Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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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 March 31, 2018 |
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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$ |
0.1 |
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$ |
84.5 |
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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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2.0 |
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86.5 |
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RioCan Canada |
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Various |
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50.0 |
% |
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923 |
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112.2 |
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10.6 |
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Investments included in investments in unconsolidated joint ventures |
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$ |
114.3 |
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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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$ |
(4.3 |
) |
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$ |
89.9 |
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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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(14.7 |
) |
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79.5 |
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Investments included in other liabilities |
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$ |
(19.0 |
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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) |
|
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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$ |
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 |
% |
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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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(1) |
Net of debt origination costs and including premiums of $1.3 million and $1.4 million as of March 31, 2018 and December 31, 2017, respectively.
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(2) |
The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture. |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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March 31, |
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2018 |
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2017 |
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Fee: |
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Management and marketing |
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$ |
567 |
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$ |
542 |
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Leasing and other fees |
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46 |
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37 |
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Total Fees |
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$ |
613 |
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$ |
579 |
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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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March 31, 2018 |
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December 31, 2017 |
Assets |
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Land |
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$ |
94,138 |
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$ |
95,686 |
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Buildings, improvements and fixtures |
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500,209 |
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505,618 |
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Construction in progress, including land under development |
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3,094 |
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3,005 |
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597,441 |
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604,309 |
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Accumulated depreciation |
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(98,614 |
) |
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(93,837 |
) |
Total rental property, net |
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498,827 |
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510,472 |
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Cash and cash equivalents |
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19,848 |
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25,061 |
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Deferred lease costs and other intangibles, net |
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10,405 |
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10,985 |
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Prepaids and other assets |
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14,614 |
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15,073 |
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Total assets |
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$ |
543,694 |
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$ |
561,591 |
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Liabilities and Owners' Equity |
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Mortgages payable, net |
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$ |
351,016 |
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$ |
351,259 |
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Accounts payable and other liabilities |
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11,289 |
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14,680 |
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Total liabilities |
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362,305 |
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365,939 |
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Owners' equity |
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181,389 |
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195,652 |
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Total liabilities and owners' equity |
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$ |
543,694 |
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$ |
561,591 |
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Three months ended |
Condensed Combined Statements of Operations |
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March 31, |
- Unconsolidated Joint Ventures |
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2018 |
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2017 |
Revenues |
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$ |
23,997 |
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$ |
24,062 |
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Expenses: |
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Property operating |
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9,928 |
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9,378 |
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General and administrative |
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198 |
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120 |
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Depreciation and amortization |
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6,363 |
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7,513 |
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Total expenses |
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16,489 |
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17,011 |
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Operating income |
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7,508 |
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7,051 |
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Interest expense |
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(3,077 |
) |
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(2,260 |
) |
Other non-operating income |
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52 |
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2 |
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Net income |
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$ |
4,483 |
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$ |
4,793 |
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The Company and Operating Partnership's share of: |
Net income |
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$ |
2,194 |
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$ |
2,318 |
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Depreciation and amortization expense (real estate related) |
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$ |
3,229 |
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$ |
3,838 |
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