Quarterly report pursuant to Section 13 or 15(d)

Investments in Unconsolidated Real Estate Joint Ventures (Tables)

v3.10.0.1
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
6 Months Ended
Jun. 30, 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 June 30, 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)
National Harbor
 
National Harbor, MD
 
50.0
%
 
341

 
$
1.2

 
$
86.6

RioCan Canada
 
Various
 
50.0
%
 
923

 
109.3

 
10.2

Investments included in investments in unconsolidated joint ventures
 
 
 
 
 
$
110.5

 


 
 
 
 
 
 
 
 
 
 
 
Columbus(2)
 
Columbus, OH
 
50.0
%
 
355

 
$
(0.3
)
 
$
84.6

Charlotte(2)
 
Charlotte, NC
 
50.0
%
 
398

 
(9.8
)
 
99.6

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

 
(15.5
)
 
79.5

Investments included in other liabilities
 
 
 
 
 
$
(25.6
)
 




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 $1.4 million as of June 30, 2018 and December 31, 2017.
(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

Six months ended
 
 
June 30,

June 30,
 
 
2018
 
2017

2018

2017
Fee:
 
 
 
 
 
 

 
 

Management and marketing
 
$
565

 
$
570

 
$
1,133

 
$
1,112

Leasing and other fees
 
65

 
39

 
110

 
76

Total Fees
 
$
630

 
$
609

 
$
1,243

 
$
1,188

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
 
June 30, 2018
 
December 31, 2017
Assets
 
 

 
 

Land
 
$
93,222

 
$
95,686

Buildings, improvements and fixtures
 
497,518

 
505,618

Construction in progress
 
2,994

 
3,005

 
 
593,734

 
604,309

Accumulated depreciation
 
(103,662
)
 
(93,837
)
Total rental property, net
 
490,072

 
510,472

Cash and cash equivalents
 
18,352

 
25,061

Deferred lease costs and other intangibles, net
 
10,057

 
10,985

Prepaids and other assets
 
16,944

 
15,073

Total assets
 
$
535,425

 
$
561,591

Liabilities and Owners' Equity
 
 

 
 

Mortgages payable, net
 
$
360,529

 
$
351,259

Accounts payable and other liabilities
 
12,253

 
14,680

Total liabilities
 
372,782

 
365,939

Owners' equity
 
162,643

 
195,652

Total liabilities and owners' equity
 
$
535,425

 
$
561,591



Summary Financial Information Of Unconsolidated JVs Statements of Operations
 
 
Three months ended
 
Six months ended
Condensed Combined Statements of Operations
 
June 30,
 
June 30,
 - Unconsolidated Joint Ventures
 
2018
 
2017
 
2018
 
2017
Revenues
 
$
23,406

 
$
23,285

 
$
47,403

 
$
47,347

Expenses:
 
 
 
 
 
 

 
 
Property operating
 
8,958

 
8,877

 
18,886

 
18,255

General and administrative
 
54

 
96

 
253

 
216

Depreciation and amortization
 
6,545

 
6,943

 
12,907

 
14,456

Total expenses
 
15,557

 
15,916

 
32,046

 
32,927

Operating income
 
7,849

 
7,369

 
15,357

 
14,420

Interest expense
 
(3,388
)
 
(2,460
)
 
(6,465
)
 
(4,720
)
Other non-operating income
 
55

 
1

 
107

 
3

Net income
 
$
4,516

 
$
4,910

 
$
8,999

 
$
9,703

 
 
 
 
 
 
 
 
 
The Company and Operating Partnership's share of:
 
 

 
 

Net income
 
$
2,206

 
$
2,374

 
$
4,400

 
$
4,692

Depreciation and amortization expense (real estate related)
 
$
3,325

 
$
3,550

 
$
6,554

 
$
7,388