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Investment in Unconsolidated Real Estate Ventures (Tables)
 9 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss)
The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of September 30, 2019 and December 31, 2018 (in thousands):
 
September 30, 2019
 
December 31, 2018
Net property
$
841,743

 
$
835,983

Other assets (a)
351,364

 
159,499

Other liabilities (a)
289,952

 
85,681

Debt, net (b)
581,024

 
365,707

Equity (c)
322,131

 
544,094

(a)
The increase is due to the recording of lease related assets and liabilities of $197.1 million and $206.4 million, respectively, for MAP Venture in connection with the adoption of Topic 842.
(b)
The increase is due to third-party debt financing received by Herndon Innovation Center Venture during the three months ended March 31, 2019. See “Herndon Innovation Center Metro Portfolio Venture” section below for further information.
(c)
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.
The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three and nine-month periods ended September 30, 2019 and 2018 (in thousands):
 
Three Months Ended September 30, 2019
 
DRA (G&I) Austin (a)
 
Brandywine-AI Venture LLC
 
MAP Venture
 
Other
 
Total
Revenue
$
—

 
$
1,360

 
$
17,476

 
$
13,890

 
$
32,726

Operating expenses
—

 
(871
)
 
(11,981
)
 
(5,017
)
 
(17,869
)
Interest expense, net
—

 
(222
)
 
(2,436
)
 
(3,522
)
 
(6,180
)
Depreciation and amortization
—

 
(540
)
 
(6,247
)
 
(6,307
)
 
(13,094
)
Gain on early extinguishment of debt
$
—

 
$
4,371

 
$
—

 
$
—

 
$
4,371

Net income (loss)
$
—

 
$
4,098

 
$
(3,188
)
 
$
(956
)
 
$
(46
)
Ownership interest %
—
%
 
50
%
 
50
%
 
(b)

 
(b)

Company's share of net income (loss)
$
—

 
$
2,049

 
$
(1,594
)
 
$
(2,400
)
 
$
(1,945
)
Basis adjustments and other
—

 
31

 
(28
)
 
(23
)
 
(20
)
Equity in income (loss) of Real Estate Ventures
$
—

 
$
2,080

 
$
(1,622
)
 
$
(2,423
)
 
$
(1,965
)
 
Three Months Ended September 30, 2018
 
DRA (G&I) Austin (a)
 
Brandywine-AI Venture LLC
 
MAP Venture
 
Other
 
Total
Revenue
$
14,232

 
$
5,962

 
$
17,243

 
$
4,580

 
$
42,017

Operating expenses
(6,428
)
 
(2,589
)
 
(10,219
)
 
(1,904
)
 
(21,140
)
Interest expense, net
(2,549
)
 
(873
)
 
(2,894
)
 
(1,228
)
 
(7,544
)
Depreciation and amortization
(4,896
)
 
(2,232
)
 
(4,654
)
 
(1,481
)
 
(13,263
)
Loss on early extinguishment of debt
—

 
—

 
(334
)
 
—

 
(334
)
Net income (loss)
$
359

 
$
268

 
$
(858
)
 
$
(33
)
 
$
(264
)
Ownership interest %
50
%
 
50
%
 
50
%
 
(b)

 
(b)

Company's share of net income (loss)
$
180

 
$
134

 
$
(429
)
 
$
(121
)
 
$
(236
)
Basis adjustments and other
243

 
31

 
(15
)
 
(22
)
 
237

Equity in income (loss) of Real Estate Ventures
$
423

 
$
165

 
$
(444
)
 
$
144

 
$
1

 
Nine months ended September 30, 2019
 
DRA (G&I) Austin (a)
 
Brandywine-AI Venture LLC
 
evo at Cira Centre South (c)
 
MAP Venture
 
Other
 
Total
Revenue
$
—

 
$
5,050

 
$
—

 
$
53,560

 
$
42,538

 
$
101,148

Operating expenses
—

 
(2,473
)
 
—

 
(35,747
)
 
(15,736
)
 
(53,956
)
Interest expense, net
—

 
(698
)
 
—

 
(7,504
)
 
(8,219
)
 
(16,421
)
Depreciation and amortization
—

 
(2,055
)
 
—

 
(19,146
)
 
(19,078
)
 
(40,279
)
Loss on early extinguishment of debt
$
—

 
$
4,371

 
$
—

 
$
—

 
$
—

 
$
4,371

Net income (loss)
$
—

 
$
4,195

 
$
—

 
$
(8,837
)
 
$
(495
)
 
$
(5,137
)
Ownership interest %
—
%
 
50
%
 
—
%
 
50
%
 
(b)

 
(b)

Company's share of net income (loss)
$
—

 
$
2,098

 
$
—

 
$
(4,419
)
 
$
(2,444
)
 
$
(4,765
)
Basis adjustments and other
—

 
101

 
—

 
(69
)
 
(81
)
 
(49
)
Equity in income (loss) of Real Estate Ventures
$
—

 
$
2,199

 
$
—

 
$
(4,488
)
 
$
(2,525
)
 
$
(4,814
)
 
Nine Months Ended September 30, 2018
 
DRA (G&I) Austin (a)
 
Brandywine-AI Venture LLC
 
evo at Cira Centre South (c)
 
MAP Venture
 
Other
 
Total
Revenue
$
42,492

 
$
17,768

 
$
995

 
$
50,976

 
$
13,708

 
$
125,939

Operating expenses
(18,245
)
 
(8,010
)
 
(250
)
 
(30,347
)
 
(5,145
)
 
(61,997
)
Interest expense, net
(7,070
)
 
(2,606
)
 
(388
)
 
(10,426
)
 
(3,132
)
 
(23,622
)
Depreciation and amortization
(15,622
)
 
(6,915
)
 
(376
)
 
(14,096
)
 
(4,430
)
 
(41,439
)
Loss on early extinguishment of debt
—

 
—

 
(718
)
 
(334
)
 
—

 
(1,052
)
Net income (loss)
$
1,555

 
$
237

 
$
(737
)
 
$
(4,227
)
 
$
1,001

 
$
(2,171
)
Ownership interest %
50
%
 
50
%
 
50
%
 
50
%
 
(b)

 
(b)

Company's share of net income (loss)
$
778

 
$
119

 
$
(369
)
 
$
(2,114
)
 
$
168

 
$
(1,418
)
Basis adjustments and other
378

 
33

 
11

 
(39
)
 
(147
)
 
236

Equity in income (loss) of Real Estate Ventures
$
1,156

 
$
152

 
$
(358
)
 
$
(2,153
)
 
$
21

 
$
(1,182
)
(a)
On December 11, 2018, the Company acquired from DRA Advisors, an unaffiliated third party, DRA’s 50% ownership interest in the G&I Austin Office LLC real estate venture. The DRA Austin Venture owned twelve office properties containing an aggregate 1,570,123 square feet, located in Austin, Texas. As a result of the acquisition, the Company acquired complete ownership of the Austin properties.
(b)
The Company’s unconsolidated ownership interests ranged from 15% to 70% during the three and nine months ended September 30, 2019 and 25% to 70% during the three and nine months ended September 30, 2018, subject to specified priority allocations of distributable cash in certain of the Real Estate Ventures.
(c)
The Company sold its 50% ownership interest in evo at Cira Centre South Venture during the first quarter of 2018.