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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Financial Position of Real Estate Ventures
The Company’s investment in the unconsolidated real estate ventures as of December 31, 2023 and 2022, and the Company’s share of the unconsolidated real estate ventures’ income (loss) for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):
Ownership PercentageCarrying Amount
Company's unconsolidated real estate venture Income (Loss)
Unconsolidated Real Estate Venture Debt at 100%, gross
2023202220232022202120232022
Office Properties
Commerce Square Venture
78% (a)
$272,216 $238,105 $(18,791)$(12,128)$(15,501)$220,000 $206,737 
Mid-Atlantic Office Venture (e)
40% (a)
— 31,005 (26,448)412 932 132,770 128,904 
Herndon Innovation Center Metro Portfolio Venture, LLC15%3,518 15,304 (11,854)(536)(174)233,443 207,302 
MAP Venture (b) 50%(48,733)(35,411)(10,580)(8,340)(8,683)179,842 182,053 
Cira Square
20%
25,242 27,815 (2,474)(985)— 257,700 257,700 
Other
4040 Wilson Venture (c)50%29,419 29,633 (2,536)(1,211)(2,258)145,000 145,070 
1919 Venture (d)50%— — — 1,392 427 — — 
Brandywine - AI Venture LLC50%— — — — (721)— — 
Development Properties
3025 JFK Venture (c)58%62,034 57,630 (4,456)(35)(118)152,032 60,118 
JBG - 51 N Street (c)70%21,150 21,208 (435)(382)(402)— — 
JBG - 1250 First Street Office (c)70%17,843 17,759 (269)(195)(199)— — 
3151 Market Street Venture (c)64%90,645 63,751 (72)(8)— — — 
One Uptown - Office (c)57%47,036 34,980 — — — 51,701 16,895 
One Uptown - Multifamily (c)50%32,124 30,445 — — — 40,270 — 
$552,494 $532,224 $(77,915)$(22,016)$(26,697)$1,412,758 $1,204,779 
(a)Ownership percentage represents the Company’s combined interest including preferred and common equity holdings. See “Commerce Square Venture” and “Mid-Atlantic Office JV” sections below for more information.
(b)Included within “Other Liabilities” on the consolidated balance sheet.
(c)This entity is a VIE.
(d)On November 30, 2022, the Company sold its interest in 1919 Venture. See “1919 Venture” sections for more information on the disposal.
(e)On January 9, 2024 the real estate venture’s secured mortgage loan matured. The real estate venture is in active discussions, including with the mortgage lender, as to a potential extension of the loan or other restructuring of the venture.
The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of December 31, 2023 and December 31, 2022 (in thousands):
December 31, 2023December 31, 2022
Net property$2,339,921 $2,117,226 
Other assets534,658 506,213 
Other liabilities443,536 446,101 
Debt, net1,407,858 1,198,213 
Equity (a)1,023,185 979,125 
(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 Operations of Real Estate Ventures with Interests
The following is a summary of results of operations of the unconsolidated real estate ventures in which the Company held interests during the twelve-month periods ended December 31, 2023, 2022 and 2021 (in thousands):
Year Ended December 31,
202320222021
Revenue$232,895 $244,981 $214,792 
Operating expenses(122,181)(124,608)(117,273)
Interest expense, net(78,909)(49,007)(30,569)
Depreciation and amortization(100,205)(103,378)(97,147)
Provision for impairment— — (1,393)
Net loss$(68,400)$(32,012)$(31,590)
Ownership interest %VariousVariousVarious
Company's share of net loss$(39,637)$(21,594)$(25,972)
Other-than-temporary impairment (a)(37,176)— — 
Basis adjustments and other(1,102)(422)(725)
Equity in loss of unconsolidated real estate ventures$(77,915)$(22,016)$(26,697)
(a)Represents other-than-temporary impairment on investment in unconsolidated joint venture due to a decline in fair value below the carrying value of our investments in the unconsolidated joint venture for the year ended December 31, 2023.
Schedule of Maturities of Long-term Debt
As of December 31, 2023, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2024$803,756 
2025152,032 
2026236,971 
2027— 
2028220,000 
Thereafter— 
Total principal payments1,412,759 
Net deferred financing costs(4,901)
Outstanding indebtedness$1,407,858 
As of December 31, 2023, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2024$340,000 
202570,000 
202613,824 
2027700,000 
2028595,000 
Thereafter428,610 
Total principal payments2,147,434 
Net unamortized premiums/(discounts)1,878 
Net deferred financing costs(10,480)
Outstanding indebtedness$2,138,832