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.

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.