| Investments in Unconsolidated Real Estate Ventures |
4.Investments in Unconsolidated Real Estate Ventures The following table summarizes the composition of our investments in unconsolidated real estate ventures: | | | | | | | | | | | | | | | | | | | | Effective | | | | | | | | | Ownership | | | | | | | Real Estate Venture | | Interest (1) | | March 31, 2026 | | December 31, 2025 | | | | | | (In thousands) | J.P. Morgan Global Alternatives ("J.P. Morgan") (2) | | 50.0% | | $ | 71,736 | | $ | 71,550 | Dulles View Venture | | 60.0% | | | 18,584 | | | 18,536 | 4747 Bethesda Venture | | 20.0% | | | 7,424 | | | 8,085 | Brandywine Realty Trust | | 30.0% | | | 7,042 | | | 6,968 | Other | | | | | 562 | | | 572 | Total investments in unconsolidated real estate ventures (3) (4) | | | | $ | 105,348 | | $ | 105,711 |
| (1) | Reflects our effective ownership interests as of March 31, 2026. We have multiple investments with certain venture partners in the underlying real estate. |
| (2) | J.P. Morgan is the advisor for an institutional investor. |
| (3) | Excludes our 10.0% subordinated interest in one commercial building and the Fortress Assets. See Note 1 for more information. |
| (4) | As of March 31, 2026 and December 31, 2025, our total investments in unconsolidated real estate ventures were greater than our share of the net book value of the underlying assets by $1.9 million and $2.0 million, resulting primarily from capitalized interest and differences in the timing of the recognition of our share of development fees. |
We provide leasing, property management and other real estate services to our unconsolidated real estate ventures. We recognized revenue, including expense reimbursements, of $2.8 million for both the three months ended March 31, 2026 and 2025 in connection with these services. The following table summarizes the debt of our unconsolidated real estate ventures: | | | | | | | | | | | Effective | | | | | | | | | Interest Rate (1) | | March 31, 2026 | | December 31, 2025 | | | | | | (In thousands) | Mortgage loan (2) | | 5.01% | | $ | 175,000 | | $ | 175,000 | Unamortized deferred financing costs and premium / discount, net | | | | | (2,411) | | | (3,084) | Mortgage loan, net (3) | | | | $ | 172,589 | | $ | 171,916 |
| (1) | Effective interest rate as of March 31, 2026. |
| (2) | Represents a variable rate mortgage loan with an interest rate cap agreement. |
| (3) | Excludes mortgage loans related to the Fortress Assets. |
The following tables summarize financial information for our unconsolidated real estate ventures: | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | (In thousands) | Combined balance sheet information: (1) | | | | | | | Real estate, net | | $ | 374,004 | | $ | 374,760 | Other assets, net | | | 57,062 | | | 56,566 | Total assets | | $ | 431,066 | | $ | 431,326 | | | | | | | | Mortgage loan, net | | $ | 172,589 | | $ | 171,916 | Other liabilities, net | | | 23,830 | | | 22,303 | Total liabilities | | | 196,419 | | | 194,219 | Total equity | | | 234,647 | | | 237,107 | Total liabilities and equity | | $ | 431,066 | | $ | 431,326 |
| | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | | | | | | | Combined income statement information: (1) | | | | | | | Total revenue | | $ | 8,284 | | $ | 8,312 | Operating income | | | 1,588 | | | 1,363 | Net loss | | | (1,237) | | | (2,427) |
| (1) | Excludes amounts related to our 10.0% subordinated interest in one commercial building and the Fortress Assets. |
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