As of December 31, 2019 and 2018, our investments in unconsolidated joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheets consist of the following (in thousands):

(1) Our maximum exposure to loss related to this unconsolidated variable interest entity (VIE) is limited to our equity investment in this VIE.

(2) Includes an approximate 2% ownership interest held by a non-controlling interest in our entity that holds the investment in the Ascenty joint venture, which has a carrying value of approximately $25.0 million and is classified with redeemable noncontrolling interests in our consolidated balance sheet.

(3) See note 3 for additional information on the Ascenty joint venture.

Mapletree Joint Venture

On November 1, 2019, we formed a joint venture with Mapletree. We contributed three Turn-Key Flex® data centers, valued at approximately $1.0 billion, to the new joint venture in exchange for a 20% interest in the joint venture and approximately $0.8 billion of cash, net of closing costs. An entity jointly owned by Mapletree Investments and MIT contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee based on market rates. Although we are the managing member of the joint venture and manage the day-to-day activities, the joint venture is governed by a board of directors, in which power to make decisions that most significantly impact the investment returns to the members of the joint venture, including approval of annual budgets, is shared equally between Mapletree and us. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint venture under the equity method of accounting.

As a result of the transaction, we received approximately $0.8 billion of cash, net of closing costs, from Mapletree’s equity contribution and a 20% equity interest in the joint venture with an estimated fair value of $193.2 million, less our share of closing costs. We recognized a gain of approximately $266.2 million, which represented the excess of the fair value received less the carrying value of the assets and liabilities contributed to the joint venture, of which, $53.2 million of the gain was related to the remeasurement of the Company's retained equity interest to fair value. The fair value of the Company’s retained equity interest is based on Level 2 measurements within the fair value hierarchy based on the cash price paid by Mapletree for their 80% interest.

The following tables present summarized financial information for our unconsolidated joint ventures for the years ended December 31, 2019, 2018, and 2017 (in thousands):


															Property		Net		Net
	%		Net Investment		Total		Mortgage		Total		Equity /				Operating		Operating		Income
2019	Ownership		in Properties		Assets		Loans		Liabilities		(Deficit)		Revenues		Expense			Income	(Loss)
Unconsolidated Joint Ventures
2001 Sixth Avenue	50.00	%	$	30,748	$	47,485	$	134,583	$	140,354	$	(92,869)	$	56,266	$	(19,254)	$	37,012	$	27,422
2020 Fifth Avenue	50.00	%		43,918		54,325		48,000		48,703		5,622		9,868		(2,544)		7,324		4,649
CenturyLink	50.00	%		148,941		187,241		—		9,947		177,294		24,680		(9,251)		15,429		6,712
Mitsubishi	50.00	%		554,828		753,743		231,046		303,130		450,613		84,344		(39,300)		45,044		18,751
Ascenty	51.00	%		548,114		2,178,663		629,500		764,603		1,414,060		112,052		(40,250)		71,802		(54,606)
Mapletree	20.00	%		765,443		1,042,661		—		23,796		1,018,865		17,852		(6,774)		11,078		(1,872)
PREI ®	20.00	%		365,993		421,635		210,915		281,344		140,291		42,157		(9,918)		32,239		9,968
GCEAR	20.00	%		109,803		127,444		101,902		104,363		23,081		21,120		(9,073)		12,047		(2,636)
Other	7%-17	%		59,901		64,553		4,438		4,706		59,847		11,261		(6,779)		4,482		(31)
Total Unconsolidated Joint Ventures			$	2,627,689	$	4,877,750	$	1,360,384	$	1,680,946	$	3,196,804	$	379,600	$	(143,143)	$	236,457	$	8,357
Our investment in and share of equity in earnings of unconsolidated joint ventures											$	1,287,109							$	8,067


															Property		Net		Net
	%		Net Investment		Total		Mortgage		Total		Equity /				Operating		Operating		Income
2018	Ownership		in Properties		Assets		Loans		Liabilities		(Deficit)		Revenues		Expense		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
CenturyLink	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)
Other	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


															Property		Net		Net
	%		Net Investment		Total		Mortgage		Total		Equity /				Operating		Operating		Income
2017	Ownership		in Properties		Assets		Loans		Liabilities		(Deficit)		Revenues		Expense		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
CenturyLink	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)
Other	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

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 is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations.