Quarterly report pursuant to Section 13 or 15(d)

Investments in Unconsolidated Real Estate Joint Ventures (Tables)

v3.19.2
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
6 Months Ended
Jun. 30, 2019
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, 2019
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)
Investments included in investments in unconsolidated joint ventures:
 
 
 
 
RioCan Canada
 
Various
 
50.0
%
 
762

 
$
96.3

 
$
9.5

 
 
 
 
 
 
$
96.3

 


Investments included in other liabilities:
 
 
 
 
Columbus(2)
 
Columbus, OH
 
50.0
%
 
355

 
$
(2.3
)
 
$
84.9

Charlotte(2)
 
Charlotte, NC
 
50.0
%
 
399

 
(11.5
)
 
99.5

National Harbor(2)
 
National Harbor, MD
 
50.0
%
 
341

 
(5.2
)
 
94.4

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

 
(20.5
)
 
79.7

 
 
 
 
 
 
$
(39.5
)
 




As of December 31, 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)
Investments included in investments in unconsolidated joint ventures:
 
 
 
 
RioCan Canada
 
Various
 
50.0
%
 
924

 
$
96.0

 
$
9.3

 
 
 
 
 
 
$
96.0

 
 
Investments included in other liabilities:
 
 
 
 
 
 
Columbus (2)
 
Columbus, OH
 
50.0
%
 
355

 
$
(1.6
)
 
$
84.7

Charlotte(2)
 
Charlotte, NC
 
50.0
%
 
398

 
(10.8
)
 
99.5

National Harbor (2)
 
National Harbor, MD
 
50.0
%
 
341

 
(5.1
)
 
94.5

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

 
(15.0
)
 
79.6

 
 
 
 
 
 
$
(32.5
)
 



(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.
(2)
The negative carrying value is due to distributions exceeding contributions and increases or decreases from our 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,
 
 
2019
 
2018

2019

2018
Fee:
 
 
 
 
 
 

 
 

Management and marketing
 
$
561

 
$
565

 
$
1,128

 
$
1,133

Leasing and other fees
 
9

 
65

 
40

 
110

Expense reimbursements from unconsolidated joint ventures
 
675

 
512

 
1,419

 
1,097

Total Fees
 
$
1,245

 
$
1,142

 
$
2,587

 
$
2,340


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, 2019
 
December 31, 2018
Assets
 
 

 
 

Land
 
$
90,579

 
$
91,443

Buildings, improvements and fixtures
 
473,016

 
469,834

Construction in progress
 
4,207

 
2,841

 
 
567,802

 
564,118

Accumulated depreciation
 
(121,741
)
 
(113,713
)
Total rental property, net
 
446,061

 
450,405

Cash and cash equivalents
 
15,345

 
16,216

Deferred lease costs and other intangibles, net
 
7,530

 
8,437

Prepaids and other assets
 
15,956

 
25,648

Total assets
 
$
484,892

 
$
500,706

Liabilities and Owners’ Equity
 
 

 
 

Mortgages payable, net
 
$
368,072

 
$
367,865

Accounts payable and other liabilities
 
12,932

 
13,414

Total liabilities
 
381,004

 
381,279

Owners’ equity
 
103,888

 
119,427

Total liabilities and owners’ equity
 
$
484,892

 
$
500,706



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
 
2019
 
2018
 
2019
 
2018
Revenues
 
$
23,575

 
$
23,406

 
$
47,038

 
$
47,403

Expenses:
 
 
 
 
 
 

 
 
Property operating
 
9,611

 
8,958

 
19,400

 
18,886

General and administrative
 
62

 
54

 
152

 
253

Depreciation and amortization
 
6,317

 
6,545

 
12,427

 
12,907

Total expenses
 
15,990

 
15,557

 
31,979

 
32,046

Other income (expense):
 


 


 


 


Interest expense
 
(4,138
)
 
(3,388
)
 
(8,272
)
 
(6,465
)
Other income
 
60

 
55

 
126

 
107

Total other income (expense)
 
(4,078
)
 
(3,333
)
 
$
(8,146
)
 
$
(6,358
)
Net income
 
$
3,507

 
$
4,516

 
$
6,913

 
$
8,999

The Company and Operating Partnership’s share of:
 
 

 
 

Net income
 
$
1,646

 
$
2,206

 
$
3,275

 
$
4,400

Depreciation and amortization (real estate related)
 
$
3,265

 
$
3,325

 
$
6,395

 
$
6,554