INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

6 Months Ended

Jun. 30, 2022

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 unconsolidated real estate ventures in which the Company held interests as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022		December 31, 2021
Net property	$	1,962,902	$	1,563,263
Other assets	516,328		434,687
Other liabilities	415,816		331,947
Debt, net	1,218,561		956,668
Equity (a)	844,853		709,335

(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.

Summary of Results Of Unconsolidated Real Estate Ventures

The following is a summary of results of operations of the unconsolidated real estate ventures in which the Company held interests during the three and six month periods ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue	$	64,957	$	53,228	$	118,173	$	106,585
Operating expenses	(31,671)		(28,629)		(60,263)		(57,616)
Interest expense, net	(11,663)		(8,017)		(19,132)		(15,391)
Depreciation and amortization	(27,927)		(25,500)		(49,210)		(50,393)
Net loss	$	(6,304)	$	(8,918)	$	(10,432)	$	(16,815)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(4,822)	$	(7,281)	$	(9,439)	$	(13,822)
Basis adjustments and other	(159)		41		(105)		(342)
Equity in loss of unconsolidated real estate ventures	$	(4,981)	$	(7,240)	$	(9,544)	$	(14,164)