Investments in Joint Ventures

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

8. Investments in Joint Ventures

Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consists of three funds (collectively, the "Funds"). As of September 30, 2019, we had an ownership interest of 31.3% in two discretionary investment funds. In March 2015, we completed the formation of the third fund with an unaffiliated third party for additional multifamily investments of up to $450 million. In June 2019, we amended the third fund's agreement, among other things, to reduce the investments from $450 million to approximately $360 million and increase our ownership interest from 20% to 40%. This third fund did not own any properties as of September 30, 2019 or 2018. 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 sheets and statements of income data for the Funds as of and for the periods presented:



(in millions)	September 30, 2019		December 31, 2018
Total assets	$	698.9	$	695.2
Total third-party debt	514.1		510.7
Total equity	156.5		158.4



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Total revenues	$	33.3	$	32.5	$	98.5	$	95.3
Net income	4.4		4.0		12.3		11.6
Equity in income (1)	2.1		1.9		6.0		5.6


(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, 2019, 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 the Funds and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million and $1.5 million for the three months ended September 30, 2019 and 2018, respectively, and approximately $4.6 million and $4.3 million for the nine months ended September 30, 2019 and 2018, respectively.