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Investments in Unconsolidated Entities | 9 Months Ended
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Sep. 30, 2022
Investments in Unconsolidated Entities. |
Investments in Unconsolidated Entities | 6. Investments in Unconsolidated Entities A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year | ​ | Metropolitan | ​ | ​ | ​ | ​ | Balance as of | ​ | Balance as of
Entity | ​ | Entity Formed | ​ | Area of Properties | ​ | % Ownership | ​ | ​ | September 30, 2022 | ​ | ​ | December 31, 2021
Digital Core REIT (DCRU) | ​ | 2021 | ​ | U.S. / Canada | ​ | 35 | % | ​ | $ | 328,094 | ​ | $ | 343,317
Ownership interest in DCRU operating properties | ​ | 2021 | ​ | U.S. / Canada | ​ | 10 | % | ​ | ​ | 139,223 | ​ | ​ | 144,050
Ascenty | ​ | 2019 | ​ | Brazil / Chile / Mexico | ​ | 51 | % | ​ | ​ | 620,068 | ​ | ​ | 553,031
Mapletree | ​ | 2019 | ​ | Northern Virginia | ​ | 20 | % | ​ | ​ | 163,239 | ​ | ​ | 172,465
Mitsubishi | ​ | Various | ​ | Osaka / Tokyo | ​ | 50 | % | ​ |  | 391,859 | ​ |  | 401,509
Lumen | ​ | 2012 | ​ | Hong Kong | ​ | 50 | % | ​ |  | 69,704 | ​ |  | 68,854
Other | ​ | Various | ​ | U.S. / India / Nigeria | ​ | Various | ​ | ​ |  | 200,771 | ​ |  | 124,463
Total | ​ | ​ | ​ |  | ​ |  | ​ | ​ | $ | 1,912,958 | ​ | $ | 1,807,689
​ DCREIT – Digital Core REIT is a standalone real estate investment trust under Singapore law, which is publicly-traded on the Singapore Exchange under the ticker symbol “DCRU”. Digital Core REIT owns 10 operating data center properties. The Company’s ownership interest in the units of DCRU, as well as its ownership interest in the operating properties of DCRU are collectively referred to as the Company’s investment in DCREIT. As of September 30, 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 consisted of 392 million units and 390 million units as of September 30, 2022 and December 31, 2021, respectively. Based on the closing price per unit of $0.70 and $1.16 as of September 30, 2022 and December 31, 2021, the fair value of the units the Company owned in DCRU was approximately $274 million and $453 million as of September 30, 2022 and December 31, 2021, respectively. These values do 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 investment in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. The Company determined that the decline in fair value of the investment in DCRU as compared to the Company’s book basis as of September 30, 2022 was temporary in nature. ​ Pursuant to contractual agreements with DCRU and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCRU or in cash. During the three and nine months ended September 30, 2022, the Company earned fees pursuant to these contractual agreements of approximately $1.8 million and $6.9 million, respectively, 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 $19.3 million and $20.9 million as of September 30, 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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