Investments in Joint Ventures

9 Months Ended

Sep. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

6. Investments in Joint Ventures

As of September 30, 2016, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of three discretionary investment funds (collectively, the "Funds"), with our ownership percentages ranging from 20% to 31.3%. One of the Funds, in which we have a 20% ownership interest, did not own any properties for any periods presented. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheet and statement of income data for the Funds as of and for the periods presented:



(in millions)	September 30, 2016		December 31, 2015
Total assets	$	729.3	$	748.0
Total third-party debt	521.0		527.0
Total equity	183.5		195.3



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2016		2015		2016		2015
Total revenues	$	30.5	$	29.4	$	89.9	$	85.2
Net income	3.9		3.1		10.2		8.7
Equity in income (1)	1.9		1.6		5.1		4.5


(1)	Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

The Funds have been funded in part with secured third-party debt and, as of September 30, 2016, we had no outstanding guarantees related to debt of the Funds.

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 may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.3 million and $1.4 million for the three months ended September 30, 2016 and 2015, respectively, and were approximately $4.0 million and $4.4 million for the nine months ended September 30, 2016 and 2015, respectively.