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 September 30, 2022. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate.

(2)

In connection with the preparation and review of the third quarter 2022 financial statements, an impairment loss of $15.4 million associated with certain commercial and future development assets located in Washington, D.C. was included in "Income (loss) from unconsolidated real estate ventures, net" in our statements of operations for the three and nine months ended September 30, 2022.

(3)	On August 1, 2022, we acquired the remaining 36.0% ownership interest in an unconsolidated real estate venture that owned Atlantic Plumbing, a multifamily asset.

(4)	Our effective ownership interest reflects an investment in the real estate venture that owns 1101 17^th Street for which we have a zero investment balance and discontinued applying the equity method of accounting.

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

(6)

On October 5, 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont, a multifamily asset owned by the venture, for a purchase price of $115.0 million, including the assumption of the $51.9 million mortgage at our share. The asset is encumbered by a $103.8 million mortgage, which is consolidated in our balance sheet as of the date of acquisition.

(7)

As of September 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 $4.4 million and $18.6 million, resulting principally from capitalized interest and our zero investment balance in certain real estate ventures.

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


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

		(In thousands)
Variable rate ⁽²⁾	5.67%	$	509,393	$	785,369
Fixed rate ⁽³⁾	4.57%		163,810		309,813
Mortgages payable ⁽⁴⁾			673,203		1,095,182
Unamortized deferred financing costs			(393)		(5,239)
Mortgages payable, net ^{(4) (5)}		$	672,810	$	1,089,943

(1)	Weighted average effective interest rate as of September 30, 2022.

(2)	Includes variable rate mortgages with interest rate cap agreements.

(3)	Includes variable rate mortgages with interest rates fixed by interest rate swap agreements.

(4)	Excludes mortgages 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.


	September 30, 2022		December 31, 2021

	(In thousands)
Combined balance sheet information: ⁽¹⁾
Real estate, net	$	1,507,159	$	2,116,290
Other assets, net		215,099		264,397
Total assets	$	1,722,258	$	2,380,687

Mortgages payable, net	$	672,810	$	1,089,943
Other liabilities, net		77,706		118,752
Total liabilities		750,516		1,208,695
Total equity		971,742		1,171,992
Total liabilities and equity	$	1,722,258	$	2,380,687


	Three Months Ended September 30,					Nine Months Ended September 30,
	2022		2021		X	2022		2021

	(In thousands)
Combined income statement information: ⁽¹⁾
Total revenue	$	40,881	$	45,289		$	125,135	$	141,370
Operating income (loss) ⁽²⁾		(7,468)		51,068			77,066		94,275
Net income (loss) ⁽²⁾		(15,034)		42,261			49,376		69,091

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

(2)

Includes the gain on the sale of various assets totaling $77.4 million during the nine months ended September 30, 2022, and $47.4 million and $85.5 million during the three and nine months ended September 30, 2021. Includes an impairment loss of $16.1 million during the three and nine months ended September 30, 2022.