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

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

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



	Weighted Average Effective Interest Rate ⁽¹⁾	December 31,
	Weighted Average Effective Interest Rate ⁽¹⁾	2019			2018
		(In thousands)
Variable rate ⁽²⁾	4.10%	$	629,479		$	461,704
Fixed rate ⁽³⁾	3.98%	561,236			665,662
Unconsolidated real estate ventures - mortgages payable		1,190,715			1,127,366
Unamortized deferred financing costs		(2,859		)	(1,998		)
Unconsolidated real estate ventures - mortgages payable, net ⁽⁴⁾		$	1,187,856		$	1,125,368

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⁽¹⁾	Weighted average effective interest rate as of December 31, 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 19 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:



	December 31,
	2019		2018
Combined balance sheet information:	(In thousands)
Real estate, net	$	2,493,961	$	2,050,985
Other assets, net ⁽¹⁾	291,092		169,264
Total assets	$	2,785,053	$	2,220,249

Borrowings, net	$	1,187,856	$	1,125,368
Other liabilities, net ⁽¹⁾	168,243		94,845
Total liabilities	1,356,099		1,220,213
Total equity	1,428,954		1,000,036
Total liabilities and equity	$	2,785,053	$	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.



	Year Ended December 31,
	2019			2018			2017
Combined income statement information:	(In thousands)
Total revenue	$	266,653		$	300,032		$	135,256
Operating income ⁽¹⁾	18,041			56,262			14,741
Net loss	(32,507		)	(1,155		)	(7,593		)

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⁽¹⁾

Includes gain on sale of The Warner of $32.5 million recognized by our unconsolidated real estate venture with CPPIB during the year ended December 31, 2018.

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



	Ownership Interest ⁽¹⁾	December 31,
Real Estate Venture Partners	Ownership Interest ⁽¹⁾	2019		2018
		(In thousands)
Prudential Global Investment Management ("PGIM")	50.0%	$	215,624	$	—
CPPIB	55.0%	109,911		97,521
Landmark	1.8% - 49.0%	77,944		84,320
CBREI Venture	5.0% - 64.0%	68,405		73,776
Berkshire Group	50.0%	46,391		43,937
Brandywine	30.0%	13,830		13,777
CIM Group ("CIM") and Pacific Life Insurance Company ("PacLife")	16.7%	10,385		9,339
Other		536		208
Total investments in unconsolidated real estate ventures		$	543,026	$	322,878

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⁽¹⁾

Ownership interests as of December 31, 2019. We have multiple investments with certain venture partners with varying ownership interests.