v3.26.1
Investments in Unconsolidated Real Estate Ventures (Tables)
3 Months Ended
Mar. 31, 2026
Investments in Unconsolidated Real Estate Ventures.  
Schedule of unconsolidated investments

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.
in connection with these services.