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Investment in Unconsolidated Real Estate Ventures
 3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
As of March 31, 2020, the Company held ownership interests in seven unconsolidated real estate ventures for an aggregate investment balance of $118.4 million, which includes a negative investment balance in one unconsolidated real estate venture, reflected within 'Other liabilities' in the consolidated balance sheets. As of March 31, 2020, three of the real estate ventures owned properties that contained an aggregate of approximately 5.4 million net rentable square feet of office space; two real estate ventures
owned 1.4 acres of land held for development; one real estate venture owned 1.3 acres of land in active development; and one real estate venture owned a residential tower that contained 321 apartment units.
The Company accounts for its interests in the Real Estate Ventures, which range from 15% to 70%, using the equity method. Certain of the Real Estate Ventures are subject to specified priority allocations of distributable cash.
The Company earned management fees from its Real Estate Ventures of $1.1 million for each of the three months ended March 31, 2020 and 2019.
The Company earned leasing commission income from its Real Estate Ventures of $0.4 million and $0.2 million for the three months ended March 31, 2020 and 2019, respectively.
The Company had outstanding accounts receivable balances from its Real Estate Ventures of $0.9 million and $0.8 million as of March 31, 2020 and December 31, 2019, respectively.
The amounts reflected in the following tables (except for the Company’s share of equity in income) are based on the financial information of the individual Real Estate Ventures.
The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of March 31, 2020 and December 31, 2019 (in thousands):
 
March 31, 2020
 
MAP Venture
 
Other
 
Total
Net property
$
189,953

 
$
650,323

 
$
840,276

Other assets
256,904

 
87,201

 
344,105

Other liabilities
266,798

 
21,188

 
287,986

Debt, net
181,768

 
419,352

 
601,120

Equity (a)
(1,709
)
 
296,984

 
295,275

 
December 31, 2019
 
MAP Venture
 
Other
 
Total
Net property
$
192,582

 
$
641,785

 
$
834,367

Other assets
256,453

 
85,549

 
342,002

Other liabilities
266,200

 
23,871

 
290,071

Debt, net
181,525

 
403,543

 
585,068

Equity (a)
1,310

 
299,920

 
301,230

(a)
This amount does not include 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-month periods ended March 31, 2020 and 2019 (in thousands):
 
Three Months Ended March 31, 2020
 
MAP Venture
 
Other
 
Total
Revenue
$
17,313

 
$
13,838

 
$
31,151

Operating expenses
(12,228
)
 
(5,733
)
 
(17,961
)
Interest expense, net
(2,047
)
 
(2,942
)
 
(4,989
)
Depreciation and amortization
(6,058
)
 
(6,465
)
 
(12,523
)
Net loss
$
(3,020
)
 
$
(1,302
)
 
$
(4,322
)
Ownership interest %
50
%
 
Various

 
Various

Company's share of net loss
$
(1,510
)
 
$
(352
)
 
$
(1,862
)
Basis adjustments and other
(10
)
 
(19
)
 
(29
)
Equity in loss of Real Estate Ventures
$
(1,520
)
 
$
(371
)
 
$
(1,891
)
 
Three Months Ended March 31, 2019
 
MAP Venture
 
Other
 
Total
Revenue
$
18,288

 
$
16,771

 
$
35,059

Operating expenses
(12,155
)
 
(6,563
)
 
(18,718
)
Interest expense, net
(2,536
)
 
(1,384
)
 
(3,920
)
Depreciation and amortization
(6,349
)
 
(7,363
)
 
(13,712
)
Net income (loss)
$
(2,752
)
 
$
1,461

 
$
(1,291
)
Ownership interest %
50
%
 
Various

 
Various

Company's share of net income (loss)
$
(1,376
)
 
$
64

 
$
(1,312
)
Basis adjustments and other
(56
)
 
10

 
(46
)
Equity in income (loss) of Real Estate Ventures
$
(1,432
)
 
$
74

 
$
(1,358
)