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

(1)	Ownership interests as of September 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 of $134.5 million from the mortgage loan, with an additional $25.5 million available in the future. During the second quarter of 2020, we received a distribution of $70.8 million from the venture.

(3)

During the second quarter of 2020, 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, which reduced the net book value of our investment to zero, and we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in this venture to our venture partner.

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. 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 nine months ended September 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 $19.3 million for the three and nine months ended September 30, 2020, and $7.2 million and $21.0 million for the three and nine months ended September 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 amendments to real estate venture agreements and changes in our partner's ability to make contributions to the venture. Under certain circumstances, we may purchase our partner's interest.

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


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

		(In thousands)
Variable rate ⁽²⁾	2.34%	$	773,872	$	629,479
Fixed rate ⁽³⁾ ⁽⁴⁾	3.79%		444,775		561,236
Unconsolidated real estate ventures - mortgages payable			1,218,647		1,190,715
Unamortized deferred financing costs			(7,437)		(2,859)
Unconsolidated real estate ventures - mortgages payable, net ⁽⁴⁾ ⁽⁵⁾		$	1,211,210	$	1,187,856

(1)	Weighted average effective interest rate as of September 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)	Excludes a $129.0 million mortgage loan collateralized by The Marriott Wardman Park hotel as of September 30, 2020. On October 1, 2020, we transferred our interest in the related venture to our venture partner.

(5)	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:


	September 30, 2020		December 31, 2019

	(In thousands)
Combined balance sheet information: ⁽¹⁾
Real estate, net	$	2,287,736	$	2,493,961
Other assets, net		274,321		291,092
Total assets	$	2,562,057	$	2,785,053

Borrowings, net	$	1,211,210	$	1,187,856
Other liabilities, net		143,939		168,243
Total liabilities		1,355,149		1,356,099
Total equity		1,206,908		1,428,954
Total liabilities and equity	$	2,562,057	$	2,785,053

(1)	Excludes all assets and liabilities related to The Marriott Wardman Park hotel as of September 30, 2020. On October 1, 2020, we transferred our interest in the related venture to our venture partner.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

	(In thousands)
Combined income statement information: ⁽¹⁾
Total revenue	$	47,235	$	65,110	$	162,128	$	199,897
Operating income (loss) ⁽²⁾		1,296		10,925		(24,418)		21,034
Net loss ⁽²⁾		(6,265)		(3,602)		(60,331)		(20,289)

(1)

Excludes information related to the venture that owns The Marriott Wardman Park hotel for the three months ended September 30, 2020 as we suspended equity loss recognition for the venture after June 30, 2020. On October 1, 2020, we transferred our interest in the related venture to our venture partner.

(2)	Includes the loss from the sale of Woodglen of $16.4 million recognized by our unconsolidated real estate venture with Landmark during the nine months ended September 30, 2020.