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Investment in Unconsolidated Joint Ventures
 12 Months Ended
Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
As of December 31, 2016, our investment in unconsolidated joint ventures consists of effective 50% interests in three joint ventures that own data center properties at 2001 Sixth Avenue in Seattle, Washington, 2020 Fifth Avenue in Seattle, Washington and 33 Chun Choi Street in Hong Kong, 20% interests in two joint ventures, one of which owns 10 data center properties with an investment fund managed by Prudential Real Estate Investors (PREI®) and the other which owns one data center property with an affiliate of Griffin Capital Essential Asset REIT, Inc. (GCEAR) and a 17% interest in a joint venture that owns a data property at 1101 Space Park Drive in Santa Clara, California. The following tables present summarized financial information for our material joint ventures for the years ended December 31, 2016, 2015, and 2014 (in thousands):
2016
%
Ownership
 
Net Investment
in Properties
 
Total
Assets
 
Mortgage
Loans
 
Total
Liabilities
 
Equity /
(Deficit)
 
Revenues
 
Property
Operating
Expense
 
Net
Operating
Income
 
Net
Income
(Loss)
Unconsolidated Joint Ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2001 Sixth Avenue
50.00
%
 
$
27,342

 
$
43,258

 
$
101,394

 
$
106,241

 
$
(62,983
)
 
$
45,518

 
$
(15,574
)
 
$
29,944

 
$
16,374

2020 Fifth Avenue
50.00
%
 
45,973

 
55,005

 
47,000

 
47,612

 
7,393

 
8,788

 
(1,500
)
 
7,288

 
4,821

33 Chun Choi Street (Hong Kong)
50.00
%
 
134,249

 
184,855

 
—

 
3,291

 
181,564

 
18,856

 
(6,636
)
 
12,220

 
6,315

PREI ®
20.00
%
 
409,876

 
468,298

 
207,270

 
288,325

 
179,973

 
41,075

 
(8,503
)
 
32,572

 
13,615

GCEAR
20.00
%
 
116,949

 
162,863

 
101,477

 
104,393

 
58,470

 
19,742

 
(7,808
)
 
11,934

 
(1,396
)
1101 Space Park Drive
17.00
%
 
6,839

 
8,415

 
—

 
135

 
8,280

 
3,539

 
(4,105
)
 
(566
)
 
$
(1,515
)
Total Unconsolidated Joint Ventures
 
 
$
741,228

 
$
922,694

 
$
457,141

 
$
549,997

 
$
372,697

 
$
137,518

 
$
(44,126
)
 
$
93,392

 
$
38,214

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
106,402

 
 
 
 
 
 
 
$
17,104

2015
%
Ownership
 
Net Investment
in Properties
 
Total
Assets
 
Mortgage
Loans
 
Total
Liabilities
 
Equity /
(Deficit)
 
Revenues
 
Property
Operating
Expense
 
Net
Operating
Income
 
Net
Income
(Loss)
Unconsolidated Joint Ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2001 Sixth Avenue
50.00
%
 
$
33,757

 
$
44,732

 
$
102,998

 
$
107,807

 
$
(63,075
)
 
$
43,734

 
$
(15,205
)
 
$
28,529

 
$
14,171

2020 Fifth Avenue
50.00
%
 
46,633

 
55,257

 
47,000

 
47,857

 
7,400

 
8,474

 
(1,177
)
 
7,297

 
4,840

33 Chun Choi Street (Hong Kong)
50.00
%
 
138,742

 
179,525

 
—

 
4,173

 
175,352

 
17,700

 
(5,358
)
 
12,342

 
4,480

PREI ®
20.00
%
 
419,498

 
481,175

 
208,000

 
293,276

 
187,898

 
40,011

 
(6,157
)
 
33,854

 
15,121

GCEAR
20.00
%
 
119,952

 
175,301

 
102,025

 
105,197

 
70,104

 
19,730

 
(8,249
)
 
11,481

 
(1,262
)
Total Unconsolidated Joint Ventures
 
 
$
758,582

 
$
935,990

 
$
460,023

 
$
558,310

 
$
377,679

 
$
129,649

 
$
(36,146
)
 
$
93,503

 
$
37,350

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
106,107

 
 
 
 
 
 
 
$
15,491

2014
%
Ownership
 
Net Investment
in Properties
 
Total
Assets
 
Mortgage
Loans
 
Total
Liabilities
 
Equity /
(Deficit)
 
Revenues
 
Property
Operating
Expense
 
Net
Operating
Income
 
Net
Income
(Loss)
Unconsolidated Joint Ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2001 Sixth Avenue
50.00
%
 
$
37,620

 
$
42,537

 
$
104,523

 
$
110,749

 
$
(68,212
)
 
$
39,807

 
$
(14,707
)
 
$
25,100

 
$
11,982

2020 Fifth Avenue
50.00
%
 
47,239

 
55,123

 
47,000

 
47,795

 
7,328

 
8,308

 
(1,086
)
 
7,222

 
4,844

33 Chun Choi Street (Hong Kong)
50.00
%
 
143,014

 
165,912

 
—

 
10,210

 
155,702

 
8,671

 
(2,625
)
 
6,046

 
2,976

PREI ®
20.00
%
 
429,358

 
492,494

 
208,000

 
296,480

 
196,014

 
39,467

 
(6,144
)
 
33,323

 
12,378

GCEAR
20.00
%
 
122,521

 
186,041

 
102,025

 
104,661

 
81,380

 
6,050

 
(2,311
)
 
3,739

 
(1,603
)
Total Unconsolidated Joint Ventures
 
 
$
779,752

 
$
942,107

 
$
461,548

 
$
569,895

 
$
372,212

 
$
102,303

 
$
(26,873
)
 
$
75,430

 
$
30,577

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
94,729

 
 
 
 
 
 
 
$
13,289



We amortize the difference between the cost of our investment in the joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was immaterial for each of the years ended December 31, 2016, 2015 and 2014.

Differences between the Company’s investment in the joint ventures and the amount of the underlying equity in net assets of the joint ventures are due to basis differences resulting from the Company’s equity investment recorded at its historical basis versus the fair value of the Company’s contributed interest in the joint ventures. Our proportionate share of the earnings or losses related to these unconsolidated joint ventures is reflected as equity in earnings of unconsolidated joint ventures on the accompanying consolidated income statements.

Sale of Investment
On October 17, 2014, we closed on the sale of our investment in a developer of data centers in the Southwestern U.S. and Mexico, generating net proceeds of approximately $31.7 million. We recognized a gain on sale of approximately $14.6 million in the fourth quarter of 2014. The original investment of $17.1 million was included in other assets on the consolidated balance sheet.