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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Financial Position of Real Estate Ventures | The Company’s investment in the unconsolidated real estate ventures as of December 31, 2023 and 2022, and the Company’s share of the unconsolidated real estate ventures’ income (loss) for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):
| Ownership Percentage |  | Carrying Amount |  | Company's unconsolidated real estate venture Income (Loss) |  | Unconsolidated Real Estate Venture Debt at 100%, gross
|  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
Office Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commerce Square Venture | 78% (a) |  | $ | 272,216 |  |  | $ | 238,105 |  |  | $ | (18,791) |  |  | $ | (12,128) |  |  | $ | (15,501) |  |  | $ | 220,000 |  |  | $ | 206,737 |
Mid-Atlantic Office Venture (e) | 40% (a) |  | — |  |  | 31,005 |  |  | (26,448) |  |  | 412 |  |  | 932 |  |  | 132,770 |  |  | 128,904 |
Herndon Innovation Center Metro Portfolio Venture, LLC | 15% |  | 3,518 |  |  | 15,304 |  |  | (11,854) |  |  | (536) |  |  | (174) |  |  | 233,443 |  |  | 207,302 |
MAP Venture (b) | 50% |  | (48,733) |  |  | (35,411) |  |  | (10,580) |  |  | (8,340) |  |  | (8,683) |  |  | 179,842 |  |  | 182,053 |
Cira Square | 20% |  | 25,242 |  |  | 27,815 |  |  | (2,474) |  |  | (985) |  |  | — |  |  | 257,700 |  |  | 257,700 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4040 Wilson Venture (c) | 50% |  | 29,419 |  |  | 29,633 |  |  | (2,536) |  |  | (1,211) |  |  | (2,258) |  |  | 145,000 |  |  | 145,070 |
1919 Venture (d) | 50% |  | — |  |  | — |  |  | — |  |  | 1,392 |  |  | 427 |  |  | — |  |  | — |
Brandywine - AI Venture LLC | 50% |  | — |  |  | — |  |  | — |  |  | — |  |  | (721) |  |  | — |  |  | — |
Development Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3025 JFK Venture (c) | 58% |  | 62,034 |  |  | 57,630 |  |  | (4,456) |  |  | (35) |  |  | (118) |  |  | 152,032 |  |  | 60,118 |
JBG - 51 N Street (c) | 70% |  | 21,150 |  |  | 21,208 |  |  | (435) |  |  | (382) |  |  | (402) |  |  | — |  |  | — |
JBG - 1250 First Street Office (c) | 70% |  | 17,843 |  |  | 17,759 |  |  | (269) |  |  | (195) |  |  | (199) |  |  | — |  |  | — |
3151 Market Street Venture (c) | 64% |  | 90,645 |  |  | 63,751 |  |  | (72) |  |  | (8) |  |  | — |  |  | — |  |  | — |
One Uptown - Office (c) | 57% |  | 47,036 |  |  | 34,980 |  |  | — |  |  | — |  |  | — |  |  | 51,701 |  |  | 16,895 |
One Uptown - Multifamily (c) | 50% |  | 32,124 |  |  | 30,445 |  |  | — |  |  | — |  |  | — |  |  | 40,270 |  |  | — |
|  |  | $ | 552,494 |  |  | $ | 532,224 |  |  | $ | (77,915) |  |  | $ | (22,016) |  |  | $ | (26,697) |  |  | $ | 1,412,758 |  |  | $ | 1,204,779 |
(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)Included within “Other Liabilities” on the consolidated balance sheet. (c)This entity is a VIE. (d)On November 30, 2022, the Company sold its interest in 1919 Venture. See “1919 Venture” sections for more information on the disposal. (e)On January 9, 2024 the real estate venture’s secured mortgage loan matured. The real estate venture is in active discussions, including with the mortgage lender, as to a potential extension of the loan or other restructuring of the venture. The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of December 31, 2023 and December 31, 2022 (in thousands):
| December 31, 2023 |  | December 31, 2022
Net property | $ | 2,339,921 |  |  | $ | 2,117,226 |
Other assets | 534,658 |  |  | 506,213 |
Other liabilities | 443,536 |  |  | 446,101 |
Debt, net | 1,407,858 |  |  | 1,198,213 |
Equity (a) | 1,023,185 |  |  | 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.
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 twelve-month periods ended December 31, 2023, 2022 and 2021 (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenue | $ | 232,895 |  |  | $ | 244,981 |  |  | $ | 214,792 |
Operating expenses | (122,181) |  |  | (124,608) |  |  | (117,273) |
Interest expense, net | (78,909) |  |  | (49,007) |  |  | (30,569) |
Depreciation and amortization | (100,205) |  |  | (103,378) |  |  | (97,147) |
Provision for impairment | — |  |  | — |  |  | (1,393) |
Net loss | $ | (68,400) |  |  | $ | (32,012) |  |  | $ | (31,590) |
Ownership interest % | Various |  | Various |  | Various
Company's share of net loss | $ | (39,637) |  |  | $ | (21,594) |  |  | $ | (25,972) |
Other-than-temporary impairment (a) | (37,176) |  |  | — |  |  | — |
Basis adjustments and other | (1,102) |  |  | (422) |  |  | (725) |
Equity in loss of unconsolidated real estate ventures | $ | (77,915) |  |  | $ | (22,016) |  |  | $ | (26,697) |
(a)Represents other-than-temporary impairment on investment in unconsolidated joint venture due to a decline in fair value below the carrying value of our investments in the unconsolidated joint venture for the year ended December 31, 2023.
Schedule of Maturities of Long-term Debt | As of December 31, 2023, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2024 | $ | 803,756 |
2025 | 152,032 |
2026 | 236,971 |
2027 | — |
2028 | 220,000 |
Thereafter | — |
Total principal payments | 1,412,759 |
Net deferred financing costs | (4,901) |
Outstanding indebtedness | $ | 1,407,858 |
As of December 31, 2023, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2024 | $ | 340,000 |
2025 | 70,000 |
2026 | 13,824 |
2027 | 700,000 |
2028 | 595,000 |
Thereafter | 428,610 |
Total principal payments | 2,147,434 |
Net unamortized premiums/(discounts) | 1,878 |
Net deferred financing costs | (10,480) |
Outstanding indebtedness | $ | 2,138,832 |

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