Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 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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National Harbor |
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National Harbor, MD |
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50.0 |
% |
|
341 |
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$ |
1.2 |
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$ |
86.6 |
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RioCan Canada |
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Various |
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50.0 |
% |
|
923 |
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109.3 |
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10.2 |
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Investments included in investments in unconsolidated joint ventures |
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$ |
110.5 |
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Columbus(2)
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
(0.3 |
) |
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$ |
84.6 |
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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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(9.8 |
) |
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99.6 |
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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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(15.5 |
) |
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79.5 |
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Investments included in other liabilities |
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$ |
(25.6 |
) |
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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)
|
|
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 |
% |
|
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 $1.4 million as of June 30, 2018 and December 31, 2017.
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(2) |
The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture. |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Fee: |
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Management and marketing |
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$ |
565 |
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$ |
570 |
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$ |
1,133 |
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$ |
1,112 |
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Leasing and other fees |
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65 |
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39 |
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|
110 |
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|
76 |
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Total Fees |
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$ |
630 |
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$ |
609 |
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$ |
1,243 |
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$ |
1,188 |
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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, 2018 |
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December 31, 2017 |
Assets |
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Land |
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$ |
93,222 |
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$ |
95,686 |
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Buildings, improvements and fixtures |
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497,518 |
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505,618 |
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Construction in progress |
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2,994 |
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3,005 |
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593,734 |
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604,309 |
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Accumulated depreciation |
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(103,662 |
) |
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(93,837 |
) |
Total rental property, net |
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490,072 |
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510,472 |
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Cash and cash equivalents |
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18,352 |
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25,061 |
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Deferred lease costs and other intangibles, net |
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10,057 |
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10,985 |
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Prepaids and other assets |
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16,944 |
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15,073 |
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Total assets |
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$ |
535,425 |
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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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$ |
360,529 |
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$ |
351,259 |
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Accounts payable and other liabilities |
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12,253 |
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14,680 |
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Total liabilities |
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372,782 |
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365,939 |
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Owners' equity |
|
162,643 |
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|
195,652 |
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Total liabilities and owners' equity |
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$ |
535,425 |
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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 |
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Six months ended |
Condensed Combined Statements of Operations |
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June 30, |
|
June 30, |
- Unconsolidated Joint Ventures |
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2018 |
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2017 |
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2018 |
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2017 |
Revenues |
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$ |
23,406 |
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$ |
23,285 |
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$ |
47,403 |
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$ |
47,347 |
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Expenses: |
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Property operating |
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8,958 |
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8,877 |
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18,886 |
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18,255 |
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General and administrative |
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54 |
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|
96 |
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|
253 |
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216 |
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Depreciation and amortization |
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6,545 |
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6,943 |
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12,907 |
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14,456 |
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Total expenses |
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15,557 |
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15,916 |
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32,046 |
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32,927 |
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Operating income |
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7,849 |
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7,369 |
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15,357 |
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14,420 |
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Interest expense |
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(3,388 |
) |
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(2,460 |
) |
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(6,465 |
) |
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(4,720 |
) |
Other non-operating income |
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55 |
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1 |
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107 |
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3 |
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Net income |
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$ |
4,516 |
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$ |
4,910 |
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$ |
8,999 |
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$ |
9,703 |
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The Company and Operating Partnership's share of: |
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Net income |
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$ |
2,206 |
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$ |
2,374 |
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$ |
4,400 |
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$ |
4,692 |
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Depreciation and amortization expense (real estate related) |
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$ |
3,325 |
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$ |
3,550 |
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$ |
6,554 |
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$ |
7,388 |
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