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 June 30, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate.

(2)	J.P. Morgan is the advisor for an institutional investor.

(3)

As of June 30, 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 $20.0 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⁾	June 30, 2021		December 31, 2020

		(In thousands)
Variable rate ⁽²⁾	2.49%	$	865,853	$	863,617
Fixed rate ⁽³⁾ ⁽⁴⁾	4.15%		290,386		323,050
Mortgages payable			1,156,239		1,186,667
Unamortized deferred financing costs			(6,650)		(7,479)
Mortgages payable, net ⁽⁴⁾		$	1,149,589	$	1,179,188

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


	June 30, 2021		December 31, 2020

	(In thousands)
Combined balance sheet information:
Real estate, net	$	2,262,453	$	2,247,384
Other assets, net		270,462		270,516
Total assets	$	2,532,915	$	2,517,900

Mortgages payable, net	$	1,149,589	$	1,179,188
Other liabilities, net		132,066		140,304
Total liabilities		1,281,655		1,319,492
Total equity		1,251,260		1,198,408
Total liabilities and equity	$	2,532,915	$	2,517,900


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

	(In thousands)
Combined income statement information:
Total revenue	$	47,864	$	45,314	$	96,081	$	114,893
Operating income (loss) ⁽¹⁾		41,493		(25,232)		43,207		(25,714)
Net income (loss) ⁽¹⁾		33,356		(35,901)		26,830		(54,066)

(1)	Includes the gain from the sale of Courthouse Metro, 5615 Fishers Lane and Fairway totaling $38.1 million during the three and six months ended June 30, 2021. Includes the loss from the sale of Woodglen of $16.4 million during the three and six months ended June 30, 2020.