Investments in Joint Ventures

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

6. Investments in Joint Ventures

On April 1, 2022, the Company obtained 100% of the ownership interests in the Funds and, as discussed in Note 5, "Acquisitions and Dispositions," above, consolidated the Funds as of the acquisition date. Prior to the acquisition, we held a 31.3% ownership interest in the Funds, and accounted for these investments under the equity method. 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, 2022		December 31, 2021
Total assets	$	—	$	679.1
Total third-party debt	—		513.8
Total equity	—		131.9

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022 (1)		2021		2022		2021
Total revenues	$	—	$	35.4	$	37.2	$	102.6
Net income	—		5.4		7.1		13.8
Equity in income (2)	—		2.5		3.0		6.7

(1)We consolidated the operations of the Funds as of April 1, 2022 and therefore results are $0 for the three months ended September 30, 2022.

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

Prior to the acquisition of the Funds, we earned fees for property and asset management, construction, development, and other services related to the Funds, and we eliminated 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 for the nine months ended September 30, 2022, and approximately $1.8 million and $4.9 million for the three and nine months ended September 30, 2021, respectively. There were no fees earned during the three months ended September 30, 2022 due to the acquisition on April 1, 2022.