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Investments in Unconsolidated Real Estate Ventures | 3 Months Ended
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Mar. 31, 2021
Investments in Unconsolidated Real Estate Ventures |
Investments in Unconsolidated Real Estate Ventures | 4.Investments in Unconsolidated Real Estate Ventures The following is a summary of our investments in unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective | ​ | ​
​ | ​ | Ownership | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Venture Partners |  | Interest (1) |  | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | (In thousands)
Prudential Global Investment Management |  | 50.0% | ​ | $ | 212,796 | ​ | $ | 216,939
Landmark |  | 1.8% - 49.0% | ​ |  | 65,313 | ​ |  | 66,724
CBREI Venture |  | 5.0% - 64.0% | ​ |  | 64,251 | ​ |  | 65,190
Canadian Pension Plan Investment Board ("CPPIB") |  | 55.0% | ​ |  | 47,072 | ​ |  | 47,522
Berkshire Group |  | 50.0% | ​ |  | 51,662 | ​ | ​ | 50,649
Brandywine Realty Trust |  | 30.0% | ​ |  | 13,751 | ​ |  | 13,710
Other |  | ​ | ​ |  | 631 | ​ | ​ | 635
Total investments in unconsolidated real estate ventures (2) | ​ | ​ | ​ | $ | 455,476 | ​ | $ | 461,369
(1) | Reflects our effective ownership interests in the underlying real estate as of March 31, 2021. We have multiple investments with certain venture partners with varying ownership interests in the underlying real estate.
(2) | As of March 31, 2021 and December 31, 2020, our total investments in unconsolidated real estate ventures are greater than the net book value of the underlying assets by $19.5 million and $18.9 million, resulting principally from capitalized interest, partially offset by our zero investment balance in the real estate venture with CPPIB that owns 1101 17th Street.
We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $5.9 million and $6.7 million for the three months ended March 31, 2021 and 2020 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 amendments to real estate venture agreements and changes in our partner's ability to make contributions to the venture. Under certain circumstances, we may purchase our partner's interest. The following is a summary of the debt of our unconsolidated real estate ventures:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average Effective | ​ | ​
​ |  | Interest Rate (1) |  | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | (In thousands)
Variable rate (2) |  | 2.49% | ​ | $ | 865,653 | ​ | $ | 863,617
Fixed rate (3) (4) |  | 4.03% | ​ |  | 331,768 | ​ |  | 323,050
Mortgages payable | ​ | ​ | ​ |  | 1,197,421 | ​ |  | 1,186,667
Unamortized deferred financing costs | ​ | ​ | ​ |  | (6,766) | ​ |  | (7,479)
Mortgages payable, net (4) | ​ | ​ | ​ | $ | 1,190,655 | ​ | $ | 1,179,188
(1) | Weighted average effective interest rate as of March 31, 2021.
(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.
The following is a summary of the financial information for our unconsolidated real estate ventures: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021 |  | December 31, 2020
​ |  | (In thousands)
Combined balance sheet information: | ​ | ​ | ​ | ​ | ​ | ​
Real estate, net | ​ | $ | 2,239,173 | ​ | $ | 2,247,384
Other assets, net | ​ |  | 273,121 | ​ |  | 270,516
Total assets | ​ | $ | 2,512,294 | ​ | $ | 2,517,900
​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgages payable, net | ​ | $ | 1,190,655 | ​ | $ | 1,179,188
Other liabilities, net | ​ |  | 139,098 | ​ |  | 140,304
Total liabilities | ​ |  | 1,329,753 | ​ |  | 1,319,492
Total equity | ​ |  | 1,182,541 | ​ |  | 1,198,408
Total liabilities and equity | ​ | $ | 2,512,294 | ​ | $ | 2,517,900
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2021 |  | 2020
​ |  | (In thousands)
Combined income statement information: | ​ | ​ | ​ | ​ | ​ | ​
Total revenue | ​ | $ | 48,217 | ​ | $ | 69,579
Operating income (loss) | ​ |  | 1,714 | ​ |  | (482)
Net loss | ​ |  | (6,526) | ​ |  | (18,165)
​

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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 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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