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Investment in Unconsolidated Real Estate Ventures (Tables) | 3 Months Ended
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Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Financial Position of 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 March 31, 2021 and December 31, 2020 (in thousands):
| March 31, 2021 |  | December 31, 2020 |
Net property | $ | 1,550,425 |  |  | $ | 1,520,804 |  |
Other assets | 473,771 |  |  | 488,805 |  |
Other liabilities | 325,162 |  |  | 333,049 |  |
Debt, net | 956,208 |  |  | 956,688 |  |
Equity (a) | 742,826 |  |  | 719,872 |  |
(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.
Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss) | The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three month periods ended March 31, 2021 and 2020 (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Revenue | $ | 53,357 |  |  | $ | 31,151 |  |  |  |  |
Operating expenses | (28,987) |  |  | (17,961) |  |  |  |  |
Interest expense, net | (7,374) |  |  | (4,989) |  |  |  |  |
Depreciation and amortization | (24,893) |  |  | (12,523) |  |  |  |  |
Net loss | $ | (7,897) |  |  | $ | (4,322) |  |  |  |  |
Ownership interest % | Various |  | Various |  |  |  |
Company's share of loss | $ | (6,541) |  |  | $ | (1,862) |  |  |  |  |
Basis adjustments and other | (383) |  |  | (29) |  |  |  |  |
Equity in loss of Real Estate Ventures | $ | (6,924) |  |  | $ | (1,891) |  |  |  |  |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of the summary of investment holdings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611197-123010 + Details
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