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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Condensed Balance Sheet of Equity Method Investments
The condensed balance sheets as of December 31, 2017 and 2016 and condensed statements of operations for the years ended December 31, 2017, 2016 and 2015 for Liberty Venture I LP, Kings Hill Unit Trust, Liberty Illinois, LP, 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, 2017
 
Liberty
 
Kings Hill
 
Liberty
 
Liberty
 
Liberty/
 
Liberty Property
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
Washington, LP
 
Comcast
 
18th & Arch (2)
 
Other
 
Total
Real estate assets
$
229,600

 
$
152,998

 
$
252,593

 
$
274,847

 
$
496,210

 
$
551,874

 
$
98,589

 
$
2,056,711

Accumulated depreciation
(48,629
)
 
(30,028
)
 
(57,444
)
 
(49,106
)
 
(138,943
)
 
(4,070
)
 
(10,995
)
 
(339,215
)
   Real estate assets, net
180,971

 
122,970

 
195,149

 
225,741

 
357,267

 
547,804

 
87,594

 
1,717,496

Development in progress
18,337

 
—

 
—

 
—

 
—

 
289,767

 
—

 
308,104

Land held for development
—

 
—

 
33,500

 
—

 
—

 
—

 
41,075

 
74,575

Other assets
20,722

 
10,957

 
16,337

 
18,566

 
49,755

 
98,191

 
24,263

 
238,791

   Total assets
$
220,030

 
$
133,927

 
$
244,986

 
$
244,307

 
$
407,022

 
$
935,762

 
$
152,932

 
$
2,338,966

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
$
166,295

 
$
92,131

 
$
138,869

 
$
102,624

 
$
305,223

 
$
—

 
$
63,999

 
$
869,141

Other liabilities
4,117

 
28,056

 
7,548

 
4,954

 
9,488

 
102,982

 
8,420

 
165,565

Equity
49,618

 
13,740

 
98,569

 
136,729

 
92,311

 
832,780

 
80,513

 
1,304,260

   Total liabilities and equity
$
220,030

 
$
133,927

 
$
244,986

 
$
244,307

 
$
407,022

 
$
935,762

 
$
152,932

 
$
2,338,966

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's net investment in unconsolidated joint ventures (1)
$
10,425

 
$
6,100

 
$
14,980

 
$
34,107

 
$
17,307

 
$
177,843

 
$
27,694

 
$
288,456


 
December 31, 2016
 
Liberty
 
Kings Hill
 
Liberty
 
Liberty
 
Liberty/
 
Liberty Property
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
Washington, LP
 
Comcast
 
18th and Arch (2)
 
Other
 
Total
Real estate assets
$
226,313

 
$
137,960

 
$
251,765

 
$
289,627

 
$
495,842

 
$
—

 
$
71,722

 
$
1,473,229

Accumulated depreciation
(42,779
)
 
(26,872
)
 
(51,901
)
 
(44,235
)
 
(125,014
)
 
—

 
(9,702
)
 
(300,503
)
   Real estate assets, net
183,534

 
111,088

 
199,864

 
245,392

 
370,828

 
—

 
62,020

 
1,172,726

Development in progress
6,886

 
—

 
—

 
—


—

 
671,032

 
—

 
677,918

Land held for development
—

 
—

 
31,567

 
—

 
—

 
—

 
42,259

 
73,826

Other assets
23,494

 
9,603

 
19,036

 
18,749

 
48,074

 
52,053

 
29,654

 
200,663

   Total assets
$
213,914

 
$
120,691

 
$
250,467

 
$
264,141

 
$
418,902

 
$
723,085

 
$
133,933

 
$
2,125,133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
$
154,386

 
$
83,846

 
$
137,294

 
$
103,667

 
$
309,475

 
$
—

 
$
57,660

 
$
846,328

Other liabilities
6,673

 
24,513

 
8,433

 
4,385

 
9,964

 
95,574

 
17,155

 
166,697

Equity
52,855

 
12,332

 
104,740

 
156,089

 
99,463

 
627,511

 
59,118

 
1,112,108

   Total liabilities and equity
$
213,914

 
$
120,691

 
$
250,467

 
$
264,141

 
$
418,902

 
$
723,085

 
$
133,933

 
$
2,125,133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's net investment in unconsolidated joint ventures (1)
$
11,175

 
$
5,349

 
$
15,339

 
$
38,863

 
$
18,688

 
$
132,952

 
$
22,712

 
$
245,078
Schedule of Condensed Statements of Operations of Equity Method Investments
Condensed Statements of Operations:
 
Year Ended December 31, 2017
 
Liberty
 
Kings Hill Unit
 
Liberty
 
Liberty
 
Liberty/
 
Liberty Property
 
 
 
 
 
Venture I, LP
 
Trust
 
Illinois, LP
 
Washington, LP
 
Comcast
 
18th & Arch (2)
 
Other (3)
 
Total
Total revenue
$
31,079

 
$
12,976

 
$
23,711

 
$
25,439

 
$
65,372

 
$
16,544

 
$
11,118

 
$
186,239

Operating expense
8,101

 
4,756

 
7,989

 
9,147

 
26,474

 
3,417

 
3,365

 
63,249

Net operating income
22,978

 
8,220

 
15,722

 
16,292

 
38,898

 
13,127

 
7,753

 
122,990

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Interest
(5,801
)
 
(2,329
)
 
(5,882
)
 
(4,065
)
 
(19,411
)
 
—

 
(2,807
)
 
(40,295
)
Depreciation and amortization
(7,598
)
 
(3,238
)
 
(6,918
)
 
(5,926
)
 
(14,485
)
 
(4,077
)
 
(2,124
)
 
(44,366
)
Other income (expense)
(100
)
 
(4
)
 
(71
)
 
(65
)
 
(325
)
 
(547
)
 
15,549

 
14,437

Gain (loss) on sale/impairment
—

 
—

 
—

 
(15,910
)
 
—

 
30

 
—

 
(15,880
)
Net income (loss)
$
9,479

 
$
2,649

 
$
2,851

 
$
(9,674
)
 
$
4,677

 
$
8,533

 
$
18,371

 
$
36,886

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Company's equity in earnings (loss) of unconsolidated joint ventures
$
2,914

 
$
660

 
$
2,118

 
$
(1,941
)
 
$
1,659

 
$
1,782

 
$
9,963

 
$
17,155

 
 
Year Ended December 31, 2016
 
Liberty
 
Kings Hill Unit
 
Liberty
 
Liberty
 
Liberty/
 
Liberty Property
 
 
 
 
 
Venture I, LP
 
Trust
 
Illinois, LP
 
Washington, LP
 
Comcast
 
18th & Arch (2)
 
Other (3)
 
Total
Total revenue
$
25,149

 
$
11,926

 
$
26,599

 
$
39,727

 
$
65,587

 
$
—

 
$
9,888

 
$
178,876

Operating expense
6,835

 
4,854

 
9,961

 
15,935

 
26,761

 
280

 
2,801

 
67,427

Net operating income
18,314

 
7,072

 
16,638

 
23,792

 
38,826

 
(280
)
 
7,087

 
111,449

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
(4,182
)
 
(2,554
)
 
(7,243
)
 
(10,866
)
 
(19,737
)
 
—

 
(2,462
)
 
(47,044
)
Depreciation and amortization
(6,375
)
 
(3,557
)
 
(7,589
)
 
(10,750
)
 
(14,513
)
 
—

 
(1,925
)
 
(44,709
)
Other income (expense)
50

 
(77
)
 
64

 
257

 
(213
)
 
1,270

 
7,123

 
8,474

Gain (loss) on sale/impairment
—

 
—

 
4,068

 
40,943

 
—

 
—

 
(11
)
 
45,000

Net income
$
7,807

 
$
884

 
$
5,938

 
$
43,376

 
$
4,363

 
$
990

 
$
9,812

 
$
73,170

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's equity in earnings (loss) of unconsolidated joint ventures
$
2,332

 
$
275

 
$
2,065

 
$
10,857

 
$
1,594

 
$
213

 
$
4,634

 
$
21,970


 
Year Ended December 31, 2015
 
Liberty
 
Kings Hill Unit
 
Liberty
 
Liberty
 
Liberty/
 
Liberty Property
 
 
 
 
 
Venture I, LP
 
Trust
 
Illinois, LP
 
Washington, LP
 
Comcast
 
18th & Arch (2)
 
Other (3)
 
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

Net operating income
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

Income (loss) from discontinued operations
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



(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 $3.0 million and $1.4 million as of December 31, 2017 and 2016, respectively. 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)
Other income/(expense) for this group of joint ventures reflects gains related to the sales of land leasehold interests totaling $16.0 million, $7.1 million and $9.9 million for the years ended December 31, 2017, 2016 and 2015, respectively.