Investments in Unconsolidated Real Estate Joint Ventures (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| 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, 2024 |
| Joint Venture |
|
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 |
|
Ontario, Canada |
|
50.0 |
% |
|
665 |
|
|
$ |
72.1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Investments included in other liabilities: |
|
|
|
|
Charlotte(2)
|
|
Charlotte, NC |
|
50.0 |
% |
|
399 |
|
|
(21.5) |
|
|
98.4 |
|
National Harbor(2)
|
|
National Harbor, MD |
|
50.0 |
% |
|
341 |
|
|
(12.4) |
|
|
92.6 |
|
Galveston/Houston (2)
|
|
Texas City, TX |
|
50.0 |
% |
|
353 |
|
|
(12.8) |
|
|
57.2 |
|
Columbus(2)
|
|
Columbus, OH |
|
50.0 |
% |
|
355 |
|
|
(4.2) |
|
|
70.4 |
|
|
|
50.0 |
% |
|
1,448 |
|
$ |
(50.9) |
|
|
$ |
318.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of December 31, 2023 |
| Joint Venture |
|
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 |
|
Ontario, Canada |
|
50.0 |
% |
|
665 |
|
|
71.9 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Investments included in other liabilities: |
|
|
|
|
|
|
Charlotte(2)
|
|
Charlotte, NC |
|
50.0 |
% |
|
399 |
|
|
$ |
(20.8) |
|
|
$ |
99.2 |
|
National Harbor(2)
|
|
National Harbor, MD |
|
50.0 |
% |
|
341 |
|
|
(13.7) |
|
|
93.3 |
|
Galveston/Houston(2)
|
|
Texas City, TX |
|
50.0 |
% |
|
353 |
|
|
(13.0) |
|
|
57.1 |
|
Columbus(2)
|
|
Columbus, OH |
|
50.0 |
% |
|
355 |
|
|
(3.4) |
|
|
70.4 |
|
|
|
50.0 |
% |
|
1,448 |
|
$ |
(50.9) |
|
|
$ |
320.0 |
|
(1)Net of debt origination costs of $1.9 million as of June 30, 2024 and $2.1 million as of December 31, 2023.
|
| 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, |
|
|
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
| Fee: |
|
|
|
|
|
|
|
|
|
|
|
|
| Management and marketing |
|
$ |
571 |
|
|
$ |
565 |
|
|
$ |
1,128 |
|
|
$ |
1,109 |
|
|
|
|
|
| Leasing and other fees |
|
107 |
|
|
53 |
|
|
212 |
|
|
98 |
|
|
|
|
|
| Expense reimbursements from unconsolidated joint ventures |
|
1,189 |
|
|
1,109 |
|
|
2,308 |
|
|
2,185 |
|
|
|
|
|
| Total Fees |
|
$ |
1,867 |
|
|
$ |
1,727 |
|
|
$ |
3,648 |
|
|
$ |
3,392 |
|
|
|
|
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| Assets |
|
|
|
|
| Land |
|
$ |
81,008 |
|
|
$ |
82,962 |
|
| Buildings, improvements and fixtures |
|
463,869 |
|
|
466,496 |
|
| Construction in progress |
|
255 |
|
|
223 |
|
|
|
545,132 |
|
|
549,681 |
|
| Accumulated depreciation |
|
(209,842) |
|
|
(203,395) |
|
| Total rental property, net |
|
335,290 |
|
|
346,286 |
|
| Cash and cash equivalents |
|
17,810 |
|
|
14,040 |
|
| Deferred lease costs and other intangibles, net |
|
2,404 |
|
|
2,637 |
|
| Prepaids and other assets |
|
9,241 |
|
|
11,616 |
|
| Total assets |
|
$ |
364,745 |
|
|
$ |
374,579 |
|
| Liabilities and Owners’ Equity |
|
|
|
|
| Mortgages payable, net |
|
$ |
318,531 |
|
|
$ |
319,957 |
|
| Accounts payable and other liabilities |
|
13,292 |
|
|
16,013 |
|
| Total liabilities |
|
331,823 |
|
|
335,970 |
|
| Owners’ equity |
|
32,922 |
|
|
38,609 |
|
| Total liabilities and owners’ equity |
|
$ |
364,745 |
|
|
$ |
374,579 |
|
|
| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
Six months ended |
| Condensed Combined Statements of Operations - Unconsolidated Joint Ventures |
|
June 30, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Revenues |
|
$ |
23,206 |
|
|
$ |
21,804 |
|
|
$ |
45,702 |
|
|
$ |
43,933 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Property operating |
|
8,876 |
|
|
8,783 |
|
|
16,868 |
|
|
17,255 |
|
| General and administrative |
|
14 |
|
|
47 |
|
|
130 |
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
3,941 |
|
|
5,156 |
|
|
9,021 |
|
|
10,395 |
|
| Total expenses |
|
12,831 |
|
|
13,986 |
|
|
26,019 |
|
|
27,839 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest expense |
|
(4,548) |
|
|
(4,519) |
|
|
(9,088) |
|
|
(8,920) |
|
|
|
|
|
|
|
|
|
|
| Other income |
|
118 |
|
|
129 |
|
|
382 |
|
|
268 |
|
| Total other expense |
|
(4,430) |
|
|
(4,390) |
|
|
(8,706) |
|
|
(8,652) |
|
| Net income |
|
$ |
5,945 |
|
|
$ |
3,428 |
|
|
$ |
10,977 |
|
|
$ |
7,442 |
|
| The Company and Operating Partnership’s share of: |
|
|
|
|
| Net income |
|
$ |
2,975 |
|
|
$ |
1,706 |
|
|
$ |
5,491 |
|
|
$ |
3,641 |
|
| Depreciation and amortization (real estate related) |
|
$ |
2,060 |
|
|
$ |
2,615 |
|
|
$ |
4,600 |
|
|
$ |
5,285 |
|
|