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Investments in Unconsolidated Real Estate Ventures (Tables) | 3 Months Ended
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Mar. 31, 2020
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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
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 Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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