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Investments In Joint Ventures | 6 Months Ended
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Jun. 30, 2013
Investments In Joint Ventures [Abstract] |
Investments In Joint Ventures | 6. Investments in Joint Ventures As of June 30, 2013, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of four joint ventures, with our ownership percentages ranging from 15% to 20%. We currently provide property and asset 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, 2013 |  | December 31, 2012
Total assets | $ | 828.3 |  |  | $ | 917.8 |
Total third-party debt | 555.4 |  |  | 712.7 |
Total equity | 243.0 |  |  | 165.2 |
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
(in millions) | 2013 |  | 2012 |  |  | 2013 |  | 2012 |
Total revenues (1) | $ | 26.7 |  |  | $ | 25.4 |  | (2) |  | $ | 52.8 |  |  | $ | 52.6 |  | (2)
Net income (loss) | 98.0 |  |  | — |  |  |  | 100.0 |  |  | (1.7 | ) |
Equity in income (3) | 17.8 |  |  | 0.6 |  |  |  | 18.7 |  |  | 1.0 |  |
(1) | Excludes approximately $3.8 million and $10.3 million for the three and six months ended June 30, 2013, respectively, and approximately $6.5 million and $13.0 million for the three and six months ended June 30, 2012, respectively, relating to the discontinued operations from the sale of 14 operating properties within one of our unconsolidated joint ventures during the second quarter of 2013. Additionally, excludes approximately $7.0 million and $13.8 million for the three and six months ended June 30, 2012, respectively, related to the discontinued operations from the sale of seven operating properties within two of our unconsolidated joint ventures during the third and fourth quarters of 2012.
(2) | Includes approximately $1.2 million of revenues for the three months ended June 30, 2012 related to our acquisition of one previously unconsolidated joint venture in December 2012 and approximately $5.3 million of revenues for the six months ended June 30, 2012 related to this joint venture and the acquisition by us of 12 previously unconsolidated joint ventures in January 2012.
(3) | Equity in income excludes our ownership interest of fee income from various property and asset 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, 2013, we had no outstanding guarantees related to loans of our unconsolidated joint ventures. We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and also may earn a promoted equity interest if certain thresholds are met. Fees earned for these services were approximately $2.4 million and $3.3 million for the three months ended June 30, 2013 and 2012, respectively, and approximately $5.1 million and $6.1 million for the six months ended June 30, 2013 and 2012, respectively. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. In May 2013, one of our unconsolidated joint ventures sold its 14 operating properties, Oasis Bay, Oasis Crossings, Oasis Emerald, Oasis Gateway, Oasis Island, Oasis Landing, Oasis Meadows, Oasis Palms, Oasis Pearl, Oasis Place, Oasis Ridge, Oasis Sierra, Oasis Springs, and Oasis Vinings, comprised of 3,098 apartment homes, located in Las Vegas, Nevada, for approximately $200.2 million. Our proportionate share of the gain was approximately $13.0 million. Additionally, as a result of achieving certain performance measures as set forth in the joint venture agreement, we recognized a promoted equity interest of approximately $3.8 million. Our proportionate share of the gain and the promoted equity interest were reported as a component of equity in income of joint ventures in the condensed consolidated statements of income and comprehensive income.

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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 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 2: 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 3: 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 Reference 4: 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 5: 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. + Details
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