Investments in Unconsolidated Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Composition of Investments

The following is a summary of the composition of our investments in unconsolidated real estate ventures:

	Ownership
Real Estate Venture Partners	Interest (1)	March 31, 2020		December 31, 2019
		(In thousands)
Prudential Global Investment Management	50.0%	$	217,076	$	215,624
CPPIB	55.0%		112,808		109,911
Landmark	1.8% - 49.0%		76,201		77,944
CBREI Venture	5.0% - 64.0%		67,084		68,405
Berkshire Group	50.0%		46,859		46,391
Brandywine	30.0%		13,741		13,830
Pacific Life Insurance Company (2)	20.0%		8,653		10,385
Other			561		536
Total investments in unconsolidated real estate ventures		$	542,983	$	543,026

(1) Ownership interests as of March 31, 2020. We have multiple investments with certain venture partners with varying ownership interests.

(2) In March 2020, we acquired an additional 3.33% ownership interest in the real estate venture. On March 27, 2020, the Wardman Park hotel, the sole asset in this real estate venture, was closed due to the COVID-19 pandemic.

The following is a summary of the debt of our unconsolidated real estate ventures:

	Weighted
	Average Effective
	Interest Rate (1)	March 31, 2020		December 31, 2019
		(In thousands)
Variable rate (2)	3.42%	$	644,399	$	629,479
Fixed rate (3)	4.00%		558,657		561,236
Unconsolidated real estate ventures - mortgages payable			1,203,056		1,190,715
Unamortized deferred financing costs			(2,525)		(2,859)
Unconsolidated real estate ventures - mortgages payable, net (4)		$	1,200,531	$	1,187,856

(1) Weighted average effective interest rate as of March 31, 2020.

(2) Includes variable rate mortgages payable with interest rate cap agreements.

(3) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.

(4) See Note 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures.

In April 2020, our real estate venture with CPPIB entered into a mortgage loan with a maximum principal balance of $160.0 million collateralized by 1900 N Street. The venture initially received proceeds from the mortgage loan of $134.5 million, with the additional $25.5 million available in the future.

The following is a summary of the financial information for our unconsolidated real estate ventures:

	March 31, 2020		December 31, 2019
	(In thousands)
Combined balance sheet information:
Real estate, net	$	2,487,578	$	2,493,961
Other assets, net		298,937		291,092
Total assets	$	2,786,515	$	2,785,053
Borrowings, net	$	1,200,531	$	1,187,856
Other liabilities, net		173,965		168,243
Total liabilities		1,374,496		1,356,099
Total equity		1,412,019		1,428,954
Total liabilities and equity	$	2,786,515	$	2,785,053

	Three Months Ended March 31,
	2020		2019
	(In thousands)
Combined income statement information:
Total revenue	$	69,579	$	59,991
Operating loss		(482)		(433)
Net loss		(18,165)		(15,227)