Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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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, 2023 |
| 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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$ |
72.3 |
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— |
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$ |
72.3 |
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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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(20.3) |
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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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(13.8) |
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93.6 |
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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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(13.3) |
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57.1 |
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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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(2.9) |
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70.3 |
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$ |
(50.3) |
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| As of December 31, 2022 |
| Joint Venture |
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Outlet Center Location |
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Ownership % |
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Square Feet
(in 000’s) |
|
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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665 |
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73.8 |
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— |
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$ |
73.8 |
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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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$ |
(18.8) |
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$ |
99.7 |
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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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(12.8) |
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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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(15.5) |
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64.5 |
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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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(2.4) |
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70.3 |
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$ |
(49.5) |
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(1)Net of debt origination costs of $2.2 million as of September 30, 2023 and $1.5 million as of December 31, 2022.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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| Fee: |
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| Management and marketing |
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$ |
553 |
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$ |
661 |
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$ |
1,662 |
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$ |
1,749 |
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| Leasing and other fees |
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99 |
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61 |
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197 |
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96 |
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| Expense reimbursements from unconsolidated joint ventures |
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1,197 |
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1,175 |
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3,382 |
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3,015 |
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| Total Fees |
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$ |
1,849 |
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$ |
1,897 |
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$ |
5,241 |
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$ |
4,860 |
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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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September 30, 2023 |
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December 31, 2022 |
| Assets |
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| Land |
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$ |
81,736 |
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$ |
81,716 |
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| Buildings, improvements and fixtures |
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460,538 |
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458,190 |
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| Construction in progress |
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64 |
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681 |
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542,338 |
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540,587 |
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| Accumulated depreciation |
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(197,228) |
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(182,731) |
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| Total rental property, net |
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345,110 |
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357,856 |
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| Cash and cash equivalents |
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10,479 |
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17,372 |
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| Deferred lease costs and other intangibles, net |
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2,654 |
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2,895 |
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| Prepaids and other assets |
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12,901 |
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10,612 |
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| Total assets |
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$ |
371,144 |
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$ |
388,735 |
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| Liabilities and Owners’ Equity |
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| Mortgages payable, net |
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$ |
320,636 |
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$ |
329,009 |
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| Accounts payable and other liabilities |
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12,963 |
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15,374 |
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| Total liabilities |
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333,599 |
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344,383 |
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| Owners’ equity |
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37,545 |
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44,352 |
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| Total liabilities and owners’ equity |
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$ |
371,144 |
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$ |
388,735 |
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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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2023 |
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2022 |
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2023 |
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2022 |
| Revenues |
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$ |
23,548 |
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$ |
22,418 |
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$ |
67,481 |
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$ |
65,925 |
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| Expenses: |
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| Property operating |
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9,059 |
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8,992 |
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26,315 |
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25,730 |
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| General and administrative |
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23 |
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77 |
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212 |
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210 |
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| Depreciation and amortization |
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5,151 |
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5,631 |
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15,546 |
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16,653 |
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| Total expenses |
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14,233 |
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14,700 |
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42,073 |
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42,593 |
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| Other income (expense): |
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| Interest expense |
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(4,603) |
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(3,721) |
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(13,523) |
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(9,795) |
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| Other income |
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153 |
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111 |
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422 |
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117 |
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| Total other expense |
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(4,450) |
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(3,610) |
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(13,101) |
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(9,678) |
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| Net income |
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$ |
4,865 |
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$ |
4,108 |
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$ |
12,307 |
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$ |
13,654 |
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| The Company and Operating Partnership’s share of: |
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| Net income |
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$ |
2,389 |
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$ |
2,055 |
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$ |
6,030 |
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$ |
6,795 |
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| Depreciation and amortization (real estate related) |
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$ |
2,608 |
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$ |
2,871 |
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$ |
7,893 |
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$ |
8,416 |
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