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

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Composition of Investments

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

	Weighted Average Effective Interest Rate (1)	September 30, 2019			December 31, 2018
		(In thousands)
Variable rate (2)	4.65%	$	627,787		$	461,704
Fixed rate (3)	3.97%	548,591			665,662
Unconsolidated real estate ventures - mortgages payable		1,176,378			1,127,366
Unamortized deferred financing costs		(1,905		)	(1,998		)
Unconsolidated real estate ventures - mortgages payable, net (4)		$	1,174,473		$	1,125,368

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⁽¹⁾  Weighted average effective interest rate as of September 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:

	September 30, 2019		December 31, 2018
Combined balance sheet information:	(In thousands)
Real estate, net	$	2,118,483	$	2,050,985
Other assets, net (1)	192,128		169,264
Total assets	$	2,310,611	$	2,220,249
Borrowings, net	$	1,174,473	$	1,125,368
Other liabilities, net (1)	138,737		94,845
Total liabilities	1,313,210		1,220,213
Total equity	997,401		1,000,036
Total liabilities and equity	$	2,310,611	$	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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Combined income statement information:	(In thousands)
Total revenue	$	65,110		$	76,247		$	199,897		$	236,938
Operating income	10,925			6,861			21,034			23,719
Net loss	(3,602		)	(6,970		)	(20,289		)	(12,159		)

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

Real Estate Venture Partners	Ownership Interest (1)	September 30, 2019		December 31, 2018
		(In thousands)
CPPIB	55.0%	$	101,465	$	97,521
Landmark	1.8% - 49.0%	78,979		84,320
CBREI Venture	5.0% - 64.0%	69,699		73,776
Berkshire Group	50.0%	45,974		43,937
Brandywine	30.0%	13,895		13,777
CIM Group and Pacific Life Insurance Company	16.7%	10,614		9,339
Other		294		208
Total investments in unconsolidated real estate ventures		$	320,920	$	322,878

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⁽¹⁾ 

Ownership interests as of September 30, 2019. We have multiple investments with certain venture partners with varying ownership interests.