Investment in Unconsolidated Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 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 Real Estate Ventures in which the Company held interests as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Net property	$	1,550,425	$	1,520,804
Other assets	473,771		488,805
Other liabilities	325,162		333,049
Debt, net	956,208		956,688
Equity (a)	742,826		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 Real Estate Ventures in which the Company held interests during the three month periods ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended March 31,
	2021		2020
Revenue	$	53,357	$	31,151
Operating expenses	(28,987)		(17,961)
Interest expense, net	(7,374)		(4,989)
Depreciation and amortization	(24,893)		(12,523)
Net loss	$	(7,897)	$	(4,322)
Ownership interest %	Various		Various
Company's share of loss	$	(6,541)	$	(1,862)
Basis adjustments and other	(383)		(29)
Equity in loss of Real Estate Ventures	$	(6,924)	$	(1,891)