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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables) | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Unconsolidated Real Estate Ventures | The Company’s investment in the Real Estate Ventures as of December 31, 2020 and 2019, and the Company’s share of the Real Estate Ventures’ income (loss) for the years ended December 31, 2020 and 2019 was as follows (in thousands):
| Ownership Percentage |  | Carrying Amount |  | Company's Share of Real Estate Venture Income (Loss) |  | Real Estate Venture Debt at 100%, gross
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Office Properties |  |  |  |  |  |  |  |  |  |  |  |  |
Commerce Square Venture | 70% (a) |  | $ | 253,128 |  |  | $ | — |  |  | $ | (9,150) |  |  | $ | — |  |  | $ | 219,168 |  |  | $ | — |
Mid-Atlantic Office Venture | 40% (a) |  | 32,996 |  |  | — |  |  | 96 |  |  | — |  |  | 120,831 |  |  | — |
Brandywine - AI Venture LLC | 50% |  | 10,302 |  |  | 10,116 |  |  | 185 |  |  | (2,800) |  |  | — |  |  | — |
Herndon Innovation Center Metro Portfolio Venture, LLC | 15% |  | 16,019 |  |  | 16,446 |  |  | (358) |  |  | (498) |  |  | 207,302 |  |  | 207,302 |
MAP Venture | 50% |  | (11,516) |  |  | (70) |  |  | (6,570) |  |  | (6,102) |  |  | 185,000 |  |  | 185,000 |
PJP VII | 25% (b) |  | — |  |  | — |  |  | — |  |  | 190 |  |  | — |  |  | — |
PJP II | 30% (b) |  | — |  |  | — |  |  | — |  |  | 81 |  |  | — |  |  | — |
PJP VI | 25% (b) |  | — |  |  | — |  |  | — |  |  | (185) |  |  | — |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |
1919 Venture | 50% |  | 15,434 |  |  | 17,524 |  |  | 59 |  |  | 328 |  |  | 88,860 |  |  | 88,860 |
Development Properties |  |  |  |  |  |  |  |  |  |  |  |  |
4040 Wilson Venture (c) | 50% |  | 34,454 |  |  | 37,002 |  |  | (2,162) |  |  | (368) |  |  | 141,857 |  |  | 114,845 |
JBG - 51 N Street (c) | 70% |  | 21,237 |  |  | 21,531 |  |  | (457) |  |  | (313) |  |  | — |  |  | — |
JBG - 1250 First Street Office (c) | 70% |  | 17,757 |  |  | 17,745 |  |  | (227) |  |  | (255) |  |  | — |  |  | — |
|  |  | $ | 389,811 |  |  | $ | 120,294 |  |  | $ | (18,584) |  |  | $ | (9,922) |  |  | $ | 963,018 |  |  | $ | 596,007 |
(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)On October 29, 2019, the Company sold its interest in PJP II, PJP VI and PJP VII. See "PJP Ventures" section below for more information on the disposal. (c)This entity is a VIE. The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2020 and December 31, 2019 (in thousands):
| December 31, 2020 |  | December 31, 2019
Net property | $ | 1,520,804 |  |  | $ | 834,367 |
Other assets | 488,805 |  |  | 342,002 |
Other liabilities | 333,049 |  |  | 290,071 |
Debt, net | 956,688 |  |  | 585,068 |
Equity (a) | 719,872 |  |  | 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 had interests during the twelve-month periods ended December 31, 2020, 2019 and 2018 (in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Revenue | $ | 150,276 |  |  | $ | 132,358 |  |  | $ | 165,326 |
Operating expenses | (85,812) |  |  | (71,784) |  |  | (82,035) |
Interest expense, net | (22,661) |  |  | (21,908) |  |  | (29,774) |
Depreciation and amortization | (70,805) |  |  | (53,331) |  |  | (53,826) |
Provision for impairment | — |  |  | (5,664) |  |  | (20,832) |
Loss on extinguishment of debt | — |  |  | (1,231) |  |  | (1,385) |
Net loss | $ | (29,002) |  |  | $ | (21,560) |  |  | $ | (22,526) |
Ownership interest % | Various |  | Various |  | Various
Company's share of net loss | $ | (18,540) |  |  | $ | (9,865) |  |  | $ | (11,924) |
Other-than-temporary impairment | — |  |  | — |  |  | (4,076) |
Basis adjustments and other | (44) |  |  | (57) |  |  | 769 |
Equity in loss of Real Estate Ventures | $ | (18,584) |  |  | $ | (9,922) |  |  | $ | (15,231) |
Schedule of Maturities of Long-term Debt | As of December 31, 2020, the aggregate principal payments of the Real Estate Ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2021 | $ | 148,693 |
2022 | 8,543 |
2023 | 477,649 |
2024 | 328,133 |
2025 | — |
Thereafter | — |
Total principal payments | 963,018 |
Net deferred financing costs | (8,224) |
Net original issue premium | 1,894 |
Outstanding indebtedness | $ | 956,688 |
As of December 31, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):
2021 | $ | — |
2022 | 250,000 |
2023 | 350,000 |
2024 | 350,000 |
2025 | — |
Thereafter | 878,610 |
Total principal payments | 1,828,610 |
Net unamortized premiums/(discounts) | 10,137 |
Net deferred financing costs | (8,152) |
Outstanding indebtedness | $ | 1,830,595 |

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