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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 3 Months Ended
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Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | 4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES As of March 31, 2023, the Company held ownership interests in eleven unconsolidated real estate ventures, with a net aggregate investment balance of $545.5 million, which includes a negative investment balance in one unconsolidated real estate venture of $38.3 million, reflected within “Other liabilities” on the consolidated balance sheets. As of March 31, 2023, five of the real estate ventures owned properties that contained an aggregate of approximately 9.1 million net rentable square feet of office space; two real estate ventures owned 1.4 acres of land held for development; four real estate ventures owned 7.5 acres of land in active development; one real estate venture owned a mixed used tower comprised of 250 apartment units and 0.2 million net rentable square feet of office/retail space. The Company accounts for its interests in the unconsolidated real estate ventures, which range from 15% to 70%, using the equity method. Certain of the unconsolidated real estate ventures are subject to specified priority allocations of distributable cash. The Company earned management fees from the unconsolidated real estate ventures of $2.1 million and $1.9 million for the three months ended March 31, 2023 and 2022, respectively.The Company earned leasing commissions from the unconsolidated real estate ventures of $0.7 million and $0.4 million for the three months ended March 31, 2023 and 2022, respectively The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $2.9 million for both March 31, 2023 and December 31, 2022, respectively. 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 unconsolidated 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 March 31, 2023 and December 31, 2022 (in thousands):
| March 31, 2023 |  | December 31, 2022 |
Net property | $ | 2,188,884 |  |  | $ | 2,117,226 |  |
Other assets | 521,301 |  |  | 506,213 |  |
Other liabilities | 448,507 |  |  | 446,101 |  |
Debt, net | 1,236,629 |  |  | 1,198,213 |  |
Equity (a) | 1,025,049 |  |  | 979,125 |  |
(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 unconsolidated real estate ventures in which the Company held interests during the three-month periods ended March 31, 2023 and 2022 (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Revenue | $ | 57,886 |  |  | $ | 53,216 |  |  |  |  |
Operating expenses | (28,851) |  |  | (28,592) |  |  |  |  |
Interest expense, net | (15,891) |  |  | (7,469) |  |  |  |  |
Depreciation and amortization | (24,174) |  |  | (21,283) |  |  |  |  |
Net loss | $ | (11,030) |  |  | $ | (4,128) |  |  |  |  |
Ownership interest % | Various |  | Various |  |  |  |
Company's share of net loss | $ | (6,124) |  |  | $ | (4,617) |  |  |  |  |
Basis adjustments and other | (43) |  |  | 54 |  |  |  |  |
Equity in loss of unconsolidated real estate ventures | $ | (6,167) |  |  | $ | (4,563) |  |  |  |  |
Commerce Square Venture The properties held by the venture are encumbered by existing mortgages that were set to expire on April 5, 2023. The lender of the mortgages provided the venture with a two month extension until June 5, 2023. The venture is actively working to satisfy the mortgage debt prior to maturity but there can be no assurances the mortgage debt will be satisfied or additional extension options will be provided by the existing lender. The mortgage debt is non-recourse to Company.

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- References No definition available. + Details
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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 https://asc.fasb.org/topic&trid=2196965 + Details
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