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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
In January 2018, we entered into an agreement for the sale of Summit I and II, two office assets located in Reston, Virginia, which had an aggregate net carrying value of $87.9 million as of December 31, 2017 for an aggregate gross sales price of $95.0 million. The assets met the held for sale criteria subsequent to December 31, 2017.
In January 2018, we drew an additional $50.0 million under the Tranche A-1 Term Loan, in accordance with the delayed draw provisions of the credit facility. Concurrent with the draw, we entered into an interest rate swap agreement to convert the variable interest rate to a fixed interest rate.
In January 2018, we entered into a real estate venture with CIM Group ("CIM") and Pacific Life Insurance Company ("PacLife"), which purchased the 1,152-key Marriott Wardman Park Hotel ("Wardman Park Marriott"), located adjacent to the Woodley Park Metro Station in northwest Washington, DC.  We and CIM each contributed $10.1 million for 16.67% interests in the real estate venture and PacLife contributed $40.3 million for the remaining 66.67% interest.  Prior to the acquisition, the JBG Legacy Funds owned a 47.64% interest in the Wardman Park Marriott. While the new real estate venture will attempt to improve hotel operations, in the event operations continue to decline, the real estate venture provides a low-cost option to pursue a plan to develop a large and potentially valuable land site in a high value residential market. We do not intend to devote meaningful resources to managing the asset, and intend to only do so if the land development opportunity becomes the primary business plan for the asset.
In February 2018, we closed on a joint venture with one of our real estate venture partners, CPPIB, to develop and own 1900 N Street, an under-construction office asset in Washington, DC. CPPIB has committed approximately $101.0 million for a 45% interest, which will reduce our ownership percentage from 100.0% to 55.0% as contributions are funded.
In February 2018, we issued an additional 61,309 Formation Units, 357,922 Time-Based LTIP Units and 553,589 Performance-Based LTIP Units to management and employees with an estimated aggregate fair value of $21.1 million.