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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Unconsolidated Real Estate Ventures
The Company’s investment in the Real Estate Ventures as of December 31, 2020 and 2019, and the Company’s share of the Real Estate Ventures’ income (loss) for the years ended December 31, 2020 and 2019 was as follows (in thousands):
Ownership PercentageCarrying AmountCompany's Share of Real Estate Venture Income (Loss)Real Estate Venture Debt at 100%, gross
202020192020201920202019
Office Properties
Commerce Square Venture
70% (a)
$253,128 $— $(9,150)$— $219,168 $— 
Mid-Atlantic Office Venture
40% (a)
32,996 — 96 — 120,831 — 
Brandywine - AI Venture LLC50%10,302 10,116 185 (2,800)— — 
Herndon Innovation Center Metro Portfolio Venture, LLC15%16,019 16,446 (358)(498)207,302 207,302 
MAP Venture 50%(11,516)(70)(6,570)(6,102)185,000 185,000 
PJP VII
25% (b)
— — — 190 — — 
PJP II
30% (b)
— — — 81 — — 
PJP VI
25% (b)
— — — (185)— — 
Other
1919 Venture50%15,434 17,524 59 328 88,860 88,860 
Development Properties
4040 Wilson Venture (c)50%34,454 37,002 (2,162)(368)141,857 114,845 
JBG - 51 N Street (c)70%21,237 21,531 (457)(313)— — 
JBG - 1250 First Street Office (c)70%17,757 17,745 (227)(255)— — 
$389,811 $120,294 $(18,584)$(9,922)$963,018 $596,007 
(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)On October 29, 2019, the Company sold its interest in PJP II, PJP VI and PJP VII. See "PJP Ventures" section below for more information on the disposal.
(c)This entity is a VIE.
The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2020 and December 31, 2019 (in thousands):
December 31, 2020December 31, 2019
Net property$1,520,804 $834,367 
Other assets488,805 342,002 
Other liabilities333,049 290,071 
Debt, net956,688 585,068 
Equity (a)719,872 301,230 
(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 had interests during the twelve-month periods ended December 31, 2020, 2019 and 2018 (in thousands):
Year Ended December 31,
202020192018
Revenue$150,276 $132,358 $165,326 
Operating expenses(85,812)(71,784)(82,035)
Interest expense, net(22,661)(21,908)(29,774)
Depreciation and amortization(70,805)(53,331)(53,826)
Provision for impairment— (5,664)(20,832)
Loss on extinguishment of debt— (1,231)(1,385)
Net loss$(29,002)$(21,560)$(22,526)
Ownership interest %VariousVariousVarious
Company's share of net loss$(18,540)$(9,865)$(11,924)
Other-than-temporary impairment— — (4,076)
Basis adjustments and other(44)(57)769 
Equity in loss of Real Estate Ventures$(18,584)$(9,922)$(15,231)
Schedule of Maturities of Long-term Debt
As of December 31, 2020, the aggregate principal payments of the Real Estate Ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2021$148,693 
20228,543 
2023477,649 
2024328,133 
2025— 
Thereafter— 
Total principal payments963,018 
Net deferred financing costs(8,224)
Net original issue premium1,894 
Outstanding indebtedness$956,688 
    
As of December 31, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):
2021$— 
2022250,000 
2023350,000 
2024350,000 
2025— 
Thereafter878,610 
Total principal payments1,828,610 
Net unamortized premiums/(discounts)10,137 
Net deferred financing costs(8,152)
Outstanding indebtedness$1,830,595