Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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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, 2019 |
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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RioCan Canada |
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Various |
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50.0 |
% |
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762 |
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$ |
96.3 |
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$ |
9.5 |
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$ |
96.3 |
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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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$ |
(2.3 |
) |
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$ |
84.9 |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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399 |
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(11.5 |
) |
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99.5 |
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National Harbor(2)
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National Harbor, MD |
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50.0 |
% |
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341 |
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(5.2 |
) |
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94.4 |
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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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(20.5 |
) |
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79.7 |
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$ |
(39.5 |
) |
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As of December 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) |
|
Total Joint Venture Debt, Net
(in millions)(1)
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Investments included in investments in unconsolidated joint ventures: |
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RioCan Canada |
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Various |
|
50.0 |
% |
|
924 |
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$ |
96.0 |
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$ |
9.3 |
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$ |
96.0 |
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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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$ |
(1.6 |
) |
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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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(10.8 |
) |
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99.5 |
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National Harbor (2)
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National Harbor, MD |
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50.0 |
% |
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341 |
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(5.1 |
) |
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94.5 |
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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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(15.0 |
) |
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79.6 |
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$ |
(32.5 |
) |
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(1) |
Net of debt origination costs and including premiums of $1.3 million and $1.4 million as of June 30, 2019 and December 31, 2018, respectively.
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(2) |
The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Fee: |
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Management and marketing |
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$ |
561 |
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$ |
565 |
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$ |
1,128 |
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$ |
1,133 |
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Leasing and other fees |
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9 |
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65 |
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40 |
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110 |
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Expense reimbursements from unconsolidated joint ventures |
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675 |
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512 |
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1,419 |
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1,097 |
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Total Fees |
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$ |
1,245 |
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$ |
1,142 |
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$ |
2,587 |
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$ |
2,340 |
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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, 2019 |
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December 31, 2018 |
Assets |
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Land |
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$ |
90,579 |
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$ |
91,443 |
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Buildings, improvements and fixtures |
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473,016 |
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469,834 |
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Construction in progress |
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4,207 |
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2,841 |
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567,802 |
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564,118 |
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Accumulated depreciation |
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(121,741 |
) |
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(113,713 |
) |
Total rental property, net |
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446,061 |
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450,405 |
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Cash and cash equivalents |
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15,345 |
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16,216 |
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Deferred lease costs and other intangibles, net |
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7,530 |
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8,437 |
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Prepaids and other assets |
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15,956 |
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25,648 |
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Total assets |
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$ |
484,892 |
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$ |
500,706 |
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Liabilities and Owners’ Equity |
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Mortgages payable, net |
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$ |
368,072 |
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$ |
367,865 |
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Accounts payable and other liabilities |
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12,932 |
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13,414 |
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Total liabilities |
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381,004 |
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381,279 |
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Owners’ equity |
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103,888 |
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119,427 |
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Total liabilities and owners’ equity |
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$ |
484,892 |
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$ |
500,706 |
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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, |
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June 30, |
- Unconsolidated Joint Ventures |
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2019 |
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2018 |
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2019 |
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2018 |
Revenues |
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$ |
23,575 |
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$ |
23,406 |
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$ |
47,038 |
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$ |
47,403 |
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Expenses: |
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Property operating |
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9,611 |
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8,958 |
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19,400 |
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18,886 |
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General and administrative |
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62 |
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54 |
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152 |
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253 |
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Depreciation and amortization |
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6,317 |
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6,545 |
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12,427 |
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12,907 |
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Total expenses |
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15,990 |
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15,557 |
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31,979 |
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32,046 |
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Other income (expense): |
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Interest expense |
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(4,138 |
) |
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(3,388 |
) |
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(8,272 |
) |
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(6,465 |
) |
Other income |
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60 |
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55 |
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126 |
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107 |
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Total other income (expense) |
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(4,078 |
) |
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(3,333 |
) |
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$ |
(8,146 |
) |
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$ |
(6,358 |
) |
Net income |
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$ |
3,507 |
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$ |
4,516 |
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$ |
6,913 |
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$ |
8,999 |
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The Company and Operating Partnership’s share of: |
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Net income |
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$ |
1,646 |
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$ |
2,206 |
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$ |
3,275 |
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$ |
4,400 |
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Depreciation and amortization (real estate related) |
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$ |
3,265 |
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$ |
3,325 |
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$ |
6,395 |
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$ |
6,554 |
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