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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
Net property$1,634,563 $1,641,085 
Other assets232,441 238,406 
Other liabilities112,997 107,801 
Debt, net752,027 752,325 
Equity (a)1,001,980 1,019,365 
(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 three and six-month periods ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025 (a)2024
2025 (a)
2024
Revenue$38,731 $43,944 $81,282 $89,893 
Operating expenses(16,295)(25,424)(32,957)(50,305)
Interest expense, net(14,787)(15,587)(29,695)(32,950)
Depreciation and amortization(15,003)(19,092)(32,270)(39,981)
Loss on property disposition(474)— (474)(490)
Net loss$(7,828)$(16,159)$(14,114)$(33,833)
Ownership interest %VariousVariousVariousVarious
Company's share of net loss$(15,234)$(14,073)$(25,540)$(27,881)
Basis adjustments and other402 (434)197 (214)
Equity in loss of unconsolidated real estate ventures$(14,832)$(14,507)$(25,343)$(28,095)
(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 has no further investments in Herndon Innovation Center as of December 31, 2024. The Company discontinued applying the equity method of accounting on the New MAP Venture after June 30, 2024. As of June 30, 2024, the Company's investment in the New MAP Venture was zero, and the Company discontinued applying the equity method of accounting on the New MAP Venture.