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Equity Method Investments
 12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
The following table summarizes the equity method investments as of December 31 (in thousands):
InvesteeOwnership Percentage20202019
EMEA Joint Venture with GIC20 %$101,892 $51,092 
Asia-Pacific Joint Venture with GIC20 %43,432 — 
OtherVarious17,747 8,645 
Total $163,071 $59,737 
EMEA Joint Venture
As described in Note 5 above, the Company and GIC closed the EMEA Joint Venture transaction on October 8, 2019. The Company concluded the EMEA Joint Venture is not a VIE because its equity investors have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Upon closing the EMEA Joint Venture, the Company recorded its initial 20% partnership interest at fair value of $41.9 million, which was subsequently adjusted for cash contributions and the Company's share of the income and losses of the investees.
During the year ended December 31, 2020, the Company made additional equity contributions of $48.0 million to the EMEA Joint Venture, including an additional contribution of $10.6 million in connection with the sale of the PA9 data center. The Company's share of income and losses of equity method investments from this joint venture, which is attributable to the Company's EMEA region, was insignificant for the years ended December 31, 2020 and 2019 and was included in other income on the consolidated statement of operations.
The Company committed to make future equity contributions to the EMEA Joint Venture for funding its future development. As of December 31, 2020, the Company had future equity contribution commitments of €13.8 million and £6.6 million, or $25.8 million in total at the exchange rate in effect on December 31, 2020.
Variable Interest Entity
Asia-Pacific Joint Venture
As described in Note 5 above, the Company closed the Asia-Pacific Joint Venture with GIC on December 17, 2020 to develop and operate xScale™ data centers in the Asia-Pacific region. The Company provides certain management services to the Asia-Pacific Joint Venture operations and earns fees based on those services and performance. The Asia-Pacific Joint Venture requires additional funding from its partners in order to sustain its current operations. As a result, it was determined to be a VIE. The power to direct the activities of the Asia-Pacific Joint Venture that most significantly impact economic performance is shared equally by both partners. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both the Company and GIC. The Company concluded that neither party is deemed to have predominant control over the Asia-Pacific Joint Venture and neither party is its primary beneficiary. Upon closing the Asia-Pacific Joint Venture, the Company recorded its initial 20% partnership interest at fair value of ¥4.4 billion or $42.8 million in total at the exchange rate in effect on December 31, 2020. The Company's share of income and losses of equity method investments from this joint venture, which was attributable to the Company's Asia-Pacific region, was not significant for the period from the closing date through December 31, 2020.
The Company committed to make future equity contributions to the Asia-Pacific Joint Venture for funding its future development. As of December 31, 2020, the Company had future equity contribution commitments of ¥6.3 billion, or $60.7 million in total at the exchange rate in effect on December 31, 2020.
In addition to the investment in Asia-Pacific Joint Venture, the company also had ¥1.7 billion or $16.9 million, in total at the exchange rate in effect on December 31, 2020, of receivables from the Asia-Pacific Joint Venture relating to purchase price adjustments on the sale of data center assets as well as amounts due under commercial service agreements, which were presented within accounts receivable, net on the consolidated balance sheet as of December 31, 2020.
Concurrent with the closing of the Asia-Pacific Joint Venture, the Asia-Pacific Joint Venture entered into a credit facility agreement and a bond agreement with a group of lenders for secured debt facilities of ¥21.5 billion and ¥10.0 billion, respectively, or $305.2 million in total at the exchange rate in effect on December 31, 2020. The Asia-Pacific Joint Venture’s debt is secured by net assets of the Asia-Pacific Joint Venture and is without recourse to the partners. Under the Asia-Pacific Joint Venture agreement and pursuant to the credit facility and bond agreements, the Company and its joint venture partner GIC are also required to make additional equity contributions proportionately upon occurrences such as an interest shortfall, cost-overrun or a capital shortfall needed to complete certain construction phases.
The Company's maximum exposure to loss related to this unconsolidated VIE is limited to its equity investments in the VIE, outstanding receivables including any unpaid service and performance fees earned, and future funding commitments including those that may be required pursuant to the credit facility and bond agreements. As of December 31, 2020, the Company's maximum exposure to loss related to the Asia-Pacific Joint Venture was approximately ¥12.4 billion or $121.1 million in total at the exchange rate in effect on December 31, 2020.