Investments in Joint Ventures

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

6. Investments in Joint Ventures

On April 1, 2022, the Company purchased the remaining 68.7% ownership interests in two unconsolidated discretionary investment funds (collectively, "the Funds" or "the acquisition of the Funds") and consolidated the Funds as of the acquisition date. Prior to the acquisition, we accounted for our 31.3% ownership interest of the Funds under the equity method. The following table summarizes the statement of income data for the Funds for the period accounted for under the equity method.



(in millions)	Three Months Ended March 31, 2022
Total revenues	$	37.2

Net income	7.1
Equity in income (1)	3.0

(1)Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Prior to the acquisition 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 for the three months ended March 31, 2022. After the acquisition of the Funds on April 1, 2022, we no longer earn these fees.