v3.26.3
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 9 Months Ended
Sep. 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 September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
Net property$1,054,494 $1,164,117 
Other assets174,218 179,663 
Other liabilities97,963 85,524 
Debt, net495,453 583,062 
Equity (a)635,296 675,194 
(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 nine-month periods ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenue$35,086 $36,980 $105,038 $118,262 
Operating expenses(15,756)(18,222)(48,118)(51,179)
Interest expense, net(11,521)(15,722)(34,401)(45,417)
Depreciation and amortization(14,424)(17,216)(45,172)(49,486)
Gain on property disposition (a)5,500 — 6,553 (474)
Loss on early extinguishment of debt (a)(177)— (177)— 
Net loss$(1,292)$(14,180)$(16,277)$(28,294)
Ownership interest %VariousVariousVariousVarious
Company's share of net loss$(3,855)$(18,281)$(21,446)$(43,821)
Other-than-temporary impairment (a)(10,559)— (10,559)— 
Basis adjustments and other257 98 408 295 
Equity in loss of unconsolidated real estate ventures$(14,157)$(18,183)$(31,597)$(43,526)
(a) - Represents a net loss of $5.3 million on the Company's investment in the One Uptown Multi-Family Venture during the third quarter. This net loss consists of a $5.5 million gain from the sale of real estate, partially offset by a $0.2 million loss on debt extinguishment, and further reduced by a $10.6 million other-
than-temporary impairment loss on the investment. The impairment loss reflects the write-down of the Company's remaining investment balance based on the residual proceeds attributable to the Company following repayment of the Venture's construction loan and payment to the Venture's preferred partner in settlement of its preferred interest.