Quarterly report pursuant to Section 13 or 15(d)

Investments in Unconsolidated Real Estate Joint Ventures (Tables)

v3.8.0.1
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
3 Months Ended
Mar. 31, 2018
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Schedule of Equity Method Investments
We have an ownership interest in the following unconsolidated real estate joint ventures:

As of March 31, 2018
Joint Venture
 
Outlet Center Location
 
Ownership %
 
Square Feet
(in 000's)
 
Carrying Value of Investment (in millions)
 
Total Joint Venture Debt, Net
(in millions)(1)
Columbus
 
Columbus, OH
 
50.0
%
 
355

 
$
0.1

 
$
84.5

National Harbor
 
National Harbor, MD
 
50.0
%
 
341

 
2.0

 
86.5

RioCan Canada
 
Various
 
50.0
%
 
923

 
112.2

 
10.6

Investments included in investments in unconsolidated joint ventures
 
 
 
 
 
$
114.3

 


 
 
 
 
 
 
 
 
 
 
 
Charlotte(2)
 
Charlotte, NC
 
50.0
%
 
398

 
$
(4.3
)
 
$
89.9

Galveston/Houston (2)
 
Texas City, TX
 
50.0
%
 
353

 
(14.7
)
 
79.5

Investments included in other liabilities
 
 
 
 
 
$
(19.0
)
 




As of December 31, 2017
Joint Venture
 
Outlet Center Location
 
Ownership %
 
Square Feet
(in 000's)
 
Carrying Value of Investment (in millions)
 
Total Joint Venture Debt, Net
(in millions)
(1)
Columbus
 
Columbus, OH
 
50.0
%
 
355

 
$
1.1

 
$
84.4

National Harbor
 
National Harbor, MD
 
50.0
%
 
341

 
2.5

 
86.4

RioCan Canada
 
Various
 
50.0
%
 
923

 
115.8

 
11.1

Investments included in investments in unconsolidated joint ventures
 
 
 
 
 
$
119.4

 


 
 
 
 
 
 
 
 
 
 
 
Charlotte(2)
 
Charlotte, NC
 
50.0
%
 
398

 
$
(4.1
)
 
$
89.8

Galveston/Houston (2)
 
Texas City, TX
 
50.0
%
 
353

 
(13.0
)
 
79.4

Investments included in other liabilities
 
 
 
 
 
$
(17.1
)
 


(1)
Net of debt origination costs and including premiums of $1.3 million and $1.4 million as of March 31, 2018 and December 31, 2017, respectively.
(2)
The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture.

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):
 
 
Three months ended

 
 
March 31,

 
 
2018
 
2017

Fee:
 
 
 
 
 
Management and marketing
 
$
567

 
$
542

 
Leasing and other fees
 
46

 
37

 
Total Fees
 
$
613

 
$
579

 
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):
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures
 
March 31, 2018
 
December 31, 2017
Assets
 
 

 
 

Land
 
$
94,138

 
$
95,686

Buildings, improvements and fixtures
 
500,209

 
505,618

Construction in progress, including land under development
 
3,094

 
3,005

 
 
597,441

 
604,309

Accumulated depreciation
 
(98,614
)
 
(93,837
)
Total rental property, net
 
498,827

 
510,472

Cash and cash equivalents
 
19,848

 
25,061

Deferred lease costs and other intangibles, net
 
10,405

 
10,985

Prepaids and other assets
 
14,614

 
15,073

Total assets
 
$
543,694

 
$
561,591

Liabilities and Owners' Equity
 
 

 
 

Mortgages payable, net
 
$
351,016

 
$
351,259

Accounts payable and other liabilities
 
11,289

 
14,680

Total liabilities
 
362,305

 
365,939

Owners' equity
 
181,389

 
195,652

Total liabilities and owners' equity
 
$
543,694

 
$
561,591



Summary Financial Information Of Unconsolidated JVs Statements of Operations
 
 
Three months ended
Condensed Combined Statements of Operations
 
March 31,
 - Unconsolidated Joint Ventures
 
2018
 
2017
Revenues
 
$
23,997

 
$
24,062

Expenses:
 
 
 
 
Property operating
 
9,928

 
9,378

General and administrative
 
198

 
120

Depreciation and amortization
 
6,363

 
7,513

Total expenses
 
16,489

 
17,011

Operating income
 
7,508

 
7,051

Interest expense
 
(3,077
)
 
(2,260
)
Other non-operating income
 
52

 
2

Net income
 
$
4,483

 
$
4,793

 
 
 
 
 
The Company and Operating Partnership's share of:
Net income
 
$
2,194

 
$
2,318

Depreciation and amortization expense (real estate related)
 
$
3,229

 
$
3,838