7. Investments in Unconsolidated Entities
During the year ended December 31, 2010, we entered into a joint venture investment with Forest City Enterprises (NYSE:FCE.A and FCE.B). We acquired a 49% interest in a seven-building life science campus located at University Park in Cambridge, Massachusetts, which is immediately adjacent to the campus of the Massachusetts Institute of Technology.
During the year ended December 31, 2012, we entered into a joint venture with Chartwell Retirement Residences (TSX:CSH.UN). The portfolio contains 42 properties in Canada, 39 of which are owned 50% by us and Chartwell, and three of which we wholly own. All properties are managed by Chartwell. The 39 properties are accounted for under the equity method of accounting and do not qualify as VIEs (variable interest entities). The joint venture is structured under RIDEA. See Note 18 for additional information. The aggregate remaining unamortized basis difference of our investment in this joint venture of $9,063,000 at December 31, 2013 is primarily attributable to transaction costs that will be amortized over the weighted-average useful life of the related properties and included in the reported amount of income from unconsolidated entities.
In conjunction with the Sunrise Merger, we acquired joint venture interests in 54 properties and a 20% interest in a newly formed Sunrise management company, which manages the entire property portfolio. On July 1, 2013, we acquired the remaining interests in 49 of the properties. Our original investment of $49,759,000 relating to the five remaining unconsolidated properties and the management company is recorded as an investment in unconsolidated entities on the balance sheet.
The results of operations for these properties have been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our statements of comprehensive income as income or loss from unconsolidated entities. Summarized combined financial information for our investments in unconsolidated entities held as of December 31, 2013 is as follows (dollars in thousands):
| Year Ended December 31, | |||||
| 2013 | 2012 | ||||
| Net real estate investments | $ | 1,589,590 | $ | 1,675,877 | |
| Other assets | 564,109 | 110,629 | |||
| Total assets | 2,153,699 | 1,786,506 | |||
| Total liabilities | 1,227,053 | 970,521 | |||
| Redeemable noncontrolling interests | 29,482 | 21,694 | |||
| Total equity | $ | 897,164 | $ | 794,291 | |
| Year Ended December 31, | |||||||||
| 2013(1) | 2012(2) | 2011 | |||||||
| Total revenues | $ | 1,619,251 | $ | 324,941 | $ | 160,860 | |||
| Net income (loss) | (17,439) | 10,702 | 20,124 | ||||||
| (1) Beginning January 9, 2013, includes the financial information for the Sunrise management company and the five remaining unconsolidated Sunrise properties discussed above. | |||||||||
| (2) Beginning May 1, 2012, includes the financial information for the Chartwell unconsolidated entities discussed above. | |||||||||