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, 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)	In August 2022, we acquired the remaining 36.0% ownership interest in Atlantic Plumbing, an asset previously owned by the venture. See Note 3 for additional information.

(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 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.

(5)	In June 2022, the venture sold its interest in 1900 N Street.

(6)	In October 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont, an asset previously owned by the venture. See Note 3 for additional information.

(7)

As of December 31, 2022 and 2021, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $8.9 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	December 31,
	Interest Rate ⁽¹⁾	2022		2021

		(In thousands)
Variable rate ⁽²⁾	6.45%	$	184,099	$	785,369
Fixed rate ⁽³⁾	4.13%		60,000		309,813
Mortgage loans ⁽⁴⁾			244,099		1,095,182
Unamortized deferred financing costs			(411)		(5,239)
Mortgage loans, net ^{(4) (5)}		$	243,688	$	1,089,943

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

(2)	Includes variable rate mortgage loans with interest rate cap agreements.

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

(4)	Excludes mortgage loans related to the L'Enfant Plaza assets and the unconsolidated real estate venture with Fortress.

(5)	See Note 20 for additional information on guarantees related to our unconsolidated real estate ventures.


	December 31,
	2022		2021

	(In thousands)
Combined balance sheet information: ⁽¹⁾
Real estate, net	$	888,379	$	2,116,290
Other assets, net		160,015		264,397
Total assets	$	1,048,394	$	2,380,687

Mortgage loans, net	$	243,688	$	1,089,943
Other liabilities, net		54,639		118,752
Total liabilities		298,327		1,208,695
Total equity		750,067		1,171,992
Total liabilities and equity	$	1,048,394	$	2,380,687


	Year Ended December 31,
	2022		2021		2020

	(In thousands)
Combined income statement information: ⁽¹⁾
Total revenue	$	143,665	$	187,252	$	203,456
Operating income (loss) ⁽²⁾		91,473		48,214		(21,639)
Net income (loss) ⁽²⁾		59,215		16,051		(65,756)

(1)

Excludes information related to the unconsolidated real estate venture with Fortress. Excludes information related to the L'Enfant Plaza assets as of December 31, 2022 and for the fourth quarter of 2022. Also, excludes information related to the venture that owned The Marriott Wardman Park hotel for the second half of 2020 as we discontinued applying the equity method of accounting. On October 1, 2020, we transferred our interest in this venture to our venture partner.

(2)	Includes the gain (loss) from the sale of various assets totaling $114.9 million, $85.5 million and ($8.4 million) for each of the three years in the period ended December 31, 2022. Includes impairment losses of $37.7 million and $48.7 million for the years ended December 31, 2022 and 2021.