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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Financial Position of Real Estate Ventures
The Company’s investment in the unconsolidated real estate ventures as of December 31, 2021 and 2020, and the Company’s share of the unconsolidated real estate ventures’ income (loss) for the years ended December 31, 2021 and 2020 was as follows (in thousands):
Ownership PercentageCarrying AmountCompany's Share of unconsolidated real estate venture Income (Loss)Unconsolidated Real Estate Venture Debt at 100%, gross
2021202020212020201920212020
Office Properties
Commerce Square Venture
70% (a)
$247,798 $253,128 $(15,501)$(9,150)— $213,069 $219,168 
Mid-Atlantic Office Venture
40% (a)
31,680 32,996 932 96 — 123,015 120,831 
Brandywine - AI Venture LLC50%— 10,302 (721)185 (2,800)— — 
Herndon Innovation Center Metro Portfolio Venture, LLC15%15,844 16,019 (174)(358)(498)207,302 207,302 
MAP Venture 50%(24,396)(11,516)(8,683)(6,570)(6,102)184,263 185,000 
PJP VII
25% (b)
— — — — 190 — — 
PJP II
30% (b)
— — — — 81 — — 
PJP VI
25% (b)
— — — — (185)— — 
Other
4040 Wilson Venture (c)50%31,059 34,454 (2,258)(2,162)(368)145,000 141,857 
1919 Venture50%13,791 15,434 427 59 328 88,860 88,860 
Development Properties
3025 JFK Venture55%56,370 — (118)— — — — 
JBG - 51 N Street (c)70%21,213 21,237 (402)(457)(313)— — 
JBG - 1250 First Street Office (c)70%17,751 17,757 (199)(227)(255)— — 
$411,110 $389,811 $(26,697)$(18,584)(9,922)$961,509 $963,018 
(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 unconsolidated real estate ventures in which the Company held interests as of December 31, 2021 and December 31, 2020 (in thousands):
December 31, 2021December 31, 2020
Net property$1,563,263 $1,520,804 
Other assets434,687 488,805 
Other liabilities331,947 333,049 
Debt, net956,668 956,688 
Equity (a)709,335 719,872 
(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 unconsolidated real estate ventures in which the Company held interests during the twelve-month periods ended December 31, 2021, 2020 and 2019 (in thousands):
Year Ended December 31,
202120202019
Revenue$214,792 $150,276 $132,358 
Operating expenses(117,273)(85,812)(71,784)
Interest expense, net(30,569)(22,661)(21,908)
Depreciation and amortization(97,147)(70,805)(53,331)
Provision for impairment(1,393)— (5,664)
Loss on early extinguishment of debt— — (1,231)
Net loss$(31,590)$(29,002)$(21,560)
Ownership interest %VariousVariousVarious
Company's share of net loss$(25,972)$(18,540)$(9,865)
Basis adjustments and other(725)(44)(57)
Equity in loss of unconsolidated real estate ventures$(26,697)$(18,584)$(9,922)
Schedule of Maturities of Long-term Debt
As of December 31, 2021, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2022$8,543 
2023477,649 
2024330,317 
2025— 
2026145,000 
Thereafter— 
Total principal payments961,509 
Net deferred financing costs(5,923)
Net original issue premium1,082 
Outstanding indebtedness$956,668 
As of December 31, 2021, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2022$273,000 
2023350,000 
2024350,000 
2025— 
2026— 
Thereafter878,610 
Total principal payments1,851,610 
Net unamortized premiums/(discounts)8,187 
Net deferred financing costs(6,211)
Outstanding indebtedness$1,853,586