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

(1)	Reflects our effective ownership interests in the underlying real estate as of March 31, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate.

(2)

As of March 31, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures are greater than the net book value of the underlying assets by $19.5 million and $18.9 million, resulting principally from capitalized interest, partially offset by our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street.

We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $5.9 million and $6.7 million for the three months ended March 31, 2021 and 2020 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⁾	March 31, 2021		December 31, 2020

		(In thousands)
Variable rate ⁽²⁾	2.49%	$	865,653	$	863,617
Fixed rate ⁽³⁾ ⁽⁴⁾	4.03%		331,768		323,050
Mortgages payable			1,197,421		1,186,667
Unamortized deferred financing costs			(6,766)		(7,479)
Mortgages payable, net ⁽⁴⁾		$	1,190,655	$	1,179,188

(1)	Weighted average effective interest rate as of March 31, 2021.

(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:


	March 31, 2021		December 31, 2020

	(In thousands)
Combined balance sheet information:
Real estate, net	$	2,239,173	$	2,247,384
Other assets, net		273,121		270,516
Total assets	$	2,512,294	$	2,517,900

Mortgages payable, net	$	1,190,655	$	1,179,188
Other liabilities, net		139,098		140,304
Total liabilities		1,329,753		1,319,492
Total equity		1,182,541		1,198,408
Total liabilities and equity	$	2,512,294	$	2,517,900


	Three Months Ended March 31,
	2021		2020

	(In thousands)
Combined income statement information:
Total revenue	$	48,217	$	69,579
Operating income (loss)		1,714		(482)
Net loss		(6,526)		(18,165)