Investment in Unconsolidated Real Estate Ventures (Tables)

9 Months Ended

Sep. 30, 2016

Equity Method Investments And Joint Ventures [Abstract]

Summary of Financial Position of Real Estate Ventures

The following is a summary of the financial position of the Real Estate Ventures as of September 30, 2016 and December 31, 2015 (in thousands):

	September 30, 2016		December 31, 2015
Net property	$	1,463,500	$	1,258,999
Other assets		270,892		158,672
Other liabilities		124,949		69,028
Debt, net		1,007,062		794,571
Equity		602,381		554,072
Company’s share of equity (Company’s basis) (a) (b)	$	282,162	$	241,004

(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 in one real estate venture totaling $1.1 million as of December 31, 2015, which is included in other liabilities. There is no negative investment balance as of September 30, 2016 because the Company sold its entire remaining 50% interest in the applicable real estate venture (See “Coppell Associates” section below) during the three month period ended March 31, 2016.

Summary of Results of Operations of Real Estate Ventures with Interests

The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during the three- and nine-months periods ended September 30, 2016 and 2015 (in thousands):

	Three-month periods ended September 30,						Nine-month periods ended September 30,
	2016			2015			2016			2015
Revenue	$	57,710		$	37,076		$	157,641		$	126,424
Operating expenses		(27,592	)		(16,917	)		(81,347	)		(54,581	)
Provision for impairment (a)		(10,476	)		-			(10,476	)		-
Interest expense, net		(12,102	)		(7,936	)		(32,019	)		(27,918	)
Depreciation and amortization		(22,722	)		(15,681	)		(63,125	)		(52,218	)
Net loss (b)	$	(15,182	)	$	(3,458	)	$	(29,326	)	$	(8,293	)
Equity in loss of Real Estate Ventures	$	(7,254	)	$	(1,093	)	$	(9,323	)	$	(1,835	)

(a)   During the period ended September 30, 2016, Brandywine-AI Venture LLC recorded a property level impairment charge of $10.4 million. See additional details in the “Station Square Impairment” disclosure below.

(b) The nine-month period ended September 30, 2016 amount includes $7.1 million of acquisition deal costs related to the formation of the MAP Venture during the three-month period ended March 31, 2016.