Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Equity Method Investments and Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
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As of December 31, 2017 |
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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Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
1.1 |
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$ |
84.4 |
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National Harbor |
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National Harbor, MD |
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50.0 |
% |
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341 |
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2.5 |
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86.4 |
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RioCan Canada |
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Various |
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50.0 |
% |
|
923 |
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115.8 |
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11.1 |
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Investments included in investments in unconsolidated joint ventures |
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$ |
119.4 |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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398 |
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$ |
(4.1 |
) |
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$ |
89.8 |
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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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(13.0 |
) |
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79.4 |
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Investments included in other liabilities |
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$ |
(17.1 |
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As of December 31, 2016 |
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) |
|
Total Joint Venture Debt, Net
(in millions)(1)
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Columbus |
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Columbus, OH |
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50.0 |
% |
|
355 |
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$ |
6.7 |
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$ |
84.2 |
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National Harbor |
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National Harbor, MD |
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50.0 |
% |
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341 |
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4.1 |
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86.1 |
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RioCan Canada |
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Various |
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50.0 |
% |
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901 |
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117.3 |
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11.1 |
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Investments included in investments in unconsolidated joint ventures |
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$ |
128.1 |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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398 |
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$ |
(2.5 |
) |
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$ |
89.7 |
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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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(3.8 |
) |
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64.9 |
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Investments included in other liabilities |
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$ |
(6.3 |
) |
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(1) |
Net of debt origination costs and including premiums of $1.4 million and $1.6 million as of December 31, 2017 and December 31, 2016, respectively.
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(2) |
The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners. |
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| Schedule of fees we received for various services provided to our unconsolidated joint ventures |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
Fees: |
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Management and marketing |
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$ |
2,310 |
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$ |
2,744 |
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$ |
2,853 |
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Development and leasing |
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124 |
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651 |
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1,827 |
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Loan guarantee |
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18 |
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452 |
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746 |
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Total Fees |
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$ |
2,452 |
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$ |
3,847 |
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$ |
5,426 |
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| Summary Financial Information of Unconsolidated JVs Balance Sheet |
Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2017 and 2016 is as follows (in thousands):
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Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |
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2017 |
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2016 |
Assets |
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Land |
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$ |
95,686 |
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$ |
88,015 |
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Buildings, improvements and fixtures |
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505,618 |
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503,548 |
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Construction in progress, including land under development |
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3,005 |
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13,037 |
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604,309 |
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604,600 |
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Accumulated depreciation |
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(93,837 |
) |
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(67,431 |
) |
Total rental property, net |
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510,472 |
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537,169 |
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Cash and cash equivalents |
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25,061 |
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27,271 |
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Deferred lease costs, net |
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10,985 |
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13,612 |
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Prepaids and other assets |
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15,073 |
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12,567 |
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Total assets |
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$ |
561,591 |
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$ |
590,619 |
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Liabilities and Owners' Equity |
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Mortgages payable, net |
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$ |
351,259 |
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$ |
335,971 |
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Accounts payable and other liabilities |
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14,680 |
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20,011 |
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Total liabilities |
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365,939 |
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355,982 |
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Owners' equity |
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195,652 |
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234,637 |
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Total liabilities and owners' equity |
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$ |
561,591 |
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$ |
590,619 |
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: |
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
Revenues |
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$ |
96,776 |
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$ |
106,766 |
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$ |
106,042 |
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Expenses: |
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Property operating |
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36,507 |
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39,576 |
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40,639 |
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General and administrative |
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350 |
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349 |
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571 |
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Asset impairment |
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18,042 |
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5,838 |
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— |
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Depreciation and amortization |
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28,162 |
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32,930 |
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34,516 |
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Total expenses |
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83,061 |
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78,693 |
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75,726 |
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Operating income |
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13,715 |
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28,073 |
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30,316 |
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Interest expense |
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(10,365 |
) |
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(8,946 |
) |
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(8,674 |
) |
Other non-operating income |
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71 |
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6 |
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19 |
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Net income |
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$ |
3,421 |
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$ |
19,133 |
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$ |
21,661 |
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The Company and Operating Partnership's share of: |
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Net income |
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$ |
1,937 |
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$ |
10,872 |
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$ |
11,484 |
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Depreciation, amortization and asset impairments (real estate related) |
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$ |
22,878 |
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$ |
21,829 |
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$ |
20,052 |
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