Investment in Unconsolidated Real Estate Ventures (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Summary of Financial Position of Real Estate Ventures

The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
Net property	$	1,573,569	$	1,520,804
Other assets	443,610		488,805
Other liabilities	328,446		333,049
Debt, net	954,213		956,688
Equity (a)	734,520		719,872

(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.

Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss)

The following is a summary of results of operations of the unconsolidated real estate ventures in which the Company held interests during the three and nine month periods ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue	$	53,991	$	43,109	$	160,576	$	105,554
Operating expenses	(29,650)		(23,870)		(87,266)		(59,838)
Interest expense, net	(8,024)		(6,175)		(23,414)		(16,320)
Depreciation and amortization	(23,038)		(22,345)		(73,431)		(47,493)
Provision for impairment	(1,125)		—		(1,125)		—
Net loss	$	(7,846)	$	(9,281)	$	(24,660)	$	(18,097)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(6,572)	$	(5,812)	$	(20,394)	$	(9,892)
Basis adjustments and other	(62)		24		(404)		10
Equity in loss of unconsolidated real estate ventures	$	(6,634)	$	(5,788)	$	(20,798)	$	(9,882)