Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2023

Investments in Unconsolidated Entities.

Summary of Financial Information for Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):


	Year	Metropolitan			Balance as of		Balance as of
Entity	Entity Formed	Area of Properties	% Ownership			March 31, 2023		December 31, 2022
Digital Core REIT (DCRU)	2021	U.S. / Toronto / Frankfurt	35	%	$	328,906	$	328,584
Ownership interest in DCRU operating properties	2021	U.S. / Toronto / Frankfurt	Various			135,789		136,431
Ascenty	2019	Brazil / Chile / Mexico	51	%		638,028		606,141
Mapletree	2019	Northern Virginia	20	%		156,780		160,200
Mitsubishi⁽¹⁾	Various	Osaka / Tokyo	50	%		412,752		453,420
Lumen	2012	Hong Kong	50	%		69,352		68,821
Other	Various	U.S. / India / Nigeria	Various			253,969		237,829
Total					$	1,995,576	$	1,991,426

(1)

During the three months ended March 31, 2023, we derecognized all assets, liabilities and 50% noncontrolling interests related to a joint venture that was previously consolidated and recognized an equity method investment of approximately $61.9 million based on the value of our 50% noncontrolling interest in the joint venture. We had concluded that we would consolidate the joint venture during the development phase of the buildings because we had the power to direct activities that most significantly impacted the joint venture’s economic performance, however, upon the building’s completion and commencing the operational phase, we no longer have the power to direct the activities that most significantly impact the joint venture’s economic performance and deconsolidated the joint venture and recognized the investment under the equity method as we still retained significant influence.