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

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Composition of Investments

The following is a summary of the composition of our investments in unconsolidated real estate ventures:

Real Estate Venture Partners	Ownership Interest (1)	June 30, 2019		December 31, 2018
		(In thousands)
CPPIB	55.0% - 59.9%	$	99,154	$	97,521
Landmark	1.8% - 49.0%	80,363		84,320
CBREI Venture	5.0% - 64.0%	70,609		73,776
Berkshire Group	50.0%	45,619		43,937
Brandywine	30.0%	13,989		13,777
CIM Group and Pacific Life Insurance Company	16.7%	9,729		9,339
Other		293		208
Total investments in unconsolidated real estate ventures		$	319,756	$	322,878

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⁽¹⁾ 

Ownership interests as of June 30, 2019. 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, 2019			December 31, 2018
		(In thousands)
Variable rate (2)	4.86%	$	622,332		$	461,704
Fixed rate (3)	3.95%	535,209			665,662
Unconsolidated real estate ventures - mortgages payable		1,157,541			1,127,366
Unamortized deferred financing costs		(1,945		)	(1,998		)
Unconsolidated real estate ventures - mortgages payable, net (4)		$	1,155,596		$	1,125,368

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⁽¹⁾  Weighted average effective interest rate as of June 30, 2019.

⁽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, 2019		December 31, 2018
Combined balance sheet information:	(In thousands)
Real estate, net	$	2,086,486	$	2,050,985
Other assets, net (1)	196,752		169,264
Total assets	$	2,283,238	$	2,220,249
Borrowings, net	$	1,155,596	$	1,125,368
Other liabilities, net (1)	147,263		94,845
Total liabilities	1,302,859		1,220,213
Total equity	980,379		1,000,036
Total liabilities and equity	$	2,283,238	$	2,220,249

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⁽¹⁾  On January 1, 2019, our unconsolidated real estate ventures adopted Topic 842, which required the ventures to record operating right-of-use assets totaling $52.4 million and related lease liabilities totaling $44.1 million.

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Combined income statement information:	(In thousands)
Total revenue	$	74,796		$	87,518		$	134,787		$	160,691
Operating income	10,542			12,484			10,109			16,858
Net loss	(1,460		)	(514		)	(16,687		)	(5,189		)