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Investments in Unconsolidated Entities | 3 Months Ended
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Mar. 31, 2022
Investments in Unconsolidated Entities. |
Investments in Unconsolidated Entities | 5. Investments in Unconsolidated Entities See below for a summary of our investments in unconsolidated entities accounted for under the equity method of accounting as presented in our condensed consolidated balance sheets (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year | ​ | Metropolitan | ​ | ​ | ​ | ​ | Balance as of | ​ | Balance as of
Entity | ​ | Entity Formed | ​ | Area of Properties | ​ | % Ownership | ​ | ​ | March 31, 2022 | ​ | ​ | December 31, 2021
Digital Core REIT (DCRU) | ​ | 2021 | ​ | U.S. / Canada | ​ | 35 | % | ​ | $ | 342,460 | ​ | $ | 343,317
Ownership interest in DCRU operating properties | ​ | 2021 | ​ | U.S. / Canada | ​ | 10 | % | ​ | ​ | 144,050 | ​ | ​ | 144,050
Ascenty | ​ | 2019 | ​ | Brazil / Chile / Mexico | ​ | 51 | % | ​ | ​ | 734,106 | ​ | ​ | 553,031
Mapletree | ​ | 2019 | ​ | Northern Virginia | ​ | 20 | % | ​ | ​ | 169,895 | ​ | ​ | 172,465
Mitsubishi | ​ | Various | ​ | Osaka / Tokyo | ​ | 50 | % | ​ |  | 417,497 | ​ |  | 401,509
Lumen | ​ | 2012 | ​ | Hong Kong | ​ | 50 | % | ​ |  | 69,303 | ​ |  | 68,854
Other | ​ | Various | ​ | U.S. / India / Nigeria | ​ | Various | ​ | ​ |  | 166,763 | ​ |  | 124,463
Total | ​ | ​ | ​ |  | ​ |  | ​ | ​ | $ | 2,044,074 | ​ | $ | 1,807,689
​ DCREIT – Digital Core REIT is a standalone real estate investment trust publicly-traded on the Singapore Exchange under the ticker symbol “DCRU”. Digital Core REIT owns 10 operating data center properties. Digital Core REIT and its 10 operating properties are collectively referred to as the “DCREIT”. The Company’s ownership interest in DCREIT consists of units of DCRU, as well as an ownership interest in the operating properties of DCRU. As of March 31, 2022, the Company held 35% of the outstanding DCRU units and separately owned a 10% retained interest in the underlying operating properties. The Company’s 35% interest in DCRU as of March 31, 2022 consists of 390 million units. Based on the closing price per unit of $1.11 as of March 31, 2022, the fair value of the units the Company owns in DCRU was $433 million. This value does not include the value of the Company’s 10% interest in the operating properties of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its ownership interest in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. ​ Pursuant to contractual agreements with the DCREIT, the Company will earn fees for asset and property management services as well as fees for aiding the DCREIT in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in the DCREIT or in cash. During the three months ended March 31, 2022, the Company earned fees pursuant to these contractual agreements of approximately $2.3 million, which is recorded as fee income and other on the condensed consolidated income statement. ​ Ascenty – The Company’s ownership interest in Ascenty includes an approximate 2% interest held by one of the Company’s non-controlling interest holders. This 2% interest had a carrying value of approximately $22.2 million and $20.9 million as of March 31, 2022 and December 31, 2021, respectively. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity. ​ The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to matters such as intentional misuse of funds, environmental conditions, and material misrepresentations.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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