Investments in Unconsolidated Companies

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Companies

Investments in Unconsolidated Joint Ventures

Summarized Financial Information

As of December 31, 2019, we had equity interests in nine 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, 2019 and 2018, and for the years ended December 31, 2019, 2018 and 2017, are as follows (in thousands):

	2019		2018		2017
Rental revenue	$	59,905	$	60,446	$	71,424
Gain on sale of properties - continuing operations	$	24,099	$	25,879	$	4,986
Net income	$	40,134	$	44,372	$	20,673
Equity in earnings of unconsolidated joint ventures (1)	$	31,406	$	21,444	$	63,310
Land, buildings and tenant improvements, net	$	305,888	$	328,959
Construction in progress	7,747		43,892
Undeveloped land	29,518		28,247
Other assets	75,909		88,448
	$	419,062	$	489,546
Indebtedness	$	129,700	$	209,584
Other liabilities	24,208		38,172
	153,908		247,756
Owners' equity	265,154		241,790
	$	419,062	$	489,546
Investments in and advances to unconsolidated joint ventures (2)	$	133,074	$	110,795

(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 4) 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 $2.5 million and $11.4 million as of December 31, 2019 and 2018, 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, 2019 are as follows (in thousands):

Year	Future Repayments
2020	$	—
2021	27,735
2022	122
2023	126
2024	131
Thereafter	36,736
	$	64,850