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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Financial Position of 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, 2025 and December 31, 2024 (in thousands):
| March 31, 2025 |  | December 31, 2024 |
Net property | $ | 1,646,618 |  |  | $ | 1,641,085 |  |
Other assets | 238,568 |  |  | 238,406 |  |
Other liabilities | 111,963 |  |  | 107,801 |  |
Debt, net | 759,750 |  |  | 752,325 |  |
Equity (a) | 1,013,473 |  |  | 1,019,365 |  |
(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 three-month periods ended March 31, 2025 and 2024 (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 (a) |  | 2024
Revenue |  |  |  |  | $ | 42,551 |  |  | $ | 45,949 |
Operating expenses |  |  |  |  | (16,662) |  |  | (24,881) |
Interest expense, net |  |  |  |  | (14,908) |  |  | (17,363) |
Depreciation and amortization |  |  |  |  | (17,267) |  |  | (20,889) |
Loss on property disposition |  |  |  |  | — |  |  | (490) |
Net loss |  |  |  |  | $ | (6,286) |  |  | $ | (17,674) |
Ownership interest % |  |  |  |  | Various |  | Various
Company's share of net loss |  |  |  |  | $ | (10,306) |  |  | $ | (13,814) |
Basis adjustments and other |  |  |  |  | (205) |  |  | 226 |
Equity in loss of unconsolidated real estate ventures |  |  |  |  | $ | (10,511) |  |  | $ | (13,588) |
(a)Excludes amounts related to the Herndon Innovation Center Metro Portfolio Venture, LLC and the New MAP Venture as the Company discontinued applying the equity method of accounting. The Company discontinued applying the equity method of accounting on the Herndon Innovation Center Metro Portfolio Venture, LLC after March 31, 2024 and has no further investments in Herndon Innovation Center as of December 31, 2024. The Company discontinued applying the equity method of accounting on the New MAP Venture after June 30, 2024. As of June 30, 2024, the Company's investment in the New MAP Venture was zero, and the Company discontinued applying the equity method of accounting on the New MAP Venture.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of the summary of investment holdings. + References No definition available. + Details
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