XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.22.1

Investments in Joint Ventures | 3 Months Ended
--- | ---
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures | 6. Investments in Joint Ventures As of March 31, 2022, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of two discretionary investment funds (collectively, the "Funds"), in which we held an ownership interest of 31.3% in each. These Funds own 22 multifamily communities comprised of 7,247 units located in Houston, Austin, Dallas, Tampa, Raleigh, Orlando, Washington D.C., Charlotte, and Atlanta. We provided property and asset management and other services to the Funds which own operating properties and we also provided construction and development services to the Funds which own properties under development. 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) | March 31, 2022 |  | December 31, 2021
Total assets | $ | 659.9 |  |  | $ | 679.1 |
Total third-party debt | 513.9 |  |  | 513.8 |
Total equity | 130.0 |  |  | 131.9 |
| Three Months Ended March 31, |  |
(in millions) | 2022 |  | 2021 |  |  |  |
Total revenues | $ | 37.2 |  |  | $ | 33.0 |  |  |  |  |
Net income | 7.1 |  |  | 3.8 |  |  |  |  |
Equity in income (1) | 3.0 |  |  | 1.9 |  |  |  |  |
(1)Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds. As of March 31, 2022, the Funds had been funded in part with secured third-party debt and we have no outstanding guarantees related to debt of the Funds. We earned fees for property and asset management, construction, development, and other services related to the Funds, and we eliminated fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million and $1.5 million for the three months ended March 31, 2022 and 2021. On April 1, 2022, we purchased the remaining 68.7% ownership interests in the Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $514 million of existing secured mortgage debt of the Funds which remained outstanding. We funded this transaction with cash on-hand. As mentioned above, we previously accounted for our ownership interests in these Funds properties in accordance with the equity method of accounting as of March 31, 2022, and following the completion of this purchase in April 2022, we will consolidate these Funds for financial reporting purposes.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration