Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Balance Sheet of Equity Method Investments [Table Text Block]

The condensed balance sheets as of December 31, 2015 and 2014 and condensed statements of operations for the years ended December 31, 2015, 2014 and 2013 for Liberty Venture I, LP, Kings Hill Unit Trust, Liberty Illinois, LP, Blythe Valley JV Sarl (no remaining interest as of December 31, 2013), Liberty Washington, LP, Liberty/Comcast, Liberty Property 18th & Arch, and the other unconsolidated joint ventures are as follows (in thousands):

Condensed Balance Sheets:



	December 31, 2015
	Liberty			Kings Hill			Liberty			Liberty			Liberty/			Liberty Property
	Venture I, LP			Unit Trust			Illinois, LP			Washington, LP			Comcast ⁽³⁾			18th & Arch⁽²⁾		Other			Total
Real estate assets	$	168,690		$	164,603		$	263,552		$	534,132		$	495,248		$	—	$	67,940		$	1,694,165
Accumulated depreciation	(37,473		)	(28,513		)	(54,308		)	(43,224		)	(111,067		)	—		(10,950		)	(285,535		)
Real estate assets, net	131,217			136,090			209,244			490,908			384,181			—		56,990			1,408,630
Development in progress	34,878			—			22,998			—			—			323,615		17,401			398,892
Land held for development	4,471			—			28,590			2,000			—			—		42,495			77,556
Other assets	14,860			8,967			20,668			52,429			47,441			15,594		49,312			209,271
Total assets	$	185,426		$	145,057		$	281,500		$	545,337		$	431,622		$	339,209	$	166,198		$	2,094,349

Debt	$	121,793		$	99,603		$	155,601		$	314,080		$	313,402		$	—	$	56,739		$	1,061,218
Other liabilities	10,571			27,408			8,594			10,634			9,618			40,958		29,064			136,847
Equity	53,062			18,046			117,305			220,623			108,602			298,251		80,395			896,284
Total liabilities and equity	$	185,426		$	145,057		$	281,500		$	545,337		$	431,622		$	339,209	$	166,198		$	2,094,349

Company's net investment in unconsolidated joint ventures⁽¹⁾	$	11,563		$	6,789		$	18,221		$	55,552		$	20,465		$	62,677	$	43,187		$	218,454



	December 31, 2014
	Liberty			Kings Hill			Liberty			Liberty			Liberty/			Liberty Property
	Venture I, LP			Unit Trust			Illinois, LP			Washington, LP			Comcast ⁽³⁾			18th and Arch ⁽²⁾		Other			Total
Real estate assets	$	173,346		$	173,707		$	260,988		$	603,413		$	494,678		$	—	$	69,041		$	1,775,173
Accumulated depreciation	(32,752		)	(26,494		)	(48,191		)	(35,384		)	(97,189		)	—		(9,651		)	(249,661		)
Real estate assets, net	140,594			147,213			212,797			568,029			397,489			—		59,390			1,525,512
Development in progress	—			—			17,973			—			—			111,244		4,366			133,583
Land held for development	14,108			—			28,362			2,000			—			—		39,438			83,908
Other assets	15,523			14,928			20,182			50,657			52,393			1,306		38,215			193,204
Total assets	$	170,225		$	162,141		$	279,314		$	620,686		$	449,882		$	112,550	$	141,409		$	1,936,207

Debt	$	78,748		$	91,356		$	145,752		$	318,367		$	317,934		$	—	$	43,114		$	995,271
Other liabilities	5,215			94,504			13,812			12,022			9,657			13,398		14,306			162,914
Equity	86,262			(23,719		)	119,750			290,297			122,291			99,152		83,989			778,022
Total liabilities and equity	$	170,225		$	162,141		$	279,314		$	620,686		$	449,882		$	112,550	$	141,409		$	1,936,207

Company's net investment in unconsolidated joint ventures ⁽¹⁾	$	20,010		$	11,663		$	18,692		$	69,230		$	23,153		$	21,292	$	44,792		$	208,832

Schedule of Condensed Statements of Operations of Equity Method Investments [Table Text Block]

Condensed Statements of Operations:



	Year Ended December 31, 2015
	Liberty			Kings Hill Unit			Liberty			Liberty			Liberty/			Liberty Property
	Venture I, LP			Trust⁽⁴⁾			Illinois, LP			Washington, LP			Comcast			18th & Arch⁽²⁾			Other ⁽⁵⁾			Total
Total revenue	$	23,708		$	12,602		$	26,085		$	71,101		$	68,444		$	—		$	9,387		$	211,327
Operating expense	7,977			5,261			9,303			27,384			29,692			221			2,727			82,565
	15,731			7,341			16,782			43,717			38,752			(221		)	6,660			128,762

Interest	(5,415		)	(6,116		)	(8,441		)	(17,353		)	(19,936		)	—			(2,248		)	(59,509		)
Depreciation and amortization	(6,399		)	(3,954		)	(7,406		)	(20,725		)	(14,442		)	—			(1,840		)	(54,766		)
Other income/(expense)	68			45,604			29			531			(227		)	30			9,925			55,960
Gain (loss) on sale/impairment	760			—			—			(56,792		)	—			—			—			(56,032		)
Net income (loss)	$	4,745		$	42,875		$	964		$	(50,622	)	$	4,147		$	(191	)	$	12,497		$	14,415

Company's equity in earnings (loss) of unconsolidated joint ventures	$	1,540		$	(425	)	$	807		$	(7,314	)	$	2,053		$	(29	)	$	6,517		$	3,149



	Year Ended December 31, 2014
	Liberty			Kings Hill			Liberty			Liberty			Liberty/			Liberty Property
	Venture I, LP			Unit Trust			Illinois, LP			Washington, LP			Comcast			18th & Arch ⁽²⁾			Other ⁽⁵⁾			Total
Total revenue	$	19,277		$	13,221		$	25,181		$	72,824		$	63,580		$	—		$	8,923		$	203,006
Operating expense	6,398			5,387			8,965			28,349			23,557			199			2,897			75,752
	12,879			7,834			16,216			44,475			40,023			(199		)	6,026			127,254

Interest	(5,078		)	(6,110		)	(7,932		)	(18,612		)	(20,179		)	—			(3,415		)	(61,326		)
Depreciation and amortization	(5,757		)	(4,135		)	(7,380		)	(27,112		)	(14,591		)	—			(1,891		)	(60,866		)
Other income/(expense)	(17		)	208			39			375			(278		)	(13		)	9,090			9,404
Gain (loss) on sale/impairment	—			—			187			(172,691		)	—			—			—			(172,504		)
Net income (loss)	$	2,027		$	(2,203	)	$	1,130		$	(173,565	)	$	4,975		$	(212	)	$	9,810		$	(158,038	)

Company's equity in earnings (loss) of unconsolidated joint ventures	$	788		$	(288	)	$	824		$	2,251		$	1,633		$	(33	)	$	5,139		$	10,314



	Year Ended December 31, 2013
	Liberty			Kings Hill			Liberty			Liberty			Liberty/
	Venture I, LP			Unit Trust			Illinois, LP			Washington, LP			Comcast			Other			Total
Total revenue	$	16,238		$	12,701		$	24,455		$	75,821		$	62,411		$	8,415		$	200,041
Operating expense	5,248			4,187			8,353			27,549			23,074			2,636			71,047
	10,990			8,514			16,102			48,272			39,337			5,779			128,994

Interest	(5,318		)	(5,133		)	(8,348		)	(18,946		)	(20,391		)	(2,933		)	(61,069		)
Depreciation and amortization	(4,414		)	(3,829		)	(7,382		)	(28,392		)	(14,734		)	(1,870		)	(60,621		)
Other income/(expense)	53			71			38			122			(233		)	(37		)	14
Loss from discontinued operations	—			(5,647		)	—			(8,731		)	—			—			(14,378		)
Net income (loss)	$	1,311		$	(6,024	)	$	410		$	(7,675	)	$	3,979		$	939		$	(7,060	)

Company's equity in earnings (loss) of unconsolidated joint ventures	$	530		$	(908	)	$	618		$	3,748		$	1,406		$	673		$	6,067

(1)

Differences between the Company's net investment in unconsolidated joint ventures and its underlying equity in the net assets of the venture are primarily a result of impairments related to the Company's investment in unconsolidated joint ventures, the deferral of gains associated with the sales of properties to joint ventures in which the Company retains an ownership interest and loans made to the joint ventures by the Company. These adjustments have resulted in an aggregate difference reducing the Company's investments in unconsolidated joint ventures by $4.5 million as of December 31, 2015 and increasing the Company's investment in unconsolidated joint ventures by $3.2 million as of December 31, 2014. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans) are typically depreciated over the life of the related asset.


(2)	Represents the combined results of two joint ventures related to the property at 18th and Arch Streets, Philadelphia.


(3)	The Company's maximum exposure to loss is equal to the Company's net investment in unconsolidated joint ventures as of December 31, 2015 and 2014, respectively.


(4)	Other income/(expense) for this joint venture reflects forgiveness of related party debt between the joint venture and its investment partners consistent with each partner's equity ownership.


(5)	Other income/(expense) for this group of joint ventures reflects gains related to the sales of land leasehold interests totaling $9.9 million and $9.1 million for the years ended December 31, 2015 and 2014, respectively.