Investments In Joint Ventures

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments In Joint Ventures

8. Investments in Joint Ventures

On April 1, 2022, the Company obtained 100% of the ownership interests in the Funds and consolidated the Funds as of the acquisition date, as discussed in Note 7, "Acquisitions and Dispositions," above. 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)	2022		2021
Total assets	$	—	$	679.1
Total third-party debt	—		513.8
Total equity	—		131.9

	2022 (1)		2021		2020
Total revenues	$	37.2	$	139.0	$	128.5
Net income	7.1		21.3		15.8
Equity in income (2)	3.0		9.8		8.1

(1)Results for 2022 related to activity during the first quarter. We consolidated the operations of the Funds as of April 1, 2022.

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

Prior to the acquisition of the remaining interests in 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, $6.6 million, and $7.6 million for the years ended December 31, 2022, 2021, and 2020, respectively. There were no fees earned from the date we consolidated the Funds on April 1, 2022.