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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Financial Position of Real Estate Ventures
The Company’s investment in the unconsolidated real estate ventures as of December 31, 2022 and 2021, and the Company’s share of the unconsolidated real estate ventures’ income (loss) for the years ended December 31, 2022, 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
2022202120222021202020222021
Office Properties
Commerce Square Venture
70% (a)
$238,105 $247,798 $(12,128)$(15,501)$(9,150)$206,737 $213,069 
Mid-Atlantic Office Venture
40% (a)
31,005 31,680 412 932 96 128,904 123,015 
Brandywine - AI Venture LLC50%— — — (721)185 — — 
Herndon Innovation Center Metro Portfolio Venture, LLC15%15,304 15,844 (536)(174)(358)207,302 207,302 
MAP Venture (b) 50%(35,411)(24,396)(8,340)(8,683)(6,570)182,053 184,263 
Cira Square
20%
27,815 — (985)— — 257,700 — 
Other
4040 Wilson Venture (c)50%29,633 31,059 (1,211)(2,258)(2,162)145,070 145,000 
1919 Venture (d)50%— 13,791 1,392 427 59 — 88,860 
Development Properties
3025 JFK Venture (c)55%57,630 56,370 (35)(118)— 60,118 — 
JBG - 51 N Street (c)70%21,208 21,213 (382)(402)(457)— — 
JBG - 1250 First Street Office (c)70%17,759 17,751 (195)(199)(227)— — 
3151 Market Street Venture (c)55%63,751 — (8)— — — — 
One Uptown - Office (c)50%34,980 — — — — 16,895 — 
One Uptown - Multifamily (c)50%30,445 — — — — — — 
$532,224 $411,110 $(22,016)$(26,697)$(18,584)$1,204,779 $961,509 
(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)Included within “Other Liabilities” on the consolidated balance sheet.
(c)This entity is a VIE.
(d)On November 30, 2022, the Company sold its interest in 1919 Venture. See “1919 Venture” sections for more information on the disposal.
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, 2022 and December 31, 2021 (in thousands):
December 31, 2022December 31, 2021
Net property$2,117,226 $1,563,263 
Other assets506,213 434,687 
Other liabilities446,101 331,947 
Debt, net1,198,213 956,668 
Equity (a)979,125 709,335 
(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.
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 twelve-month periods ended December 31, 2022, 2021 and 2020 (in thousands):
Year Ended December 31,
202220212020
Revenue$244,981 $214,792 $150,276 
Operating expenses(124,608)(117,273)(85,812)
Interest expense, net(49,007)(30,569)(22,661)
Depreciation and amortization(103,378)(97,147)(70,805)
Provision for impairment— (1,393)— 
Net loss$(32,012)$(31,590)$(29,002)
Ownership interest %VariousVariousVarious
Company's share of net loss$(21,594)$(25,972)$(18,540)
Basis adjustments and other(422)(725)(44)
Equity in loss of unconsolidated real estate ventures$(22,016)$(26,697)$(18,584)
Schedule of Maturities of Long-term Debt
As of December 31, 2022, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2023$388,789 
2024593,907 
202560,118 
2026161,965 
2027— 
Thereafter— 
Total principal payments1,204,779 
Net deferred financing costs(6,837)
Net original issue premium271 
Outstanding indebtedness$1,198,213 
As of December 31, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2023$54,301 
2024350,000 
2025— 
202688,500 
2027700,000 
Thereafter778,610 
Total principal payments1,971,411 
Net unamortized premiums/(discounts)2,934 
Net deferred financing costs(9,307)
Outstanding indebtedness$1,965,038