Investments in Unconsolidated Joint Ventures

As of December 31, 2017, our investments in unconsolidated joint ventures consist of effective: 50% interests in four joint ventures that own data center buildings in Seattle, Hong Kong, Tokyo, and Osaka; 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 center property at 1101 Space Park Drive in Santa Clara.

On November 1, 2017, the Company formed a joint venture with Mitsubishi Corporation to provide data center solutions in Japan. The Company contributed its recently completed data center development project in Osaka, cash and working capital for a 50% interest in the joint venture. The Mitsubishi Corporation contributed two existing data center facilities in the western Tokyo suburb of Mitaka for the remaining 50% interest.

The following tables present summarized financial information for our joint ventures for the years ended December 31, 2017, 2016, and 2015 (in thousands):



2017	% 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	%	$	26,933	$	50,481	$	134,472	$	138,564	$	(88,083	)	$	49,369	$	(16,719	)	$	32,650		$	20,833
2020 Fifth Avenue	50.00	%	45,309		54,594		47,000		47,249		7,345			9,088		(1,820		)	7,268			4,881
33 Chun Choi Street (Hong Kong)	50.00	%	133,435		192,071		—		5,598		186,473			19,235		(6,504		)	12,731			5,467
Mitsubishi	50.00	%	325,977		452,063		221,851		288,962		163,101			7,927		(4,218		)	3,709			1,108
PREI ®	20.00	%	399,967		456,912		207,687		285,050		171,862			41,464		(7,978		)	33,486			13,889
GCEAR	20.00	%	114,376		151,191		101,680		104,220		46,971			18,924		(7,362		)	11,562			(1,962		)
1101 Space Park Drive	17.00	%	15,953		17,694		—		236		17,458			5,958		(4,629		)	1,329			(272		)
Total Unconsolidated Joint Ventures			$	1,061,950	$	1,375,006	$	712,690	$	869,879	$	505,127		$	151,965	$	(49,230	)	$	102,735		$	43,944
Our investment in and share of equity in earnings of unconsolidated joint ventures											$	163,477										$	25,516
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

The amounts reflected in the tables above, except for our investment in and share of equity in earnings of unconsolidated joint ventures, are based on the historical financial information of the individual joint ventures. The debt of our unconsolidated joint ventures generally are non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations.

Differences between the Company’s investments 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.