INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Net property	$	1,653,934	$	1,641,085
Other assets	246,037		238,406
Other liabilities	100,813		107,801
Debt, net	760,249		752,325
Equity (a)	1,038,909		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 and nine-month periods ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025 (a)		2024
Revenue	$	36,980	$	33,058	$	118,262	$	122,951
Operating expenses	(18,222)		(13,680)		(51,179)		(63,985)
Interest expense, net	(15,722)		(12,030)		(45,417)		(44,980)
Depreciation and amortization	(17,216)		(14,518)		(49,486)		(54,499)

Loss on property disposition	—		490		(474)		—
Provision for impairment	—		(116,543)		—		(116,543)

Net loss	$	(14,180)	$	(123,223)	$	(28,294)	$	(157,056)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(18,281)	$	(119,111)	$	(43,821)	$	(146,992)
Other-than-temporary impairment	—		(6,833)		—		(6,833)
Basis adjustments and other	98		82		295		(132)
Equity in loss of unconsolidated real estate ventures	$	(18,183)	$	(125,862)	$	(43,526)	$	(153,957)

(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 had no further investments in Herndon Innovation Center as of December 31, 2024. As of June 30, 2024, the Company's investment in the New MAP Venture was zero.