Investments in Unconsolidated Joint Ventures

Summarized Financial Information

As of December 31, 2018, we had equity interests in eight unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated joint ventures at December 31, 2018 and 2017, and for the years ended December 31, 2018, 2017 and 2016, are as follows (in thousands):



	2018		2017		2016
Rental revenue	$	60,446	$	71,424	$	122,019
Gain on sale of properties	$	25,879	$	4,986	$	100,806
Net income	$	44,372	$	20,673	$	122,727

Equity in earnings of unconsolidated joint ventures (1)	$	21,444	$	63,310	$	47,403

Land, buildings and tenant improvements, net	$	328,959	$	383,581
Construction in progress	43,892		65,715
Undeveloped land	28,247		30,170
Other assets	88,448		76,695
	$	489,546	$	556,161

Indebtedness	$	209,584	$	235,497
Other liabilities	38,172		39,497
	247,756		274,994
Owners' equity	241,790		281,167
	$	489,546	$	556,161

Investments in and advances to unconsolidated joint ventures (2)	$	110,795	$	126,487

(1) During 2017, we sold our interests in certain joint ventures, including the interests in the joint ventures sold in connection with the Medical Office Portfolio Disposition (see Note 3) for which we recognized a gain of $47.5 million. The gains recognized in connection with our sales of these ownership interests, which are classified within equity in earnings of unconsolidated joint ventures on the Consolidated Statements of Operations and Comprehensive Income, are not reflected in the summarized financial information for the underlying unconsolidated joint ventures.

(2) Differences between the net investment in our unconsolidated joint ventures and our underlying equity in the net assets of the ventures are primarily a result of previous impairments related to our investment in the unconsolidated joint ventures, basis differences associated with the sales of properties to joint ventures in which we retained an ownership interest and loans we have made to the joint ventures. These adjustments have resulted in an aggregate difference reducing our investments in unconsolidated joint ventures by $11.4 million and $6.4 million as of December 31, 2018 and 2017, respectively. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans and impairments) are typically depreciated over the life of the related asset.

The scheduled principal payments of long term debt for the unconsolidated joint ventures, at our ratable ownership percentage, for each of the next five years and thereafter as of December 31, 2018 are as follows (in thousands):



Year	Future Repayments
2019	$	3,955
2020	—
2021	61,094
2022	122
2023	126
Thereafter	36,867
	$	102,164