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Investment in Unconsolidated Real Estate Ventures | 6 Months Ended
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Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES As of June 30, 2020, the Company held ownership interests in seven unconsolidated real estate ventures for an aggregate investment balance of $113.1 million, which includes a negative investment balance in one unconsolidated real estate venture, reflected within 'Other liabilities' in the consolidated balance sheets. As of June 30, 2020, three of the real estate ventures owned properties that contained an aggregate of approximately 5.4 million net rentable square feet of office space; two real estate ventures owned 1.4 acres of land held for development; one real estate venture owned 1.3 acres of land in active development; and one real estate venture owned a residential tower that contained 321 apartment units. The Company accounts for its interests in the Real Estate Ventures, which range from 15% to 70%, using the equity method. Certain of the Real Estate Ventures are subject to specified priority allocations of distributable cash. The Company earned management fees from its Real Estate Ventures of $0.8 million and $2.0 million for the three and six months ended June 30, 2020, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2019, respectively. The Company earned leasing commission income from its Real Estate Ventures of $0.2 million and $0.6 million for the three and six months ended June 30, 2020, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2019, respectively. The Company had outstanding accounts receivable balances from its Real Estate Ventures of $0.8 million as of both June 30, 2020 and December 31, 2019. The amounts reflected in the following tables (except for the Company’s share of equity in income) are based on the financial information of the individual Real Estate Ventures. The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of June 30, 2020 and December 31, 2019 (in thousands):
| June 30, 2020
| MAP Venture |  | Other |  | Total
Net property | $ | 186,865 |  |  | $ | 651,223 |  |  | $ | 838,088 |
Other assets | 251,765 |  |  | 85,123 |  |  | 336,888 |
Other liabilities | 266,383 |  |  | 15,706 |  |  | 282,089 |
Debt, net | 182,279 |  |  | 426,988 |  |  | 609,267 |
Equity (a) | (10,032 | ) |  | 293,652 |  |  | 283,620 |
| December 31, 2019
| MAP Venture |  | Other |  | Total
Net property | $ | 192,582 |  |  | $ | 641,785 |  |  | $ | 834,367 |
Other assets | 256,453 |  |  | 85,549 |  |  | 342,002 |
Other liabilities | 266,200 |  |  | 23,871 |  |  | 290,071 |
Debt, net | 181,525 |  |  | 403,543 |  |  | 585,068 |
Equity (a) | 1,310 |  |  | 299,920 |  |  | 301,230 |
(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.
The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three and six-month periods ended June 30, 2020 and 2019 (in thousands):
| Three Months Ended June 30, 2020
| MAP Venture |  | Other |  | Total
Revenue | $ | 16,281 |  |  | $ | 15,013 |  |  | $ | 31,294 |
Operating expenses | (12,016 | ) |  | (5,990 | ) |  | (18,006 | )
Interest expense, net | (1,831 | ) |  | (3,324 | ) |  | (5,155 | )
Depreciation and amortization | (5,756 | ) |  | (6,870 | ) |  | (12,626 | )
Net loss | $ | (3,322 | ) |  | $ | (1,171 | ) |  | $ | (4,493 | )
Ownership interest % | 50 | % |  | Various |  |  | Various |
Company's share of net loss | $ | (1,661 | ) |  | $ | (553 | ) |  | $ | (2,214 | )
Basis adjustments and other | 23 |  |  | (12 | ) |  | 11 |
Equity in loss of Real Estate Ventures | $ | (1,638 | ) |  | $ | (565 | ) |  | $ | (2,203 | )
| Three Months Ended June 30, 2019
| MAP Venture |  | Other |  | Total
Revenue | $ | 17,796 |  |  | $ | 15,567 |  |  | $ | 33,363 |
Operating expenses | (11,611 | ) |  | (5,757 | ) |  | (17,368 | )
Interest expense, net | (2,532 | ) |  | (3,788 | ) |  | (6,320 | )
Depreciation and amortization | (6,550 | ) |  | (6,922 | ) |  | (13,472 | )
Net loss | $ | (2,897 | ) |  | $ | (900 | ) |  | $ | (3,797 | )
Ownership interest % | 50 | % |  | Various |  |  | Various |
Company's share of net loss | $ | (1,449 | ) |  | $ | (59 | ) |  | $ | (1,508 | )
Basis adjustments and other | 15 |  |  | 2 |  |  | 17 |
Equity in loss of Real Estate Ventures | $ | (1,434 | ) |  | $ | (57 | ) |  | $ | (1,491 | )
| Six Months Ended June 30, 2020
| MAP Venture |  | Other |  | Total
Revenue | $ | 33,594 |  |  | $ | 28,851 |  |  | $ | 62,445 |
Operating expenses | (24,243 | ) |  | (11,724 | ) |  | (35,967 | )
Interest expense, net | (3,879 | ) |  | (6,266 | ) |  | (10,145 | )
Depreciation and amortization | (11,814 | ) |  | (13,335 | ) |  | (25,149 | )
Net loss | $ | (6,342 | ) |  | $ | (2,474 | ) |  | $ | (8,816 | )
Ownership interest % | 50 | % |  | Various |  |  | Various |
Company's share of net loss | $ | (3,171 | ) |  | $ | (909 | ) |  | $ | (4,080 | )
Basis adjustments and other | 12 |  |  | (26 | ) |  | (14 | )
Equity in loss of Real Estate Ventures | $ | (3,159 | ) |  | $ | (935 | ) |  | $ | (4,094 | )
| Six Months Ended June 30, 2019
| MAP Venture |  | Other |  | Total
Revenue | $ | 36,084 |  |  | $ | 32,338 |  |  | $ | 68,422 |
Operating expenses | (23,766 | ) |  | (12,320 | ) |  | (36,086 | )
Interest expense, net | (5,068 | ) |  | (5,172 | ) |  | (10,240 | )
Depreciation and amortization | (12,899 | ) |  | (14,285 | ) |  | (27,184 | )
Net income (loss) | $ | (5,649 | ) |  | $ | 561 |  |  | $ | (5,088 | )
Ownership interest % | 50 | % |  | Various |  |  | Various |
Company's share of net income (loss) | $ | (2,825 | ) |  | $ | 5 |  |  | $ | (2,820 | )
Basis adjustments and other | (41 | ) |  | 12 |  |  | (29 | )
Equity in income (loss) of Real Estate Ventures | $ | (2,866 | ) |  | $ | 17 |  |  | $ | (2,849 | )

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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