Investments in Unconsolidated Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 2021

Investments in Unconsolidated Real Estate Ventures

Summary of Unconsolidated Investments

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

	Effective
	Ownership
Real Estate Venture Partners	Interest (1)	March 31, 2021		December 31, 2020
		(In thousands)
Prudential Global Investment Management	50.0%	$	212,796	$	216,939
Landmark	1.8% - 49.0%		65,313		66,724
CBREI Venture	5.0% - 64.0%		64,251		65,190
Canadian Pension Plan Investment Board ("CPPIB")	55.0%		47,072		47,522
Berkshire Group	50.0%		51,662		50,649
Brandywine Realty Trust	30.0%		13,751		13,710
Other			631		635
Total investments in unconsolidated real estate ventures (2)		$	455,476	$	461,369

(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.

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.

	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)