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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule 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 September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024 (b)
December 31, 2023
Net property$1,760,185 $2,339,921 
Other assets278,441 534,658 
Other liabilities147,265 443,536 
Debt, net824,714 1,407,858 
Equity (a)1,066,647 1,023,185 
(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.
(b)Excludes amounts related to the Herndon Innovation Center Metro Portfolio Venture, LLC and the New MAP Venture as the Company discontinued applying the equity method of accounting. The Company discontinued applying the equity method of accounting on the Herndon Innovation Center Metro Portfolio Venture, LLC after March 31, 2024 and discontinued applying the equity method of accounting on the New MAP Venture after June 30, 2024.
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 three and nine-month periods ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024 (a)20232024 (a)2023
Revenue$33,058 $58,986 $122,951 $175,939 
Operating expenses(13,680)(31,641)(63,985)(90,531)
Interest expense, net(12,030)(21,591)(44,980)(55,769)
Depreciation and amortization(14,518)(24,635)(54,499)(73,636)
Provision for impairment(116,543)— (116,543)— 
Loss on property disposition490 — — — 
Net loss$(123,223)$(18,881)$(157,056)$(43,997)
Ownership interest %VariousVariousVariousVarious
Company's share of net loss$(119,111)$(10,130)$(146,992)$(23,782)
Other-than-temporary impairment (b)(6,833)— (6,833)— 
Basis adjustments and other82 (609)(132)(722)
Equity in loss of unconsolidated real estate ventures$(125,862)$(10,739)$(153,957)$(24,504)
(a)Excludes amounts related to the Herndon Innovation Center Metro Portfolio Venture, LLC and the New MAP Venture as the Company discontinued applying the equity method of accounting. The Company discontinued applying the equity method of accounting on the Herndon Innovation Center Metro Portfolio Venture, LLC after March 31, 2024 and the New MAP Venture after June 30, 2024.
(b)Represents other-than-temporary impairment on investment in an unconsolidated joint venture due to a decline in fair value below the carrying value of our investments in the unconsolidated joint venture for the quarter ended September 30, 2024.