The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of March 31, 2018 and December 31, 2017 (in thousands):

	March 31, 2018
	DRA (G&I) Austin		Brandywine-AI Venture LLC		HSRE-BDN I, LLC (evo at Cira Centre South) (a)		Other		Total
Net property	$	263,384	$	159,159	$	-	$	488,224	$	910,767
Other assets		35,080		24,520		-		84,092		143,692
Other liabilities		17,189		4,844		-		72,129		94,162
Debt, net		247,844		92,813		-		294,662		635,319
Equity (b)		33,431		86,022		-		205,525		324,978

	December 31, 2017
	DRA (G&I) Austin		Brandywine-AI Venture LLC		HSRE-BDN I, LLC (evo at Cira Centre South)		Other		Total
Net property	$	263,557	$	158,960	$	143,990	$	517,458	$	1,083,965
Other assets		42,272		24,181		8,563		86,916		161,932
Other liabilities		24,131		4,493		1,648		67,435		97,707
Debt, net		248,700		92,917		110,136		314,667		766,420
Equity (b)		32,998		85,731		40,769		222,272		381,770

(a)	On January 10, 2018, evo at Cira sold the 345-unit student housing tower, its sole operating asset. See ‘evo at Cira Disposition’ section below.

(b)

This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.

The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three-month periods ended March 31, 2018 and 2017 (in thousands):

	Three-month period ended March 31, 2018
	DRA (G&I) Austin			Brandywine-AI Venture LLC			HSRE-BDN I, LLC (evo at Cira Centre South)			Other			Total
Revenue	$	14,356		$	5,836		$	995		$	21,634		$	42,821
Operating expenses		(6,066	)		(2,544	)		(250	)		(11,908	)		(20,768	)
Interest expense, net		(2,294	)		(864	)		(388	)		(4,580	)		(8,126	)
Depreciation and amortization		(5,698	)		(2,137	)		(376	)		(6,173	)		(14,384	)
Loss on early extinguishment of debt		-			-			(718	)		-			(718	)
Net income (loss)	$	298		$	291		$	(737	)	$	(1,027	)	$	(1,175	)
Ownership interest %		50	%		50	%		50	%	(a)			(a)
Company's share of net income (loss)	$	149		$	146		$	(369	)	$	(632	)	$	(706	)
Basis adjustments and other		(69	)		15			11			(76	)		(119	)
Equity in income (loss) of Real Estate Ventures	$	80		$	161		$	(358	)	$	(708	)	$	(825	)

	Three-month period ended March 31, 2017
	DRA (G&I) Austin			Brandywine-AI Venture LLC			HSRE-BDN I, LLC (evo at Cira Centre South)			Other			Total
Revenue	$	21,552		$	7,325		$	3,154		$	22,248		$	54,279
Operating expenses		(9,313	)		(2,940	)		(679	)		(12,234	)		(25,166	)
Interest expense, net		(3,689	)		(1,145	)		(898	)		(5,098	)		(10,830	)
Depreciation and amortization		(9,229	)		(2,809	)		(1,128	)		(7,595	)		(20,761	)
Net income (loss)	$	(679	)	$	431		$	449		$	(2,679	)	$	(2,478	)
Ownership interest %		50	%		50	%		50	%	(a)			(a)
Company's share of net income (loss)	$	(340	)	$	216		$	225		$	(1,262	)	$	(1,161	)
Basis adjustments and other		(25	)		310			7			121			413
Equity in income (loss) of Real Estate Ventures	$	(365	)	$	526		$	232		$	(1,141	)	$	(748	)

(a)	The Company’s unconsolidated ownership interests ranged from 25% to 70% during the three-month periods ended March 31, 2018 and 20% to 70% during the three-month period ended March 31, 2017, subject to specified priority allocations of distributable cash in certain of the Real Estate Ventures.