Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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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, 2024 |
| Joint Venture |
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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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Ontario, Canada |
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50.0 |
% |
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665 |
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$ |
70.2 |
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— |
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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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(21.5) |
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98.0 |
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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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(11.7) |
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92.2 |
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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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(13.5) |
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57.3 |
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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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(4.3) |
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70.4 |
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50.0 |
% |
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1,448 |
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$ |
(51.0) |
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$ |
317.9 |
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| As of December 31, 2023 |
| Joint Venture |
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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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Ontario, Canada |
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50.0 |
% |
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665 |
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71.9 |
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— |
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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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$ |
(20.8) |
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$ |
99.2 |
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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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(13.7) |
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93.3 |
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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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(13.0) |
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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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(3.4) |
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70.4 |
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50.0 |
% |
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1,448 |
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$ |
(50.9) |
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$ |
320.0 |
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(1)Net of debt origination costs of $1.8 million as of September 30, 2024 and $2.1 million as of December 31, 2023.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| Fee: |
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| Management and marketing |
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$ |
575 |
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$ |
553 |
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$ |
1,702 |
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$ |
1,662 |
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| Leasing and other fees |
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81 |
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99 |
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293 |
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197 |
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| Expense reimbursements from unconsolidated joint ventures |
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1,369 |
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1,197 |
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3,677 |
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3,382 |
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| Total Fees |
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$ |
2,025 |
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$ |
1,849 |
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$ |
5,672 |
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$ |
5,241 |
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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, 2024 |
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December 31, 2023 |
| Assets |
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| Land |
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$ |
80,379 |
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$ |
82,962 |
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| Buildings, improvements and fixtures |
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467,265 |
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466,496 |
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| Construction in progress |
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1,003 |
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223 |
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548,647 |
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549,681 |
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| Accumulated depreciation |
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(215,605) |
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(203,395) |
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| Total rental property, net |
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333,042 |
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346,286 |
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| Cash and cash equivalents |
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15,476 |
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14,040 |
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| Deferred lease costs and other intangibles, net |
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2,459 |
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2,637 |
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| Prepaids and other assets |
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11,491 |
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11,616 |
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| Total assets |
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$ |
362,468 |
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$ |
374,579 |
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| Liabilities and Owners’ Equity |
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| Mortgages payable, net |
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$ |
317,868 |
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$ |
319,957 |
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| Accounts payable and other liabilities |
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13,177 |
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16,013 |
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| Total liabilities |
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331,045 |
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335,970 |
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| Owners’ equity |
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31,423 |
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38,609 |
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| Total liabilities and owners’ equity |
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$ |
362,468 |
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$ |
374,579 |
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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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2024 |
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2023 |
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2024 |
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2023 |
| Revenues |
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$ |
23,774 |
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$ |
23,548 |
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$ |
69,476 |
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$ |
67,481 |
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| Expenses: |
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| Property operating |
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9,342 |
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9,059 |
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26,210 |
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26,315 |
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| General and administrative |
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40 |
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23 |
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170 |
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212 |
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| Depreciation and amortization |
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5,359 |
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5,151 |
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14,380 |
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15,546 |
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| Total expenses |
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14,741 |
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14,233 |
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40,760 |
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42,073 |
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| Other income (expense): |
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| Interest expense |
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(4,587) |
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(4,603) |
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(13,675) |
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(13,523) |
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| Other income |
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216 |
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153 |
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598 |
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422 |
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| Total other expense |
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(4,371) |
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(4,450) |
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(13,077) |
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(13,101) |
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| Net income |
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$ |
4,662 |
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$ |
4,865 |
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$ |
15,639 |
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$ |
12,307 |
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| The Company and Operating Partnership’s share of: |
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| Net income |
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$ |
2,312 |
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$ |
2,389 |
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$ |
7,803 |
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$ |
6,030 |
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| Depreciation and amortization (real estate related) |
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$ |
2,850 |
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$ |
2,608 |
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$ |
7,450 |
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$ |
7,893 |
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