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Investments in Unconsolidated Real Estate Ventures | 3 Months Ended
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Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Real Estate Ventures | 4.Investments in Unconsolidated Real Estate Ventures The following is a summary of the composition of our investments in unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Ownership | ​ | ​ | ​
Real Estate Venture Partners |  | Interest (1) |  | March 31, 2020 |  | December 31, 2019 | ​
​ | ​ | ​ | ​ | (In thousands) | ​
Prudential Global Investment Management |  | 50.0% | ​ | $ | 217,076 | ​ | $ | 215,624 | ​
CPPIB |  | 55.0% | ​ |  | 112,808 | ​ |  | 109,911 | ​
Landmark |  | 1.8% - 49.0% | ​ |  | 76,201 | ​ |  | 77,944 | ​
CBREI Venture |  | 5.0% - 64.0% | ​ |  | 67,084 | ​ |  | 68,405 | ​
Berkshire Group |  | 50.0% | ​ |  | 46,859 | ​ | ​ | 46,391 | ​
Brandywine |  | 30.0% | ​ |  | 13,741 | ​ |  | 13,830 | ​
Pacific Life Insurance Company (2) |  | 20.0% | ​ |  | 8,653 | ​ |  | 10,385 | ​
Other |  | ​ | ​ |  | 561 | ​ | ​ | 536 | ​
Total investments in unconsolidated real estate ventures | ​ | ​ | ​ | $ | 542,983 | ​ | $ | 543,026 | ​
(1) | Ownership interests as of March 31, 2020. We have multiple investments with certain venture partners with varying ownership interests.
(2) | In March 2020, we acquired an additional 3.33% ownership interest in the real estate venture. On March 27, 2020, the Wardman Park hotel, the sole asset in this real estate venture, was closed due to the COVID-19 pandemic.
We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $6.7 million and $6.0 million for the three months ended March 31, 2020 and 2019 for such services. Reconsideration events could cause us to consolidate these unconsolidated real estate ventures in the future or deconsolidate a consolidated entity. We evaluate reconsideration events as we become aware of them. Reconsideration events include additional contributions being required by each partner and each partner's ability to make those contributions. Under certain circumstances, we may purchase our partner's interest. Our unconsolidated real estate ventures are held in entities which appear sufficiently stable to meet their capital requirements; however, if market conditions worsen and our partners are unable to meet their commitments, we may have to consolidate these entities The following is a summary of the debt of our unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Effective | ​ | ​
​ |  | Interest Rate (1) |  | March 31, 2020 |  | December 31, 2019
​ | ​ | ​ | ​ | (In thousands)
Variable rate (2) |  | 3.42% | ​ | $ | 644,399 | ​ | $ | 629,479
Fixed rate (3) |  | 4.00% | ​ |  | 558,657 | ​ |  | 561,236
Unconsolidated real estate ventures - mortgages payable | ​ | ​ | ​ |  | 1,203,056 | ​ |  | 1,190,715
Unamortized deferred financing costs | ​ | ​ | ​ |  | (2,525) | ​ |  | (2,859)
Unconsolidated real estate ventures - mortgages payable, net (4) | ​ | ​ | ​ | $ | 1,200,531 | ​ | $ | 1,187,856
(1) | Weighted average effective interest rate as of March 31, 2020.
(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 17 for additional information on guarantees of the debt of certain of our unconsolidated real estate ventures.
In April 2020, our real estate venture with CPPIB entered into a mortgage loan with a maximum principal balance of $160.0 million collateralized by 1900 N Street. The venture initially received proceeds from the mortgage loan of $134.5 million, with the additional $25.5 million available in the future. The following is a summary of the financial information for our unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2020 |  | December 31, 2019
​ |  | (In thousands)
Combined balance sheet information: | ​ | ​ | ​ | ​ | ​ | ​
Real estate, net | ​ | $ | 2,487,578 | ​ | $ | 2,493,961
Other assets, net | ​ |  | 298,937 | ​ |  | 291,092
Total assets | ​ | $ | 2,786,515 | ​ | $ | 2,785,053
​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowings, net | ​ | $ | 1,200,531 | ​ | $ | 1,187,856
Other liabilities, net | ​ |  | 173,965 | ​ |  | 168,243
Total liabilities | ​ |  | 1,374,496 | ​ |  | 1,356,099
Total equity | ​ |  | 1,412,019 | ​ |  | 1,428,954
Total liabilities and equity | ​ | $ | 2,786,515 | ​ | $ | 2,785,053
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2020 |  | 2019
​ |  | (In thousands)
Combined income statement information: | ​ | ​ | ​ | ​ | ​ | ​
Total revenue | ​ | $ | 69,579 | ​ | $ | 59,991
Operating loss | ​ |  | (482) | ​ |  | (433)
Net loss | ​ |  | (18,165) | ​ |  | (15,227)
​

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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