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Investments in Joint Ventures | 6 Months Ended
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Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures | 7. Investments in Joint Ventures As of June 30, 2018, our equity investments in unconsolidated joint ventures, which are accounted for utilizing the equity method of accounting, consisted of three investment funds (collectively the "Funds") with our ownership percentages ranging from 20.0% to 31.3%. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. One of the Funds, in which we have a 20.0% ownership interest, did not own any properties for any periods presented. We have a 31.3% ownership interest in each of the two other Funds. The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented:
(in millions) | June 30, 2018 |  | December 31, 2017
Total assets | $ | 705.0 |  |  | $ | 715.9 |
Total third-party debt | 512.6 |  |  | 514.5 |
Total equity | 171.1 |  |  | 174.5 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Total revenues | $ | 31.7 |  |  | $ | 30.4 |  |  | $ | 62.8 |  |  | $ | 60.4 |
Net income | $ | 3.9 |  |  | $ | 3.7 |  |  | $ | 7.6 |  |  | $ | 7.5 |
Equity in income (1) | $ | 1.9 |  |  | $ | 1.8 |  |  | $ | 3.7 |  |  | $ | 3.6 |
(1) | Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
The Funds have been funded in part with secured third-party debt and, as of June 30, 2018, we had no outstanding guarantees related to debt of the Funds. We may earn fees for property and asset management, construction, development, and other services related to the Funds and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.4 million for each of the three months ended June 30, 2018 and 2017 and approximately $2.8 million and $2.7 million for the six months ended June 30, 2018 and 2017, respectively.

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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 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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