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Investments in Unconsolidated Joint Ventures
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures
As of December 31, 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 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, 2018, 2017, and 2016 (in thousands):
2018
%
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
%
 
$
32,786

 
$
49,278

 
$
134,527

 
$
139,569

 
$
(90,291
)
 
$
52,806

 
$
(17,264
)
 
$
35,542

 
$
25,612

2020 Fifth Avenue
50.00
%
 
44,644

 
54,855

 
48,000

 
48,333

 
6,522

 
9,417

 
(2,156
)
 
7,261

 
4,689

33 Chun Choi Street (Hong Kong)
50.00
%
 
151,256

 
201,527

 
—

 
9,337

 
192,190

 
21,394

 
(7,164
)
 
14,230

 
6,958

Mitsubishi
50.00
%
 
332,373

 
469,159

 
228,075

 
285,424

 
183,735

 
59,300

 
(26,360
)
 
32,940

 
15,884

PREI ®
20.00
%
 
375,016

 
433,024

 
210,626

 
283,899

 
149,125

 
42,058

 
(8,457
)
 
33,601

 
(4,159
)
GCEAR
20.00
%
 
111,909

 
139,268

 
101,885

 
104,268

 
35,000

 
20,457

 
(8,546
)
 
11,911

 
(2,177
)
1101 Space Park Drive
17.00
%
 
22,677

 
24,320

 
5,225

 
5,327

 
18,993

 
9,383

 
(5,879
)
 
3,504

 
415

Total Unconsolidated Joint Ventures
 
 
$
1,070,661

 
$
1,371,431

 
$
728,338

 
$
876,157

 
$
495,274

 
$
214,815

 
$
(75,826
)
 
$
138,989

 
$
47,222

Our investment in and share of equity in earnings of unconsolidated joint ventures
 
 
 
 
 
 
 
 
 
 
$
175,108

 
 
 
 
 
 
 
$
32,979

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



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.