Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
We have an ownership interest in the following unconsolidated real estate joint ventures:
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| As of June 30, 2021 |
| Joint Venture |
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Outlet Center Location |
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Ownership % |
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Square Feet
(in 000’s) |
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Carrying Value of Investment (in millions) |
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Total Joint Venture Debt, Net
(in millions)(1)
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| Investments included in investments in unconsolidated joint ventures: |
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| Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
1.5 |
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$ |
70.8 |
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| RioCan Canada |
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Various |
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50.0 |
% |
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665 |
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87.4 |
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— |
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$ |
88.9 |
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| Investments included in other liabilities: |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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399 |
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$ |
(16.2) |
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$ |
99.6 |
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National Harbor(2)
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National Harbor, MD |
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50.0 |
% |
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341 |
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(10.3) |
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94.5 |
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Galveston/Houston (2)
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Texas City, TX |
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50.0 |
% |
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353 |
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(12.8) |
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64.3 |
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$ |
(39.3) |
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| As of December 31, 2020 |
| Joint Venture |
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Outlet Center Location |
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Ownership % |
|
Square Feet
(in 000’s) |
|
Carrying Value of Investment (in millions) |
|
Total Joint Venture Debt, Net
(in millions)(1)
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| Investments included in investments in unconsolidated joint ventures: |
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| Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
2.0 |
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$ |
70.8 |
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| RioCan Canada |
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Various |
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50.0 |
% |
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765 |
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92.6 |
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$ |
— |
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$ |
94.6 |
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| Investments included in other liabilities: |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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399 |
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(12.8) |
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99.6 |
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National Harbor(2)
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National Harbor, MD |
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50.0 |
% |
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341 |
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(8.4) |
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94.5 |
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Galveston/Houston (2)
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Texas City, TX |
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50.0 |
% |
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353 |
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(19.5) |
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80.0 |
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$ |
(40.7) |
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(1)Net of debt origination costs of $1.2 million as of June 30, 2021 and $1.1 million as of December 31, 2020.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Fee: |
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| Management and marketing |
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$ |
537 |
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$ |
144 |
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$ |
1,045 |
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$ |
685 |
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| Leasing and other fees |
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103 |
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15 |
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159 |
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35 |
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| Expense reimbursements from unconsolidated joint ventures |
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719 |
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566 |
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1,527 |
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1,448 |
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| Total Fees |
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$ |
1,359 |
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$ |
725 |
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$ |
2,731 |
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$ |
2,168 |
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| Schedule of impairment charges |
The table below summarizes the impairment charge taken during the second quarter of 2020 (in thousands):
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Impairment Charge(1)
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Outlet Center |
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Total |
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Our Share |
| 2020 |
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Saint-Sauveur |
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$ |
6,181 |
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$ |
3,091 |
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(1)The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets.
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| Summary Financial Information of Unconsolidated JVs Balance Sheet |
Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
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| Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |
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June 30, 2021 |
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December 31, 2020 |
| Assets |
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| Land |
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$ |
84,114 |
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$ |
86,861 |
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| Buildings, improvements and fixtures |
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470,374 |
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471,798 |
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| Construction in progress |
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871 |
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2,976 |
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555,359 |
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561,635 |
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| Accumulated depreciation |
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(157,134) |
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(145,810) |
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| Total rental property, net |
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398,225 |
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415,825 |
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| Cash and cash equivalents |
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25,932 |
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21,471 |
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| Deferred lease costs and other intangibles, net |
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4,172 |
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4,849 |
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| Prepaids and other assets |
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14,377 |
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20,478 |
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| Total assets |
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$ |
442,706 |
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$ |
462,623 |
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| Liabilities and Owners’ Equity |
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| Mortgages payable, net |
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$ |
329,314 |
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$ |
344,856 |
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| Accounts payable and other liabilities |
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12,752 |
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17,427 |
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| Total liabilities |
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342,066 |
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362,283 |
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| Owners’ equity |
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100,640 |
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100,340 |
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| Total liabilities and owners’ equity |
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$ |
442,706 |
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$ |
462,623 |
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Three months ended |
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Six months ended |
| Condensed Combined Statements of Operations |
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June 30, |
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June 30, |
| - Unconsolidated Joint Ventures |
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2021 |
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2020 |
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2021 |
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2020 |
| Revenues |
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$ |
22,601 |
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$ |
16,475 |
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$ |
43,594 |
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$ |
38,512 |
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| Expenses: |
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| Property operating |
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8,448 |
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6,860 |
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16,862 |
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15,989 |
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| General and administrative |
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58 |
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123 |
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86 |
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262 |
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| Asset impairment |
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— |
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6,181 |
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— |
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6,181 |
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| Depreciation and amortization |
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5,763 |
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5,903 |
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11,664 |
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11,809 |
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| Total expenses |
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14,269 |
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19,067 |
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28,612 |
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34,241 |
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| Other income (expense): |
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| Interest expense |
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(2,910) |
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(3,232) |
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(5,855) |
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(6,967) |
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| Gain on sale of assets |
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— |
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— |
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503 |
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— |
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| Other income |
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96 |
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6 |
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154 |
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61 |
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| Total other expense |
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(2,814) |
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(3,226) |
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(5,198) |
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(6,906) |
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| Net income (loss) |
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$ |
5,518 |
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$ |
(5,818) |
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$ |
9,784 |
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$ |
(2,635) |
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| The Company and Operating Partnership’s share of: |
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| Net income (loss) |
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$ |
2,728 |
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$ |
(2,975) |
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$ |
4,497 |
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$ |
(1,448) |
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| Depreciation and amortization (real estate related) |
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$ |
2,913 |
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$ |
3,017 |
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$ |
5,909 |
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$ |
6,035 |
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