Investments in Unconsolidated Joint Ventures

As of September 30, 2018, 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 in Silicon Valley. The Osaka/Tokyo joint venture was formed on November 1, 2017.

The following tables present summarized financial information for our material joint ventures as of September 30, 2018 and December 31, 2017 and for the nine months ended September 30, 2018 and 2017 (in thousands):



	As of September 30, 2018										Nine Months Ended September 30, 2018
2018	Net Investment in Properties		Total Assets		Debt		Total Liabilities		Equity		Revenues		Property Operating Expense			Net Operating Income		Net Income
Total Unconsolidated Joint Ventures	$	1,045,943	$	1,338,295	$	719,801	$	847,814	$	490,481	$	159,336	$	(56,603	)	$	102,733	$	31,193
Our investment in and share of equity in earnings of unconsolidated joint ventures									$	169,919								$	23,734

	As of December 31, 2017										Nine Months Ended September 30, 2017
2017	Net Investment in Properties		Total Assets		Debt		Total Liabilities		Equity		Revenues		Property Operating Expense			Net Operating Income		Net Income
Total Unconsolidated Joint Ventures	$	1,061,950	$	1,375,006	$	712,690	$	869,879	$	505,127	$	106,793	$	(32,869	)	$	73,924	$	32,545
Our investment in and share of equity in earnings of unconsolidated joint ventures									$	163,477								$	19,592

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 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 condensed consolidated income statements.