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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Condensed Balance Sheet of Equity Method Investments
The condensed balance sheets as of December 31, 2018 and 2017 and condensed statements of operations for the years ended December 31, 2018, 2017 and 2016 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, 2018
 
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
$
251,648

 
$
144,742

 
$
252,751

 
$
210,732

 
$
497,623

 
$
688,537

 
$
98,659

 
$
2,144,692

Accumulated depreciation
(54,373
)
 
(30,554
)
 
(61,593
)
 
(15,009
)
 
(152,169
)
 
(21,160
)
 
(12,991
)
 
(347,849
)
   Real estate assets, net
197,275

 
114,188

 
191,158

 
195,723

 
345,454

 
667,377

 
85,668

 
1,796,843

Development in progress
—

 
—

 
—

 
—

 
—

 
192,568

 
7,675

 
200,243

Land held for development
—

 
—

 
33,769

 
—

 
—

 
—

 
39,728

 
73,497

Other assets
23,180

 
12,141

 
14,662

 
17,146

 
43,671

 
152,845

 
29,085

 
292,730

   Total assets
$
220,455

 
$
126,329

 
$
239,589

 
$
212,869

 
$
389,125

 
$
1,012,790

 
$
162,156

 
$
2,363,313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
$
170,743

 
$
84,691

 
$
138,964

 
$
101,532

 
$
—

 
$
—

 
$
74,081

 
$
570,011

Related party debt
—

 
20,239

 
—

 
—

 
304,000

 
—

 
—

 
324,239

Other liabilities
3,782

 
8,537

 
7,304

 
3,719

 
8,292

 
118,953

 
9,014

 
159,601

Equity
45,930

 
12,862

 
93,321

 
107,618

 
76,833

 
893,837

 
79,061

 
1,309,462

   Total liabilities and equity
$
220,455

 
$
126,329

 
$
239,589

 
$
212,869

 
$
389,125

 
$
1,012,790

 
$
162,156

 
$
2,363,313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's net investment in unconsolidated joint ventures (1)
$
9,516

 
$
6,230

 
$
13,863

 
$
27,020

 
$
75,102

 
$
191,430

 
$
27,820

 
$
350,981


 
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

Related party debt
—

 
21,435

 
—

 
—

 
—

 
—


—

 
21,435

Other liabilities
4,117

 
6,621

 
7,548

 
4,954

 
9,488

 
102,982

 
8,420

 
144,130

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
Schedule of Condensed Statements of Operations of Equity Method Investments
Condensed Statements of Operations:
 
Year Ended December 31, 2018
 
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
$
30,310

 
$
13,925

 
$
24,729

 
$
25,713

 
$
71,389

 
$
74,309

 
$
14,563

 
$
254,938

Operating expense
(7,947
)
 
(5,150
)
 
(7,874
)
 
(9,496
)
 
(32,404
)
 
(20,240
)
 
(4,373
)
 
(87,484
)
Interest
(6,184
)
 
(2,713
)
 
(4,771
)
 
(4,418
)
 
(425
)
 
—

 
(3,403
)
 
(21,914
)
Related party interest
—

 
—

 
—

 
—

 
(13,418
)
 


 
—

 
(13,418
)
Depreciation and amortization
(7,747
)
 
(3,577
)
 
(7,014
)
 
(5,513
)
 
(14,285
)
 
(17,184
)
 
(2,902
)
 
(58,222
)
Other income (expense)
(16
)
 
(196
)
 
(56
)
 
(68
)
 
(436
)
 
(3,982
)
 
11,265

 
6,511

Gain (loss) on sale/impairment
—

 
—

 
—

 
(25,389
)
 
—

 
—

 
—

 
(25,389
)
Net income (loss)
$
8,416

 
$
2,289

 
$
5,014

 
$
(19,171
)
 
$
10,421

 
$
32,903

 
$
15,150

 
$
55,022

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Company's equity in earnings (loss) of unconsolidated joint ventures
$
2,540

 
$
602

 
$
1,752

 
$
(4,189
)
 
$
5,499

 
$
7,126

 
$
8,052

 
$
21,382

 
 
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
)
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
)
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 (loss)
$
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



(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 $65.4 million and $3.0 million as of December 31, 2018 and 2017, 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 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 $11.5 million, $16.0 million and $7.1 million for the years ended December 31, 2018, 2017 and 2016, respectively.