Investments in Joint Ventures

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

6. Investments in Joint Ventures

On April 1, 2022, the Company obtained 100% of the ownership interests in the Funds and consolidated the Funds as of the acquisition date, as discussed in Note 5, "Acquisitions and Dispositions," above. Prior to the acquisition, we held a 31.3% ownership interest in the Funds, and accounted for these investments 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.


	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2022 (1)		2022
Total revenues	$	—	$	37.2

Net income	—		7.1
Equity in income (2)	—		3.0

(1)We consolidated the operations of the Funds as of April 1, 2022 and therefore results are $0 for the three months ended June 30, 2022.

(2)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 earned these fees.