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

(1)	Reflects our effective ownership interests in the underlying real estate as of December 31, 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 December 31, 2021 and 2020, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $18.6 million and $18.9 million, resulting principally from capitalized interest and 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 $23.7 million, $25.5 million and $28.5 million for each of the three years in the period ended December 31, 2021, for such services.

We evaluate reconsideration events as we become aware of them. Reconsideration events include amendments to real estate venture agreements or changes in our partner's ability to make contributions to the venture. Under certain circumstances, we may purchase our partner's interest. A reconsideration event could cause us to consolidate an unconsolidated real estate venture in the future or deconsolidate a consolidated entity.

The following is a summary of disposition activity by our unconsolidated real estate ventures:


						Mortgage		Proportionate
	Real Estate			Gross		Payable		Share of
	Venture		Ownership	Sales		Repaid by		Aggregate
Date Disposed	Partners	Assets	Percentage	Price		Venture		Gain (Loss) ⁽¹⁾

				(In thousands)
Year Ended December 31, 2021
May 3, 2021	CBREI Venture	Fairway Apartments/Fairway Land ("Fairway")	10.0%	$	93,000	$	45,343	$	2,094
May 19, 2021	Landmark	Courthouse Metro Land/Courthouse Metro Land – Option ("Courthouse Metro")	18.0%		3,000		—		2,352
May 27, 2021	Landmark	5615 Fishers Lane	18.0%		6,500		—		743
September 17, 2021	Landmark	500 L'Enfant Plaza	49.0%		166,500		80,000		23,137
								$	28,326
Year Ended December 31, 2020
June 5, 2020	Landmark	11333 Woodglen Drive/NoBe II Land/Woodglen ("Woodglen")	18.0%	$	17,750	$	12,213	$	(2,952)
October 28, 2020	CBREI Venture	Pickett Industrial Park	10.0%		46,250		23,572		800
								$	(2,152)

(1)	Included in "Loss from unconsolidated real estate ventures, net" in our consolidated statements of operations.

PGIM

In December 2019, we sold a 50.0% interest in a real estate venture that owns Central Place Tower, a 552,000 square foot office building located in Arlington, Virginia, to PGIM for $220.0 million. Per the terms of the venture agreement, we determined the venture was not a VIE and we do not have a controlling financial interest in the venture. As a result, we deconsolidated our remaining 50.0% interest in the real estate venture and recorded a gain as our unconsolidated interest was increased to reflect its fair value. We recognized an aggregate $53.4 million gain, net of certain liabilities, which was included in "Gain on sale of real estate" in our consolidated statement of operations for the year ended December 31, 2019, on the partial sale and remeasurement of our remaining interest in the real estate venture subsequent to the transfer of control.

Landmark

In connection with the preparation and review of their 2021 annual financial statements, our unconsolidated real estate venture with Landmark recorded an aggregate impairment loss of $48.7 million on the L'Enfant Plaza assets. Our proportionate share of the impairment loss was $23.9 million, which was included in "Loss from unconsolidated real estate ventures, net" in our consolidated statement of operations for the year ended December 31, 2021.

In January 2022, our unconsolidated real estate venture with Landmark sold The Alaire, The Terano and 12511 Parklawn Drive, multifamily and future development assets located in Rockville, Maryland, for $137.5 million. Additionally, the venture repaid the related mortgages payable of $79.8 million. Our ownership in these assets ranged from 1.8% to 18.0%.

CPPIB

As of December 31, 2021 and 2020, we had a zero investment balance in the real estate venture that owns 1101 17th Street and had suspended equity loss recognition for the venture since June 30, 2018. We will recognize as income any future distributions from the venture until our share of unrecorded earnings and contributions exceeds the cumulative excess distributions previously recognized in income. During the year ended December 31, 2019, we recognized income of $6.4 million related to distributions from this venture, which was included in "Loss from unconsolidated real estate ventures, net" in our consolidated statement of operations.

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, and as a result, we received a distribution of $70.8 million from the venture during the second quarter of 2020.

JP Morgan

In April 2021, we entered into two real estate ventures with an institutional investor advised by J.P. Morgan, in which we have 50% ownership interests, to design, develop, manage and own 2.0 million square feet of new mixed-use development located in Potomac Yard, the southern portion of National Landing. Our venture partner contributed a land site that is entitled for 1.3 million square feet of development at Potomac Yard Landbay F, while we contributed cash and adjacent land with over 700,000 square feet of estimated development capacity at Potomac Yard Landbay G. We will also act as pre-developer, developer, property manager and leasing agent for all future commercial and residential properties on the site. We have determined the ventures are VIEs, but we are not the primary beneficiary of the VIEs and, accordingly, we have not consolidated either venture. We recognized an $11.3 million gain on the land contributed to one of the real estate ventures based on the cash received and the remeasurement of our retained interest in the asset, which was included in "Gain on sale of real estate" in our consolidated statement of operations for the year ended December 31, 2021. As part of the transaction, our venture partner elected to accelerate the monetization of a 2013 promote interest in the land contributed by it to the ventures. During the second quarter of 2021, the total amount of the promote paid was $17.5 million, of which $4.2 million was paid to certain of our non-employee trustees and certain of our executives.

PacLife

During the second quarter of 2020, we determined that our investment in the venture that owned The Marriott Wardman Park hotel was impaired due to a decline in the fair value of the underlying asset and recorded an impairment loss 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 PacLife.

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


	Weighted
	Average Effective	December 31,
	Interest Rate ⁽¹⁾	2021		2020

		(In thousands)
Variable rate ⁽²⁾	2.50%	$	785,369	$	863,617
Fixed rate ⁽³⁾	4.20%		309,813		323,050
Mortgages payable			1,095,182		1,186,667
Unamortized deferred financing costs			(5,239)		(7,479)
Mortgages payable, net ⁽⁴⁾		$	1,089,943	$	1,179,188

(1)	Weighted average effective interest rate as of December 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 19 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:


	December 31,
	2021		2020

	(In thousands)
Combined balance sheet information:
Real estate, net	$	2,116,290	$	2,247,384
Other assets, net		264,397		270,516
Total assets	$	2,380,687	$	2,517,900

Mortgages payable, net	$	1,089,943	$	1,179,188
Other liabilities, net		118,752		140,304
Total liabilities		1,208,695		1,319,492
Total equity		1,171,992		1,198,408
Total liabilities and equity	$	2,380,687	$	2,517,900


	Year Ended December 31,
	2021		2020		2019

	(In thousands)
Combined income statement information: ⁽¹⁾
Total revenue	$	187,252	$	203,456	$	266,653
Operating income (loss) ⁽²⁾		48,214		(21,639)		18,041
Net income (loss) ⁽²⁾		16,051		(65,756)		(32,507)

(1)	Excludes information related to the venture that owned The Marriott Wardman Park hotel for the second half of 2020 as 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.

(2)

Includes the gain from the sale of Fairway, Courthouse Metro, 5615 Fishers Lane and 500 L'Enfant Plaza totaling $85.5 million during the year ended December 31, 2021. Includes the impairment loss recognized by the unconsolidated real estate venture that owns the L'Enfant Plaza assets totaling $48.7 million during the year ended December 31, 2021. Includes the loss from the sale of Woodglen of $16.4 million and the gain from the sale of Pickett Industrial Park of $8.0 million during the year ended December 31, 2020.