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Investments In Joint Ventures | 6 Months Ended
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Jun. 30, 2012
Investments In Joint Ventures [Abstract] |
Investments In Joint Ventures | 7. Investments in Joint Ventures As of June 30, 2012, our equity investments in unconsolidated joint ventures consisted of five joint ventures, with our ownership percentages ranging from 15% to 50%. We utilize the equity method of accounting to account for transactions related to these investments. We currently provide property management services to each of these joint ventures which own operating properties, and we may provide construction and development services to the joint ventures which own properties under development. The following table summarizes aggregate balance sheet and statement of income data for the unconsolidated joint ventures as of and for the periods presented:
(in millions) | June 30, 2012 | (1) |  | December 31, 2011
Total assets | $ | 1,096.1 |  |  |  | $ | 1,394.9 |
Total third-party debt | 864.9 |  |  |  | 1,093.9 |
Total equity | 196.0 |  |  |  | 261.6 |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Total revenues (2) | $ | 38.9 |  |  | $ | 36.4 |  |  | $ | 79.4 |  |  | $ | 69.4 |
Net loss | — |  |  | (3.8 | ) |  | (1.7 | ) |  | (6.4 | )
Equity in income (3) | 0.6 |  |  | — |  |  | 1.0 |  |  | 0.4 |
(1) | In January 2012, as a result of our purchase of the remaining 80% ownership interest in previously unconsolidated joint ventures, we consolidated twelve joint ventures previously accounted for in accordance with the equity method. Refer to Note 6, "Property Acquisitions, Discontinued Operations, and Assets Held for Sale," for further discussion of the acquisition.
(2) | Approximately $3.0 million and $5.9 million of revenues for the three and six months ended June 30, 2011, respectively, relates to discontinued operations within one of our unconsolidated joint ventures resulting from the sale of four operating properties in the fourth quarter of 2011.
(3) | Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures.
The joint ventures in which we have a partial interest have been funded in part with secured third-party debt. As of June 30, 2012, we had no outstanding guarantees related to loans of our unconsolidated joint ventures. We may earn fees for property management, construction, development, and other services related to joint ventures in which we own an interest. Fees earned for these services amounted to approximately $3.3 million and $2.4 million for the three months ended June 30, 2012 and 2011, respectively, and approximately $6.1 million and $3.9 million for the six months ended June 30, 2012 and 2011, respectively. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. In January 2012, one of our discretionary investment funds acquired a multifamily property comprising of 350 units located in Raleigh, North Carolina. In March 2012, this fund acquired approximately 15.0 acres of land located in Orange County, Florida and intends to utilize this land for development of a multifamily apartment community.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 + Details
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