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, 2022. 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 March 31, 2022 and December 31, 2021, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $17.6 million and $18.6 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 $5.5 million and $5.9 million for the three months ended March 31, 2022 and 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 for the three months ended March 31, 2022:

Mortgages

Proportionate

Real Estate

Gross

Payable

Share of

Venture

Ownership

Sales

Repaid by

Aggregate

Date Disposed

Partner

Assets

Percentage

Price

Venture

Gain ⁽¹⁾

(In thousands)

January 27, 2022

Landmark

The Alaire, The Terano and
12511 Parklawn Drive

1.8% - 18.0%

137,500

79,829

5,243

(1)	Included in "Income (loss) from unconsolidated real estate ventures, net" in our statement of operations.

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


	Weighted
	Average Effective
	Interest Rate ⁽¹⁾	March 31, 2022		December 31, 2021

		(In thousands)
Variable rate ⁽²⁾	2.97%	$	740,782	$	785,369
Fixed rate ⁽³⁾	4.16%		275,403		309,813
Mortgages payable			1,016,185		1,095,182
Unamortized deferred financing costs			(4,431)		(5,239)
Mortgages payable, net ⁽⁴⁾		$	1,011,754	$	1,089,943

(1)	Weighted average effective interest rate as of March 31, 2022.

(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 financial information for our unconsolidated real estate ventures:


	March 31, 2022		December 31, 2021

	(In thousands)
Combined balance sheet information:
Real estate, net	$	2,019,377	$	2,116,290
Other assets, net		246,848		264,397
Total assets	$	2,266,225	$	2,380,687

Mortgages payable, net	$	1,011,754	$	1,089,943
Other liabilities, net		93,685		118,752
Total liabilities		1,105,439		1,208,695
Total equity		1,160,786		1,171,992
Total liabilities and equity	$	2,266,225	$	2,380,687


	Three Months Ended March 31,
	2022		2021

	(In thousands)
Combined income statement information:
Total revenue	$	42,874	$	48,217
Operating income ⁽¹⁾		48,426		1,714
Net income (loss) ⁽¹⁾		39,283		(6,526)

(1)	Includes the gain from the sale of The Alaire, The Terano and 12511 Parklawn Drive totaling $45.1 million during the three months ended March 31, 2022.