v3.26.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Net property$1,160,998 $1,164,117 
Other assets187,010 179,663 
Other liabilities80,414 85,524 
Debt, net570,199 583,062 
Equity (a)697,395 675,194 
(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 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 the results of operations of the unconsolidated real estate ventures in which the Company held interests during the three and six-month periods ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$34,670 $38,731 $69,952 $81,282 
Operating expenses(16,433)(16,295)(32,362)(32,957)
Interest expense, net(11,420)(14,787)(22,880)(29,695)
Depreciation and amortization(14,866)(15,003)(30,748)(32,270)
Gain on property disposition— (474)1,053 (474)
Net loss$(8,049)$(7,828)$(14,985)$(14,114)
Company's share of net loss$(8,781)$(15,234)$(17,591)$(25,540)
Basis adjustments and other43 402 151 197 
Equity in loss of unconsolidated real estate ventures$(8,738)$(14,832)$(17,440)$(25,343)