Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
Sep. 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 September 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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Investments included in investments in unconsolidated joint ventures: |
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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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$ |
0.6 |
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$ |
86.7 |
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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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110.7 |
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10.2 |
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$ |
111.3 |
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Investments included in other liabilities: |
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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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$ |
(1.1 |
) |
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$ |
84.7 |
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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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(10.3 |
) |
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99.5 |
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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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(15.3 |
) |
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79.5 |
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$ |
(26.7 |
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As of December 31, 2017 |
Joint Venture |
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Outlet Center Location |
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Ownership % |
|
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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Investments included in investments in unconsolidated joint ventures: |
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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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$ |
119.4 |
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Investments included in other liabilities: |
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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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$ |
(17.1 |
) |
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(1) |
Net of debt origination costs and including premiums of $1.4 million as of September 30, 2018 and December 31, 2017.
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(2) |
The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Fee: |
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Management and marketing |
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$ |
571 |
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$ |
564 |
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$ |
1,704 |
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$ |
1,676 |
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Leasing and other fees |
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12 |
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24 |
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122 |
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100 |
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Total Fees |
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$ |
583 |
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$ |
588 |
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$ |
1,826 |
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$ |
1,776 |
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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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September 30, 2018 |
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December 31, 2017 |
Assets |
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Land |
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$ |
94,118 |
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$ |
95,686 |
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Buildings, improvements and fixtures |
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503,430 |
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505,618 |
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Construction in progress |
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3,169 |
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3,005 |
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600,717 |
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604,309 |
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Accumulated depreciation |
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(110,213 |
) |
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(93,837 |
) |
Total rental property, net |
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490,504 |
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510,472 |
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Cash and cash equivalents |
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13,366 |
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25,061 |
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Deferred lease costs and other intangibles, net |
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9,387 |
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10,985 |
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Prepaids and other assets |
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18,142 |
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15,073 |
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Total assets |
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$ |
531,399 |
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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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$ |
360,600 |
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$ |
351,259 |
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Accounts payable and other liabilities |
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11,114 |
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14,680 |
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Total liabilities |
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371,714 |
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365,939 |
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Owners' equity |
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159,685 |
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195,652 |
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Total liabilities and owners' equity |
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$ |
531,399 |
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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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Nine months ended |
Condensed Combined Statements of Operations |
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September 30, |
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September 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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$ |
23,538 |
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$ |
25,241 |
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$ |
70,940 |
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$ |
72,588 |
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Expenses: |
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Property operating |
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9,147 |
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8,987 |
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28,032 |
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27,242 |
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General and administrative |
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49 |
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72 |
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|
301 |
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289 |
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Asset impairment |
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— |
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18,042 |
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— |
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18,042 |
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Depreciation and amortization |
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6,860 |
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6,998 |
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19,768 |
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21,453 |
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Total expenses |
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16,056 |
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34,099 |
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48,101 |
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67,026 |
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Operating income (loss) |
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7,482 |
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(8,858 |
) |
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22,839 |
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5,562 |
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Interest expense |
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(3,810 |
) |
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(2,776 |
) |
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(10,275 |
) |
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(7,497 |
) |
Other non-operating income |
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68 |
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20 |
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175 |
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23 |
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Net income (loss) |
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$ |
3,740 |
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$ |
(11,614 |
) |
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$ |
12,739 |
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$ |
(1,912 |
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The Company and Operating Partnership's share of: |
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Net income (loss) |
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$ |
1,833 |
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$ |
(5,893 |
) |
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$ |
6,233 |
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$ |
(1,201 |
) |
Depreciation and amortization and asset impairments (real estate related) |
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$ |
3,466 |
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$ |
12,604 |
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$ |
10,020 |
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$ |
19,992 |
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