Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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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, 2022 |
| 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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665 |
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$ |
74.7 |
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— |
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$ |
74.7 |
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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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$ |
(1.0) |
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$ |
70.5 |
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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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(18.5) |
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99.6 |
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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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(12.3) |
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94.6 |
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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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(15.4) |
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64.4 |
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$ |
(47.2) |
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| As of December 31, 2021 |
| 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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| Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
0.2 |
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$ |
70.9 |
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| RioCan Canada |
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Various |
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50.0 |
% |
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665 |
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82.4 |
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— |
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$ |
82.6 |
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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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399 |
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$ |
(16.2) |
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$ |
99.6 |
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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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(11.2) |
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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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(14.0) |
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64.4 |
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$ |
(41.4) |
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(1)Net of debt origination costs of $1.3 million as of September 30, 2022 and $1.0 million as of December 31, 2021.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Fee: |
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| Management and marketing |
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$ |
661 |
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$ |
530 |
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$ |
1,749 |
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$ |
1,575 |
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| Leasing and other fees |
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61 |
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72 |
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96 |
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231 |
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| Expense reimbursements from unconsolidated joint ventures |
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1,175 |
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1,039 |
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3,015 |
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2,566 |
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| Total Fees |
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$ |
1,897 |
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$ |
1,641 |
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$ |
4,860 |
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$ |
4,372 |
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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, 2022 |
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December 31, 2021 |
| Assets |
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| Land |
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$ |
81,339 |
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$ |
83,568 |
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| Buildings, improvements and fixtures |
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454,993 |
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467,918 |
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| Construction in progress |
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328 |
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744 |
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536,660 |
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552,230 |
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| Accumulated depreciation |
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(177,126) |
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(166,096) |
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| Total rental property, net |
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359,534 |
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386,134 |
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| Cash and cash equivalents |
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14,865 |
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19,030 |
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| Deferred lease costs and other intangibles, net |
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3,001 |
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3,517 |
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| Prepaids and other assets |
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12,375 |
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13,109 |
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| Total assets |
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$ |
389,775 |
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$ |
421,790 |
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| Liabilities and Owners’ Equity |
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| Mortgages payable, net |
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$ |
329,165 |
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$ |
329,460 |
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| Accounts payable and other liabilities |
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13,166 |
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15,231 |
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| Total liabilities |
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342,331 |
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344,691 |
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| Owners’ equity |
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47,444 |
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77,099 |
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| Total liabilities and owners’ equity |
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$ |
389,775 |
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$ |
421,790 |
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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 - Unconsolidated Joint Ventures |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Revenues |
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$ |
22,418 |
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$ |
22,071 |
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$ |
65,925 |
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$ |
65,664 |
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| Expenses: |
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| Property operating |
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8,992 |
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8,735 |
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25,730 |
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25,597 |
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| General and administrative |
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77 |
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87 |
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210 |
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173 |
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| Depreciation and amortization |
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5,631 |
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5,749 |
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16,653 |
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17,413 |
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| Total expenses |
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14,700 |
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14,571 |
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42,593 |
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43,183 |
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| Other income (expense): |
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| Interest expense |
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(3,721) |
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(2,913) |
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(9,795) |
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(8,769) |
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| Gain on sale of assets |
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— |
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— |
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— |
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503 |
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| Other income |
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111 |
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2 |
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117 |
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157 |
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| Total other expense |
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(3,610) |
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(2,911) |
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(9,678) |
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(8,109) |
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| Net income |
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$ |
4,108 |
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$ |
4,589 |
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$ |
13,654 |
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$ |
14,372 |
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| The Company and Operating Partnership’s share of: |
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| Net income |
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$ |
2,055 |
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$ |
2,261 |
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$ |
6,795 |
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$ |
6,758 |
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| Depreciation and amortization (real estate related) |
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$ |
2,871 |
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$ |
2,908 |
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$ |
8,416 |
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$ |
8,817 |
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