Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

Investments in Unconsolidated Joint Ventures

Summary of Financial Information for Joint Ventures

As of December 31, 2020 and 2019, 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):

	Year Joint	# of	Metropolitan			Balance as of		Balance as of
Joint Venture	Venture Formed	Data Centers	Area	% Ownership		December 31, 2020		December 31, 2019
Ascenty (1)	2019	22	Brazil / Chile / Mexico	51	% (2)	$	567,192	$	787,026
Mapletree	2019	3	Northern Virginia	20	%		184,890		196,181
Mitsubishi	2017	4	Osaka / Tokyo	50	%		278,947		200,652
CenturyLink	2012	1	Hong Kong	50	%		86,600		88,647
Other	Various	13	U.S.	Various			30,529		14,603
Total		43				$	1,148,158	$	1,287,109

(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 as of December 31, 2020 and 2019 of approximately $21.9 million and $23.9 million, respectively, and is classified within redeemable noncontrolling interests in our consolidated balance sheet.

The following tables present summarized financial information for our unconsolidated joint ventures for the years ended December 31, 2020, 2019, and 2018 (in thousands):

															Property		Net		Net
	%		Net Investment		Total		Mortgage		Total						Operating		Operating		Income
2020	Ownership		in Properties		Assets		Loans		Liabilities		Equity		Revenues		Expense		Income		(Loss)
Unconsolidated Joint Ventures
2020 Fifth Avenue	50.00	%	$	43,255	$	52,435	$	47,748	$	48,119	$	4,316	$	10,107	$	(2,887)	$	7,220	$	4,393
CenturyLink	50.00	%		142,596		181,464		—		8,264		173,200		25,006		(10,241)		14,765		5,581
Mitsubishi	50.00	%		734,362		968,957		243,911		358,749		610,208		154,114		(71,001)		83,113		43,746
Ascenty	51.00	%		594,322		1,862,402		720,623		833,801		1,028,601		165,680		(60,640)		105,040		(191,161)
Mapletree	20.00	%		723,678		985,900		—		38,140		947,760		106,966		(40,904)		66,062		(11,473)
PREI ®	20.00	%		359,706		409,836		211,205		278,645		131,191		41,459		(9,182)		32,277		9,446
GCEAR	20.00	%		106,316		117,573		89,300		90,709		26,864		21,401		(6,787)		14,614		4,642
Other	Various			19,261		24,371		3,563		3,876		20,495		10,508		(6,945)		3,563		(271)
Total Unconsolidated Joint Ventures			$	2,723,496	$	4,602,938	$	1,316,350	$	1,660,303	$	2,942,635	$	535,241	$	(208,587)	$	326,654	$	(135,097)
Our investment in and share of equity in loss of unconsolidated joint ventures											$	1,148,158							$	(57,629)

															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