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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
At September 30, 2013 and December 31, 2012, we were members of the following unconsolidated real estate joint ventures:
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As of September 30, 2013 |
Joint Venture |
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Center Location |
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Ownership % |
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Square Feet |
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Carrying Value of Investment
(in millions)
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Total Joint Venture Debt
(in millions)
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Charlotte |
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Charlotte, NC |
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50.0 |
% |
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— |
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$ |
5.9 |
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$ |
— |
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Galveston/Houston |
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Texas City, TX |
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50.0 |
% |
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347,930 |
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7.7 |
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65.0 |
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National Harbor |
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Washington D.C. Metro Area |
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50.0 |
% |
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— |
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17.5 |
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28.1 |
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RioCan Canada |
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Various |
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50.0 |
% |
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434,162 |
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86.7 |
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18.8 |
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Westgate |
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Glendale, AZ |
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58.0 |
% |
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331,739 |
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16.4 |
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43.0 |
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Wisconsin Dells |
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Wisconsin Dells, WI |
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50.0 |
% |
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265,086 |
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2.5 |
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24.3 |
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Other |
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— |
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0.2 |
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— |
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$ |
136.9 |
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$ |
179.2 |
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As of December 31, 2012 |
Joint Venture |
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Center Location |
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Ownership % |
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Square Feet |
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Carrying Value of Investment (in millions) |
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Total Joint Venture Debt
(in millions) |
Deer Park |
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Deer Park,
Long Island, NY |
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33.3 |
% |
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741,981 |
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$ |
3.0 |
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$ |
246.9 |
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Deer Park Warehouse |
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Deer Park,
Long Island, NY |
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33.3 |
% |
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29,253 |
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— |
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1.9 |
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Galveston/Houston |
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Texas City, TX |
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50.0 |
% |
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352,705 |
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36.7 |
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— |
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National Harbor |
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Washington D.C. Metro Area |
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50.0 |
% |
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— |
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2.6 |
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— |
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RioCan Canada |
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Various |
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50.0 |
% |
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434,562 |
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62.2 |
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20.1 |
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Westgate |
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Glendale, AZ |
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58.0 |
% |
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332,234 |
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19.1 |
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32.0 |
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Wisconsin Dells |
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Wisconsin Dells, WI |
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50.0 |
% |
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265,086 |
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2.8 |
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24.3 |
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Other |
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— |
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0.2 |
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— |
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$ |
126.6 |
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$ |
325.2 |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
The following management, development, leasing and marketing fees were recognized from services provided to our unconsolidated joint ventures (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2013 |
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2012 |
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2013 |
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2012 |
Fee: |
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Development |
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$ |
(6 |
) |
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$ |
8 |
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$ |
57 |
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$ |
8 |
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Loan Guarantee |
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40 |
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16 |
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121 |
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16 |
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Management and leasing |
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761 |
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554 |
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2,391 |
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1,507 |
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Marketing |
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93 |
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61 |
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301 |
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161 |
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Total Fees |
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$ |
888 |
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$ |
639 |
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$ |
2,870 |
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$ |
1,692 |
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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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Summary Balance Sheets - Unconsolidated Joint Ventures |
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September 30, 2013 |
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December 31,
2012
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Assets |
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Land |
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$ |
49,184 |
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$ |
96,455 |
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Buildings, improvements and fixtures |
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256,652 |
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493,424 |
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Construction in progress, including land |
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138,615 |
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16,338 |
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444,451 |
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606,217 |
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Accumulated depreciation |
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(25,561 |
) |
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(62,547 |
) |
Total rental property, net |
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418,890 |
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543,670 |
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Assets held for sale (1)
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— |
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1,828 |
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Cash and cash equivalents |
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13,727 |
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21,879 |
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Deferred lease costs, net |
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20,012 |
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24,411 |
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Deferred debt origination costs, net |
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1,970 |
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5,213 |
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Prepaids and other assets |
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8,167 |
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25,350 |
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Total assets |
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$ |
462,766 |
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$ |
622,351 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
179,212 |
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$ |
325,192 |
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Construction trade payables |
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13,950 |
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21,734 |
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Accounts payable and other liabilities |
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6,253 |
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31,944 |
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Total liabilities |
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199,415 |
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378,870 |
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Owners' equity |
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263,351 |
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243,481 |
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Total liabilities and owners' equity |
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$ |
462,766 |
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$ |
622,351 |
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(1) Assets related to our Deer Park Warehouse joint venture that were sold in March 2013.
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Three months ended |
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Nine months ended |
Summary Statements of Operations |
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September 30, |
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September 30, |
- Unconsolidated Joint Ventures |
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2013 |
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2012 |
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2013 |
|
2012 |
Revenues (a) |
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$ |
29,013 |
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$ |
11,985 |
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$ |
70,961 |
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$ |
35,249 |
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Expenses |
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Property operating |
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7,808 |
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5,521 |
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25,440 |
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15,495 |
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General and administrative |
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629 |
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365 |
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962 |
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765 |
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Acquisition costs |
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19 |
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— |
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474 |
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704 |
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Abandoned development costs |
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19 |
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— |
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153 |
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1,390 |
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Impairment Charge |
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— |
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— |
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— |
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420 |
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Depreciation and amortization |
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6,232 |
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4,283 |
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21,200 |
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13,191 |
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Total expenses |
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14,707 |
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10,169 |
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48,229 |
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31,965 |
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Operating income |
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14,306 |
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1,816 |
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22,732 |
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3,284 |
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Gain on early extinguishment of debt |
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13,820 |
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— |
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13,820 |
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— |
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Interest expense |
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(2,840 |
) |
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(3,540 |
) |
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(10,406 |
) |
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(10,967 |
) |
Net income (loss) |
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$ |
25,286 |
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$ |
(1,724 |
) |
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$ |
26,146 |
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$ |
(7,683 |
) |
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The Company and Operating Partnership's share of: |
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Net income (loss) |
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$ |
9,014 |
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$ |
(555 |
) |
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$ |
10,107 |
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$ |
(2,874 |
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Depreciation and impairment charge (real estate related) |
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$ |
2,861 |
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$ |
1,641 |
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$ |
9,465 |
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$ |
5,249 |
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a) Note that revenues for the three and nine months ended September 30, 2013 include approximately $9.5 million of other income from the settlement of a lawsuit at Deer Park prior to our acquisition of an additional one-third interest in and the consolidation of the property.
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