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

(1)	Ownership interests as of June 30, 2020. We have multiple investments with certain venture partners with varying ownership interests.

(2)

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 an additional $25.5 million available in the future. During the three months ended June 30, 2020, we received a distribution of $70.8 million from the venture.

(3)

In connection with the preparation and review of our second quarter 2020 financial statements, we determined that our investment in the venture that owns The Marriott Wardman Park hotel was impaired due to a decline in the fair value of the underlying asset and recorded an impairment charge of $6.5 million, reducing the net book value of our investment to zero.

In June 2020, our unconsolidated real estate venture with Landmark sold Woodglen, commercial and future development assets located in Rockville, Maryland, for $17.8 million. In connection with the sale, we recognized our proportionate share of the loss from the sale of $3.0 million, which is included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations for the three and six months ended June 30, 2020. Additionally, in connection with the sale, our unconsolidated real estate venture repaid the related mortgage payable of $12.2 million.

We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $6.3 million and $13.0 million for the three and six months ended June 30, 2020, and $7.8 million and $13.7 million for the three and six months ended June 30, 2019 for such services.

Reconsideration events could cause us to consolidate these unconsolidated real estate ventures in the future or deconsolidate a consolidated entity. We evaluate reconsideration events as we become aware of them. Reconsideration events include additional contributions being required by each partner and each partner's ability to make those contributions. Under certain circumstances, we may purchase our partner's interest. Our unconsolidated real estate ventures are held in entities which appear sufficiently stable to meet their capital requirements; however, if market conditions worsen and our partners are unable to meet their commitments, we may have to consolidate these entities

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


	Weighted
	Average Effective
	Interest Rate ⁽¹⁾	June 30, 2020		December 31, 2019

		(In thousands)
Variable rate ⁽²⁾	2.38%	$	767,164	$	629,479
Fixed rate ⁽³⁾	4.00%		566,025		561,236
Unconsolidated real estate ventures - mortgages payable			1,333,189		1,190,715
Unamortized deferred financing costs			(8,138)		(2,859)
Unconsolidated real estate ventures - mortgages payable, net ⁽⁴⁾		$	1,325,051	$	1,187,856

(1)	Weighted average effective interest rate as of June 30, 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.

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


	June 30, 2020		December 31, 2019

	(In thousands)
Combined balance sheet information:
Real estate, net	$	2,453,106	$	2,493,961
Other assets, net		287,903		291,092
Total assets	$	2,741,009	$	2,785,053

Borrowings, net	$	1,325,051	$	1,187,856
Other liabilities, net		159,091		168,243
Total liabilities		1,484,142		1,356,099
Total equity		1,256,867		1,428,954
Total liabilities and equity	$	2,741,009	$	2,785,053


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019

	(In thousands)
Combined income statement information:
Total revenue	$	45,314	$	74,796	$	114,893	$	134,787
Operating income (loss) ⁽¹⁾		(25,232)		10,542		(25,714)		10,109
Net loss ⁽¹⁾		(35,901)		(1,460)		(54,066)		(16,687)

(1)	Includes the loss from the sale of Woodglen of $16.4 million recognized by our unconsolidated real estate venture with Landmark during the three and six months ended June 30, 2020.