INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule 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 June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Net property	$	2,262,891	$	2,117,226
Other assets	540,399		506,213
Other liabilities	448,432		446,101
Debt, net	1,335,323		1,198,213
Equity (a)	1,019,535		979,125

(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.

Schedule of Results Of Unconsolidated Real Estate Ventures

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 six-month periods ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue	$	59,067	$	64,957	$	116,953	$	118,173
Operating expenses	(30,039)		(31,671)		(58,890)		(60,263)
Interest expense, net	(18,287)		(11,663)		(34,178)		(19,132)
Depreciation and amortization	(24,827)		(27,927)		(49,001)		(49,210)
Net loss	$	(14,086)	$	(6,304)	$	(25,116)	$	(10,432)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(7,528)	$	(4,822)	$	(13,652)	$	(9,439)
Basis adjustments and other	(70)		(159)		(113)		(105)
Equity in loss of unconsolidated real estate ventures	$	(7,598)	$	(4,981)	$	(13,765)	$	(9,544)