INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024 (b)		December 31, 2023
Net property	$	1,959,104	$	2,339,921
Other assets	416,628		534,658
Other liabilities	413,416		443,536
Debt, net	1,067,443		1,407,858
Equity (a)	894,873		1,023,185

(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.

(b)Excludes amounts related to the Mid-Atlantic Office JV and Herndon Innovation Center Metro Portfolio Venture, LLC, as the Company discontinued applying the equity method of accounting after December 31, 2023.

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 three-month periods ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended March 31,
	2024		2023
Revenue	$	45,949	$	57,886
Operating expenses	(24,881)		(28,851)
Interest expense, net	(17,363)		(15,891)
Depreciation and amortization	(20,889)		(24,174)
Loss on property disposition	(490)
Net loss	$	(17,674)	$	(11,030)
Ownership interest %	Various		Various
Company's share of net loss	$	(13,814)	$	(6,124)
Basis adjustments and other	226		(43)
Equity in loss of unconsolidated real estate ventures	$	(13,588)	$	(6,167)