6. Investments in Joint Ventures

As of September 30, 2013, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of three joint ventures. We have a 20% ownership interest in each of these joint ventures. We currently provide property and asset management services to each of these joint ventures which own operating properties, and we may provide construction and development services to the joint ventures which own properties under development. The following table summarizes the combined basis balance sheet and statement of income data for the unconsolidated joint ventures as of and for the periods presented:



(in millions)	September 30, 2013		December 31, 2012
Total assets	$	826.6	$	917.8
Total third-party debt	563.2		712.7
Total equity	234.9		165.2



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in millions)	2013		2012			2013		2012
Total revenues (1)	$	27.7	$	26.6	(2)	$	80.5	$	79.2	(2)
Net income	2.2		15.3			102.2		13.5
Equity in income (3)	1.9		3.7			20.7		4.7

(1)

Excludes approximately $10.3 million for the nine months ended September 30, 2013, and approximately $6.5 million and $19.5 million for the three and nine months ended September 30, 2012, respectively, relating to the discontinued operations from the sale of 14 operating properties within one of our unconsolidated joint ventures during the second quarter of 2013. Additionally, excludes approximately $6.6 million and $20.4 million for the three and nine months ended September 30, 2012, respectively, related to the discontinued operations from the sale of seven operating properties within two of our unconsolidated joint ventures during the third and fourth quarters of 2012.


(2)	Includes approximately $1.3 million of revenues for the three months ended September 30, 2012 related to one previously unconsolidated joint venture acquired by us in December 2012 and approximately $6.6 million of revenues for the nine months ended September 30, 2012 related to this joint venture and 12 previously unconsolidated joint ventures acquired by us in January 2012.


(3)	Equity in income excludes our ownership interest of fee income from various property and asset management services provided by us to our joint ventures.

The joint ventures in which we have a partial interest have been funded in part with secured third-party debt. As of September 30, 2013, we had no outstanding guarantees related to loans of our unconsolidated joint ventures.

We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and also may earn a promoted equity interest if certain thresholds are met. Fees earned for these services were approximately $2.4 million and $2.8 million for the three months ended September 30, 2013 and 2012, respectively, and approximately $7.5 million and $8.8 million for the nine months ended September 30, 2013 and 2012, respectively. We eliminate fee income for services provided to these joint ventures to the extent of our ownership.

In May 2013, one of our unconsolidated joint ventures sold its 14 operating properties, Oasis Bay, Oasis Crossings, Oasis Emerald, Oasis Gateway, Oasis Island, Oasis Landing, Oasis Meadows, Oasis Palms, Oasis Pearl, Oasis Place, Oasis Ridge, Oasis Sierra, Oasis Springs, and Oasis Vinings, comprised of 3,098 apartment homes, located in Las Vegas, Nevada, for approximately $200.2 million. Our proportionate share of the gain was approximately $13.0 million. Additionally, as a result of achieving certain performance measures as set forth in the joint venture agreement, we recognized a promoted equity interest of approximately $3.8 million during the second quarter of 2013, and $1.2 million during the third quarter of 2013. Our proportionate share of the gain and the promoted equity interest were reported as components of equity in income of joint ventures in the condensed consolidated statements of income and comprehensive income.