Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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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 March 31, 2020 |
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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765 |
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$ |
86.5 |
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$ |
8.3 |
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$ |
86.5 |
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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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$ |
(4.0 |
) |
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$ |
85.0 |
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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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(13.5 |
) |
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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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(7.3 |
) |
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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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(19.8 |
) |
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79.9 |
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$ |
(44.6 |
) |
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As of December 31, 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) |
|
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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764 |
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$ |
94.7 |
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$ |
9.2 |
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$ |
94.7 |
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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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$ |
(3.5 |
) |
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$ |
85.0 |
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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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(13.0 |
) |
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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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(5.9 |
) |
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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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(19.7 |
) |
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79.9 |
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$ |
(42.1 |
) |
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(1) |
Net of debt origination costs and including premiums of $1.1 million for both periods ended March 31, 2020 and December 31, 2019.
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(2) |
The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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March 31, |
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2020 |
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2019 |
Fee: |
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Management and marketing |
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$ |
541 |
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$ |
566 |
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Leasing and other fees |
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20 |
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31 |
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Expense reimbursements from unconsolidated joint ventures |
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882 |
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745 |
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Total Fees |
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$ |
1,443 |
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$ |
1,342 |
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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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March 31, 2020 |
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December 31, 2019 |
Assets |
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Land |
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$ |
87,015 |
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$ |
90,859 |
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Buildings, improvements and fixtures |
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463,656 |
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477,061 |
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Construction in progress |
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4,286 |
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4,779 |
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554,957 |
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572,699 |
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Accumulated depreciation |
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(133,948 |
) |
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(132,860 |
) |
Total rental property, net |
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421,009 |
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439,839 |
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Cash and cash equivalents |
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12,653 |
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19,750 |
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Deferred lease costs and other intangibles, net |
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6,331 |
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6,772 |
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Prepaids and other assets |
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15,947 |
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17,789 |
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Total assets |
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$ |
455,940 |
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$ |
484,150 |
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Liabilities and Owners’ Equity |
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Mortgages payable, net |
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$ |
367,171 |
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$ |
368,032 |
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Accounts payable and other liabilities |
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13,252 |
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17,173 |
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Total liabilities |
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380,423 |
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385,205 |
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Owners’ equity |
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75,517 |
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98,945 |
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Total liabilities and owners’ equity |
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$ |
455,940 |
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$ |
484,150 |
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Three months ended |
Condensed Combined Statements of Operations |
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March 31, |
- Unconsolidated Joint Ventures |
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2020 |
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2019 |
Revenues |
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$ |
22,036 |
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$ |
23,463 |
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Expenses: |
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Property operating |
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9,129 |
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9,790 |
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General and administrative |
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139 |
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90 |
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Depreciation and amortization |
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5,906 |
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6,110 |
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Total expenses |
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15,174 |
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15,990 |
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Other income (expense): |
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Interest expense |
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(3,735 |
) |
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(4,134 |
) |
Other income |
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56 |
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66 |
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Total other income (expense) |
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$ |
(3,679 |
) |
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$ |
(4,068 |
) |
Net income |
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$ |
3,183 |
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$ |
3,405 |
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The Company and Operating Partnership’s share of: |
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Net income |
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$ |
1,527 |
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$ |
1,629 |
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Depreciation and amortization (real estate related) |
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$ |
3,018 |
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$ |
3,130 |
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