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Investments in Unconsolidated Real Estate Ventures (Tables)
 9 Months Ended
Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Composition of Investments
The following is a summary of the composition of our investments in and advances to unconsolidated real estate ventures as of September 30, 2017 and December 31, 2016:
 
 
Ownership
Interest (1)
 
Investment Balance
Real Estate Venture Partners (1)
 
September 30,
2017
 
September 30,
2017
 
December 31,
2016
 
 
 
(In thousands)
Landmark
 
1.8% - 59.0%
 
$
110,562

 
$
—

CBREI Venture
 
5.0% - 64.0%
 
85,386

 
—

Canadian Pension Plan Investment Board
 
55.0%
 
36,223

 
36,312

Brandywine
 
30.0%
 
13,753

 
—

Berkshire Group
 
50.0%
 
27,647

 
—

MRP Realty
 
70.0%
 
1,802

 
—

JP Morgan
 
5.0%
 
9,351

 
9,335

Other
 
 
 
242

 
129

Total investments in unconsolidated real estate ventures
 
 
 
284,966

 
45,776

Advances to unconsolidated real estate ventures
 
 
 
20

 
—

Total investments in and advances to unconsolidated real
   estate ventures
 
 
 
$
284,986

 
$
45,776


_______________
(1) We classify our investments in and advances to unconsolidated real estate ventures by real estate venture partner with which we may have multiple investments with varying ownership interests.
The following is a summary of the debt of our unconsolidated real estate ventures as of September 30, 2017 and December 31, 2016:
 
 
Weighted Average Interest Rate
 
Balance as of
 
 
September 30,
2017
 
September 30,
2017
 
December 31,
2016
 
 
 
 
(In thousands)
Variable rate (1)
 
4.08%
 
$
531,989

 
$
31,000

Fixed rate (2)
 
3.90%
 
643,801

 
273,000

Unconsolidated real estate ventures - mortgages payable
 
 
 
1,175,790

 
304,000

Unamortized deferred financing costs, net
 
 
 
(860
)
 
(1,034
)
Unconsolidated real estate ventures - mortgages payable, net
 
 
 
$
1,174,930

 
$
302,966

______________
(1) 
Includes variable rate mortgages payable with interest rate caps.
(2) 
Includes variable rate mortgages payable with interest rates effectively fixed pursuant to interest rate swaps.



The following is a summary of the financial information for our unconsolidated real estate ventures, as of September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016:
 
 
September 30,
2017
 
December 31, 2016
Combined balance sheet information:
 
(In thousands)
Total assets
 
$
3,446,348

 
$
598,239

Total liabilities
 
1,253,664

 
327,862

Noncontrolling interests
 
343

 
343

Total equity
 
2,192,341

 
270,034

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
Combined income statement information:
 
(In thousands)
Total revenue
 
$
46,830

 
$
16,364

 
$
83,387

 
$
51,066

Net (loss) income
 
(5,191
)
 
2,607

 
(414
)
 
5,083