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, 2022. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate.

(2)	On August 1, 2022, we acquired the remaining 36.0% ownership interest in Atlantic Plumbing, a multifamily asset owned by the venture, for $19.7 million.

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

(4)

As of June 30, 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 $12.6 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.

On April 13, 2022, we formed an unconsolidated real estate venture with affiliates of Fortress Investment Group LLC ("Fortress") to recapitalize a 1.6 million square foot office portfolio and land parcels for a gross sales price of $580.0 million comprising four wholly owned commercial assets (7200 Wisconsin Avenue, 1730 M Street, RTC-West and Courthouse Plaza 1 and 2). Additionally, we contributed $66.1 million in cash for a 33.5% interest in the venture, while Fortress contributed $131.0 million for a 66.5% interest in the venture. In connection with the transaction, the venture obtained mortgage loans totaling $458.0 million secured by the properties, of which $402.0 million was drawn at closing. We provide asset management, property management and leasing services to the venture. Because our interest in the venture is subordinated to a 15% preferred return to Fortress, we do not anticipate receiving any near-term cash flow distributions from it. As of June 30, 2022, our investment in the venture was zero, and we have discontinued applying the equity method as we have not guaranteed its obligations or otherwise committed to providing financial support.

We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $6.6 million and $12.2 million for the three and six months ended June 30, 2022, and $5.9 million and $11.8 million for the three and six months ended June 30, 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 six months ended June 30, 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

May 10, 2022

Landmark

Galvan

1.8%

152,500

89,500

407

June 1, 2022

CPPIB

1900 N Street

55.0%

265,000

151,709

529

6,179

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

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


	Weighted
	Average Effective
	Interest Rate ⁽¹⁾	June 30, 2022		December 31, 2021

		(In thousands)
Variable rate ⁽²⁾	4.60%	$	499,076	$	785,369
Fixed rate ⁽³⁾	4.16%		275,016		309,813
Mortgages payable ⁽⁴⁾			774,092		1,095,182
Unamortized deferred financing costs			(597)		(5,239)
Mortgages payable, net ^{(4) (5)}		$	773,495	$	1,089,943

(1)	Weighted average effective interest rate as of June 30, 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)	Excludes mortgages payable related to the unconsolidated real estate venture with Fortress.

(5)	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:


	June 30, 2022		December 31, 2021

	(In thousands)
Combined balance sheet information: ⁽¹⁾
Real estate, net	$	1,684,823	$	2,116,290
Other assets, net		217,108		264,397
Total assets	$	1,901,931	$	2,380,687

Mortgages payable, net	$	773,495	$	1,089,943
Other liabilities, net		81,925		118,752
Total liabilities		855,420		1,208,695
Total equity		1,046,511		1,171,992
Total liabilities and equity	$	1,901,931	$	2,380,687


	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021		X	2022		2021

	(In thousands)
Combined income statement information: ⁽¹⁾
Total revenue	$	41,379	$	47,864		$	84,253	$	96,081
Operating income ⁽²⁾		36,108		41,493			84,534		43,207
Net income ⁽²⁾		25,127		33,356			64,410		26,830

(1)	Excludes amounts related to the unconsolidated real estate venture with Fortress.

(2)	Includes the gain on the sale of various assets totaling $32.3 million and $77.4 million during the three and six months ended June 30, 2022 and $38.1 million during the three and six months ended June 30, 2021.