retirements) Since Acquisition | 0 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 550 | |||
Buildings and Improvements | 2,203 | |||
Total | 2,753 | |||
Accumulated Depreciation at December 31, 2013 | 964 | |||
Depreciable Life (Years) | 40 years | |||
2277 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 507 | |||
Buildings and Improvements | 2,034 | |||
Net Improvements (Retirements) Since Acquisition | 294 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 507 | |||
Buildings and Improvements | 2,328 | |||
Total | 2,835 | |||
Accumulated Depreciation at December 31, 2013 | 977 | |||
Depreciable Life (Years) | 40 years | |||
2248 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 512 | |||
Buildings and Improvements | 2,049 | |||
Net Improvements (Retirements) Since Acquisition | 57 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 512 | |||
Buildings and Improvements | 2,106 | |||
Total | 2,618 | |||
Accumulated Depreciation at December 31, 2013 | 923 | |||
Depreciable Life (Years) | 40 years | |||
2161-2179 Tomlynn Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 423 | |||
Buildings and Improvements | 1,695 | |||
Net Improvements (Retirements) Since Acquisition | 315 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 423 | |||
Buildings and Improvements | 2,010 | |||
Total | 2,433 | |||
Accumulated Depreciation at December 31, 2013 | 842 | |||
Depreciable Life (Years) | 40 years | |||
2246 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 455 | |||
Buildings and Improvements | 1,822 | |||
Net Improvements (Retirements) Since Acquisition | 0 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 455 | |||
Buildings and Improvements | 1,822 | |||
Total | 2,277 | |||
Accumulated Depreciation at December 31, 2013 | 797 | |||
Depreciable Life (Years) | 40 years | |||
2251 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 387 | |||
Buildings and Improvements | 1,552 | |||
Net Improvements (Retirements) Since Acquisition | 95 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 387 | |||
Buildings and Improvements | 1,647 | |||
Total | 2,034 | |||
Accumulated Depreciation at December 31, 2013 | 738 | |||
Depreciable Life (Years) | 40 years | |||
2256 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 356 | |||
Buildings and Improvements | 1,427 | |||
Net Improvements (Retirements) Since Acquisition | 182 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 356 | |||
Buildings and Improvements | 1,609 | |||
Total | 1,965 | |||
Accumulated Depreciation at December 31, 2013 | 751 | |||
Depreciable Life (Years) | 40 years | |||
2130-2146 Tomlynn Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 353 | |||
Buildings and Improvements | 1,416 | |||
Net Improvements (Retirements) Since Acquisition | 214 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 353 | |||
Buildings and Improvements | 1,630 | |||
Total | 1,983 | |||
Accumulated Depreciation at December 31, 2013 | 704 | |||
Depreciable Life (Years) | 40 years | |||
2120 Tomlynn Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 281 | |||
Buildings and Improvements | 1,125 | |||
Net Improvements (Retirements) Since Acquisition | 300 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 281 | |||
Buildings and Improvements | 1,425 | |||
Total | 1,706 | |||
Accumulated Depreciation at December 31, 2013 | 625 | |||
Depreciable Life (Years) | 40 years | |||
2240 Dabney Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 264 | |||
Buildings and Improvements | 1,059 | |||
Net Improvements (Retirements) Since Acquisition | 88 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 264 | |||
Buildings and Improvements | 1,147 | |||
Total | 1,411 | |||
Accumulated Depreciation at December 31, 2013 | 478 | |||
Depreciable Life (Years) | 40 years | |||
Boulders Land [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 1,256 | |||
Buildings and Improvements | 0 | |||
Net Improvements (Retirements) Since Acquisition | 28 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 1,259 | |||
Buildings and Improvements | 25 | |||
Total | 1,284 | |||
Accumulated Depreciation at December 31, 2013 | 2 | |||
5900 & 5950 La Place Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,706 | |||
Buildings and Improvements | 11,185 | |||
Net Improvements (Retirements) Since Acquisition | 3,613 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,955 | |||
Buildings and Improvements | 14,549 | |||
Total | 18,504 | |||
Accumulated Depreciation at December 31, 2013 | 3,645 | |||
Depreciable Life (Years) | 48 years | |||
5963 La Place Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 2,824 | |||
Buildings and Improvements | 9,413 | |||
Net Improvements (Retirements) Since Acquisition | 2,117 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 2,999 | |||
Buildings and Improvements | 11,355 | |||
Total | 14,354 | |||
Accumulated Depreciation at December 31, 2013 | 2,486 | |||
Depreciable Life (Years) | 55 years | |||
2035 Corte Del Nogal [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 3,261 | |||
Buildings and Improvements | 6,077 | |||
Net Improvements (Retirements) Since Acquisition | 1,167 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 3,499 | |||
Buildings and Improvements | 7,006 | |||
Total | 10,505 | |||
Accumulated Depreciation at December 31, 2013 | 2,038 | |||
Depreciable Life (Years) | 39 years | |||
1200 Concord Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,395 | |||
Buildings and Improvements | 24,664 | |||
Net Improvements (Retirements) Since Acquisition | 808 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,515 | |||
Buildings and Improvements | 25,352 | |||
Total | 31,867 | |||
Accumulated Depreciation at December 31, 2013 | 7,949 | |||
Depreciable Life (Years) | 34 years | |||
1220 Concord Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 6,476 | |||
Buildings and Improvements | 24,966 | |||
Net Improvements (Retirements) Since Acquisition | 260 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 6,476 | |||
Buildings and Improvements | 25,226 | |||
Total | 31,702 | |||
Accumulated Depreciation at December 31, 2013 | 7,622 | |||
Depreciable Life (Years) | 34 years | |||
155 Grand Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 13,556 | |||
Buildings and Improvements | 54,267 | |||
Net Improvements (Retirements) Since Acquisition | 6,316 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 13,556 | |||
Buildings and Improvements | 60,583 | |||
Total | 74,139 | |||
Accumulated Depreciation at December 31, 2013 | 12,652 | |||
Depreciable Life (Years) | 40 years | |||
Two Kaiser Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 7,841 | |||
Buildings and Improvements | 0 | |||
Net Improvements (Retirements) Since Acquisition | 0 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 7,841 | |||
Buildings and Improvements | 0 | |||
Total | 7,841 | |||
Accumulated Depreciation at December 31, 2013 | 0 | |||
Oakland Lot B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances at December 31, 2012 | 0 | |||
Initial Cost [Abstract] | ||||
Land | 4,342 | |||
Buildings and Improvements | 0 | |||
Net Improvements (Retirements) Since Acquisition | 0 | |||
Carrying Amount at Which Carried [Abstract] | ||||
Land | 4,342 | |||
Buildings and Improvements | 0 | |||
Total | 4,342 | |||
Accumulated Depreciation at December 31, 2013 | $0 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Reconciliation of Real Estate and Accumulated Depreciation) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the Beginning of the Year | $4,669,289 | $4,726,169 | $4,793,080 | ||
Additions: | |||||
Acquisitions | 0 | 347,510 | 50,579 | ||
Capital Expenditures | 132,149 | 109,740 | 90,619 | ||
Less: | |||||
Dispositions | -126,471 | -474,275 | -168,408 | ||
SEC Schedule III, Real Estate, Other Deductions | -43,839 | -39,855 | -39,701 | ||
Balance at the End of the Year | 4,631,128 | 4,669,289 | 4,726,169 | ||
Real Estate Held-for-sale | 27,436 | [1] | 0 | [1] | 0 |
Operating properties | 4,603,692 | 4,669,289 | 4,726,169 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the beginning of the year | 983,808 | 954,665 | 865,710 | ||
Real Estate Accumulated Depreciation Additions [Abstract] | |||||
Depreciation expense — continuing operations | 160,641 | 150,236 | 154,095 | ||
Depreciation expense — discontinued operations | 0 | 9,164 | 2,143 | ||
Real Estate Accumulated Depreciation Less Dispositions [Abstract] | |||||
Dispositions | -22,459 | -91,890 | -28,270 | ||
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions | -42,994 | -38,367 | -39,013 | ||
Balance at the end of the year | 1,078,996 | 983,808 | 954,665 | ||
SchIIIRealEstateAccumulatedDepreciationAssetsHeldForSale | -11,167 | 0 | 0 | ||
Real Estate Investment Property, Accumulated Depreciation | 1,067,829 | 983,808 | |||
Accumulated Depreciation, including HFS [Member] | |||||
Real Estate Accumulated Depreciation Less Dispositions [Abstract] | |||||
Real Estate Investment Property, Accumulated Depreciation | $1,067,829 | $983,808 | $954,665 | ||
[1] | (a)Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Aggregate Costs for Federal Income Tax Purposes and Ownership Percentage) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Tax Basis of Assets, Cost for Income Tax Purposes | $3.70 | $4 |
3141 Fairview Park Drive [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |