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Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes our equity method investments (in thousands), which were included in other assets on the condensed consolidated balance sheets:


Investee	Ownership Percentage	September 30, 2022		December 31, 2021
EMEA 1 Joint Venture with GIC	20%	$	124,364	$	131,516
VIE Joint Ventures	20%	158,507		95,052
Other	Various	18,138		18,481
Total		$	301,009	$	245,049

Schedule of The Maximum Exposure Losses of VIE Joint Ventures

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of September 30, 2022 (in thousands):


	VIE Joint Ventures
Equity Investment	$	158,507
Outstanding Receivables	22,531
Future Equity Contribution Commitments (1)	65,310
Maximum Future Payments under Debt Guarantees (2)	58,333
Total	$	304,681

(1)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt.

(2)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements (see Note 11).

Schedule of Other Related Party Transactions

The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
Related Party	Nature of Transaction	2022		2021		2022		2021
EMEA 1 Joint Venture	Revenues	$	5,957	$	11,698	$	31,138	$	30,548
EMEA 1 Joint Venture	Expenses (1)	2,010		4,006		5,422		12,786
VIE Joint Ventures	Revenues	9,551		4,928		29,739		19,373

(1)Balances primarily consist of rent expenses for a 15 year sub-lease agreement with the EMEA 1 Joint Venture for a London data center.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in thousands):


Related Party	Balance Sheet Line Item	September 30, 2022		December 31, 2021
EMEA 1 Joint Venture	Receivables	$	29,808	$	32,077
	Contract Assets (1)	53,998		54,503
	Finance Lease Right of Use Assets	92,199		118,817
	Other Liabilities and Payables	1,303		2,483
	Other Liabilities and Payables - construction obligation (2)	32,929		39,382
	Deferred Revenue	14,351		16,886
	Finance Lease Right of Use Liabilities	98,565		124,918
VIE Joint Ventures	Receivables	22,531		29,077
	Contract Assets	3,227		1,492
	Payables	—		1,876

(1)A portion of the contract asset balance relates to commitments to complete a residual portion of the Paris 9 data center sold to the EMEA 1 Joint Venture, which is reimbursable in full upon completion.

(2)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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