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Investments in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]  
Investments In Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at June 30, 2024 and December 31, 2023:
 Carrying Value of Investment (1)
EntityPropertiesNominal % OwnershipJune 30, 2024December 31, 2023
(in thousands)
Square 407 Limited PartnershipMarket Square North50.00 %$(12,160)$(5,996)
901 New York, LLC901 New York Avenue25.00 %(2)— (11,764)
WP Project Developer LLCWisconsin Place Land and Infrastructure33.33 %(3)30,099 30,375 
500 North Capitol Venture LLC500 North Capitol Street, NW30.00 %(11,198)(10,253)
501 K Street LLC1001 6th Street50.00 %45,923 44,774 
Podium Developer LLCThe Hub on Causeway - Podium50.00 %44,223 45,201 
Residential Tower Developer LLCHub50House50.00 %42,547 40,235 
Hotel Tower Developer LLCThe Hub on Causeway - Hotel Air Rights50.00 %13,863 13,494 
Office Tower Developer LLC100 Causeway Street50.00 %56,602 57,660 
1265 Main Office JV LLC1265 Main Street50.00 %3,562 3,585 
BNY Tower Holdings LLCDock 72 50.00 %(4)(8,154)(11,890)
CA-Colorado Center, LLCColorado Center50.00 %235,144 237,815 
7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 %49,445 50,064 
BP-M 3HB Venture LLC3 Hudson Boulevard25.00 %114,223 115,103 
Platform 16 Holdings LPPlatform 1655.00 %55,689 45,564 
Gateway Portfolio Holdings LLCGateway Commons50.00 %388,599 376,834 
Rosecrans-Sepulveda Partners 4, LLCBeach Cities Media Campus50.00 %27,049 27,034 
Safeco Plaza REIT LLCSafeco Plaza33.67 %(5)46,222 44,734 
360 PAS Holdco LLC360 Park Avenue South71.11 %(6)58,546 42,988 
PR II/BXP Reston Gateway LLCSkymark - Reston Next Residential20.00 %15,496 15,184 
751 Gateway Holdings LLC751 Gateway 49.00 %98,117 93,411 
200 Fifth Avenue JV LLC200 Fifth Avenue26.69 %75,108 75,718 
ABXP Worldgate Investments LLC13100 and 13150 Worldgate Drive50.00 %18,360 17,546 
$1,387,305 $1,337,416 
 _______________
(1)Investments with deficit balances aggregating approximately $31.5 million and $39.9 million at June 30, 2024 and December 31, 2023, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2)At December 31, 2023, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company completed the acquisition of its joint venture partner’s 50% economic ownership interest for a gross purchase price of $10.0 million, as described in Note 3 and this Note 5. Since then, the Company accounts for its assets, liabilities and operations on a consolidated basis.
(3)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
(4)This property includes net equity balances from the amenity joint venture.
(5)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture.
(6)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture.
Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block]
The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: 
June 30, 2024December 31, 2023
 (in thousands)
ASSETS
Real estate and development in process, net (1)$5,749,980 $5,811,763 
Other assets (2)648,481 682,291 
Total assets$6,398,461 $6,494,054 
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net$3,184,773 $3,351,873 
Other liabilities (3)295,510 361,357 
Members’/Partners’ equity2,918,178 2,780,824 
Total liabilities and members’/partners’ equity$6,398,461 $6,494,054 
Company’s share of equity$1,330,301 $1,278,483 
Basis differentials (4)57,004 58,933 
Carrying value of the Company’s investments in unconsolidated joint ventures (5)$1,387,305 $1,337,416 
_______________
(1)At June 30, 2024 and December 31, 2023, this amount included right of use assets - operating leases totaling approximately $19.5 million and $20.1 million, respectively.
(2)At June 30, 2024 and December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $14.0 million and $13.9 million, respectively.
(3)At June 30, 2024 and December 31, 2023, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
(4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
June 30, 2024December 31, 2023
Property(in thousands)
Colorado Center$297,474 $298,906 
200 Fifth Avenue53,949 58,308 
Gateway Commons50,312 48,971 
Safeco Plaza(29,279)(29,678)
360 Park Avenue South(115,181)(116,534)
Dock 72(93,775)(95,521)
Platform 16(142,680)(143,052)
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
(5)Investments with deficit balances aggregating approximately $31.5 million and $39.9 million at June 30, 2024 and December 31, 2023, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
Statements Of Operations Of The Joint Ventures
The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: 
 Three months ended June 30,Six months ended June 30,
 2024202320242023
 (in thousands)
Total revenue (1)$120,152 $164,771 $250,546 $316,194 
Expenses
Operating46,453 61,023 95,649 118,229 
Transaction costs5 27 8 101 
Depreciation and amortization38,396 51,233 77,819 101,211 
Total expenses84,854 112,283 173,476 219,541 
Other income (expense)
Loss from early extinguishment of debt— (3)— (3)
Interest expense(43,299)(58,799)(86,862)(116,049)
Unrealized gain on derivative instruments848 14,457 10,960 3,847 
Net income (loss)$(7,153)$8,143 $1,168 $(15,552)
Company’s share of net income (loss)$(2,744)$639 $214 $(6,263)
Gain on sale / consolidation— — 21,696 — 
Basis differential (2)(3,055)(7,307)(8,523)(7,974)
Income (loss) from unconsolidated joint ventures$(5,799)$(6,668)$13,387 $(14,237)
_______________ 
(1)Includes straight-line rent adjustments of approximately $6.2 million and $6.9 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $13.8 million and $13.2 million for the six months ended June 30, 2024 and 2023, respectively.
(2)Includes depreciation and amortization of approximately $3.0 million and $3.7 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $5.9 million and $7.4 million for the six months ended June 30, 2024 and 2023, respectively. Includes unrealized gain on derivative instruments of approximately $0.2 million and $3.9 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $2.9 million and $1.0 million for the six months ended June 30, 2024 and 2023, respectively. Includes straight-line rent adjustments of approximately $0.3 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.6 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively. Also includes net above-/below-market rent adjustments of approximately $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.4 million for the six months ended June 30, 2024 and 2023.