| 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) | | June 30, 2026 | | December 31, 2025 | | | | | | (In thousands) | J.P. Morgan Global Alternatives ("J.P. Morgan") (2) | | 50.0% | | $ | 72,310 | | $ | 71,550 | Dulles View Venture | | 60.0% | | | 18,591 | | | 18,536 | 2200 Crystal Venture (3) (4) | | 30.0% | | | 10,534 | | | — | 4747 Bethesda Venture | | 20.0% | | | 7,035 | | | 8,085 | Brandywine Realty Trust | | 30.0% | | | 6,990 | | | 6,968 | Other | | | | | 143 | | | 572 | Total investments in unconsolidated real estate ventures (5) (6) | | | | $ | 115,603 | | $ | 105,711 |
| (1) | Reflects our effective ownership interests as of June 30, 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) | In May 2026, we formed an unconsolidated real estate venture to recapitalize 2200 Crystal Drive, an office building in Arlington, Virginia, which the venture is converting into a 195-unit multifamily asset. We contributed 2200 Crystal Drive and cash, valued at $10.7 million, to the real estate venture, and our venture partner has committed to contribute $25.0 million for a 70.0% interest, which is expected to reduce our ownership interest from 100.0% at the formation of the real estate venture to 30.0% when all contributions are funded. We are the developer and the property manager of the asset. In connection with the transaction, the real |
| estate venture entered into a four-year mortgage loan with a maximum principal balance of $55.0 million and an interest rate of SOFR plus 2.00%. As of June 30, 2026, there were no draws on the mortgage loan. |
| (4) | Ownership percentage reflects expected dilution of our ownership interest as contributions are funded by our real estate venture partner during the construction of the asset. As of June 30, 2026, our ownership interest was 77.2%. |
| (5) | Excludes the Fortress Assets. See Note 1 for more information. |
| (6) | As of June 30, 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 $2.2 million and $2.0 million, resulting primarily from capitalized interest and differences in the timing of the recognition of our share of development fees. |
The following table summarizes the debt of our unconsolidated real estate ventures: | | | | | | | | | | | Effective | | | | | | | | | Interest Rate (1) | | June 30, 2026 | | December 31, 2025 | | | | | | (In thousands) | Mortgage loans (2) | | 5.00% | | $ | 175,000 | | $ | 175,000 | Unamortized deferred financing costs and premium / discount, net | | | | | (1,738) | | | (3,084) | Mortgage loans, net (3) | | | | $ | 173,262 | | $ | 171,916 |
| (1) | Effective interest rate as of June 30, 2026. |
| (2) | Includes variable rate mortgage loans with interest rate cap agreements. |
| (3) | Excludes mortgage loans related to the Fortress Assets. |
The following tables summarize financial information for our unconsolidated real estate ventures: | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | (In thousands) | Combined balance sheet information: (1) | | | | | | | Real estate, net | | $ | 385,711 | | $ | 374,760 | Other assets, net | | | 57,609 | | | 56,566 | Total assets | | $ | 443,320 | | $ | 431,326 | | | | | | | | Mortgage loans, net | | $ | 173,262 | | $ | 171,916 | Other liabilities, net | | | 25,044 | | | 22,303 | Total liabilities | | | 198,306 | | | 194,219 | Total equity | | | 245,014 | | | 237,107 | Total liabilities and equity | | $ | 443,320 | | $ | 431,326 |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | (In thousands) | Combined income statement information: (1) | | | | | | | | | | | | | Total revenue | | $ | 7,742 | | $ | 8,266 | | $ | 16,026 | | $ | 16,578 | Operating income (2) | | | 940 | | | 5,285 | | | 2,528 | | | 6,648 | Net income (loss) (2) | | | (1,885) | | | 1,340 | | | (3,122) | | | (1,087) |
Excludes the Fortress Assets.
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