Investments in and Advances to Unconsolidated Real Estate Ventures (Tables)

6 Months Ended

Jun. 30, 2018

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:

Real Estate Venture Partners	Ownership Interest (1)	June 30, 2018		December 31, 2017
		(In thousands)
Canadian Pension Plan Investment Board ("CPPIB")	55.0% - 87.3%	$	135,801	$	36,317
Landmark	1.8% - 49.0%	88,494		95,368
CBREI Venture	5.0% - 64.0%	77,062		79,062
Berkshire Group	50.0%	33,424		27,761
Brandywine	30.0%	13,732		13,741
CIM Group ("CIM") and Pacific Life Insurance Company    ("PacLife")	16.7%	10,289		—
JP Morgan	5.0%	9,185		9,296
Other		241		246
Total investments in unconsolidated real estate ventures		368,228		261,791
Advances to unconsolidated real estate ventures		80		20
Total investments in and advances to unconsolidated real    estate ventures		$	368,308	$	261,811

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⁽¹⁾  Ownership interests as of June 30, 2018. We have multiple investments with certain venture partners with varying ownership interests.

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

	Weighted Average Effective Interest Rate (1)	June 30, 2018			December 31, 2017
		(In thousands)
Variable rate (2)	4.83%	$	530,258		$	534,500
Fixed rate (3)	3.95%	854,619			657,701
Unconsolidated real estate ventures - mortgages payable		1,384,877			1,192,201
Unamortized deferred financing costs		(2,734		)	(2,000		)
Unconsolidated real estate ventures - mortgages payable,    net (4)		$	1,382,143		$	1,190,201

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⁽¹⁾  Weighted average effective interest rate as of June 30, 2018.

⁽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 15 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures.

The following is a summary of the financial information for our unconsolidated real estate ventures:

	June 30, 2018		December 31, 2017
Combined balance sheet information:	(In thousands)
Real estate, net	$	2,397,644	$	2,106,670
Other assets, net	332,400		264,731
Total assets	$	2,730,044	$	2,371,401
Mortgages payable, net	$	1,382,143	$	1,190,201
Other liabilities, net	103,283		76,416
Total liabilities	1,485,426		1,266,617
Total equity	1,244,618		1,104,784
Total liabilities and equity	$	2,730,044	$	2,371,401

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
Combined income statement information:	(In thousands)
Total revenue	$	87,518		$	18,318	$	160,691		$	36,557
Operating income	12,484			6,213		16,858			11,835
Net income (loss)	(514		)	3,570		(5,189		)	5,993