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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
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Jun. 30, 2012
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments [Table Text Block] |
At June 30, 2012, we were members of the following unconsolidated real estate joint ventures:
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Joint Venture |
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Center Location |
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Ownership % |
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Square Feet |
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Carrying Value of Investment
(in millions)
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Total Joint Venture Debt
(in millions)
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Deer Park |
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Deer Park, Long Island NY |
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33.3 |
% |
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741,976 |
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$ |
4.1 |
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$ |
246.9 |
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Deer Park Warehouse |
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Deer Park, Long Island NY |
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33.3 |
% |
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29,253 |
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— |
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1.8 |
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Galveston/Houston |
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Texas City, Texas |
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50.0 |
% |
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— |
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21.0 |
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— |
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National Harbor |
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Washington D.C. Metro Area |
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50.0 |
% |
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— |
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0.9 |
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— |
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RioCan Canada |
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Various |
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50.0 |
% |
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155,522 |
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24.0 |
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— |
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Westgate |
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Phoenix, Arizona |
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58.0 |
% |
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— |
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18.3 |
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— |
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Wisconsin Dells |
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Wisconsin Dells, Wisconsin |
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50.0 |
% |
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265,086 |
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3.9 |
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24.3 |
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Other |
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50.0 |
% |
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— |
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0.2 |
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— |
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Total |
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$ |
72.4 |
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$ |
273.0 |
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| Schedule of Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs [Table Text Block] |
Management, leasing and marketing fees earned from services provided to our unconsolidated joint ventures were recognized as follows (in thousands):
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2012 |
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2011 |
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2012 |
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2011 |
Fee: |
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Management and leasing |
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$ |
474 |
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$ |
469 |
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$ |
953 |
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$ |
973 |
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Marketing |
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47 |
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44 |
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100 |
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88 |
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Total Fees |
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$ |
521 |
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$ |
513 |
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$ |
1,053 |
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$ |
1,061 |
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| Summary Financial Information of Unconsolidated JVs Balance Sheet [Table Text Block] |
Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
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Summary Balance Sheets - Unconsolidated Joint Ventures |
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As of
June 30,
2012
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As of
December 31,
2011
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Assets |
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Investment properties at cost, net |
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$ |
338,144 |
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$ |
332,822 |
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Construction in progress |
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66,263 |
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11,276 |
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Assets held for sale (1)
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1,800 |
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— |
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Cash and cash equivalents |
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16,855 |
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7,582 |
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Deferred lease costs, net |
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13,514 |
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14,815 |
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Deferred debt origination costs, net |
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6,566 |
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7,566 |
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Prepaids and other assets |
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16,386 |
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11,687 |
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Total assets |
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$ |
459,528 |
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$ |
385,748 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
273,034 |
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$ |
303,230 |
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Construction trade payables |
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23,135 |
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2,669 |
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Accounts payable and other liabilities |
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25,641 |
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27,246 |
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Total liabilities |
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321,810 |
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333,145 |
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Owners' equity |
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137,718 |
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52,603 |
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Total liabilities and owners' equity |
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$ |
459,528 |
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$ |
385,748 |
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(1) Assets related to our Deer Park Warehouse joint venture, which is currently for sale.
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations [Table Text Block] |
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Three Months Ended |
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Six Months Ended |
Summary Statements of Operations |
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June 30, |
|
June 30, |
- Unconsolidated Joint Ventures |
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2012 |
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2011 |
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2012 |
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2011 |
Revenues |
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$ |
11,606 |
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$ |
9,752 |
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$ |
23,264 |
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$ |
19,314 |
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Expenses |
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Property operating |
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5,083 |
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4,473 |
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9,974 |
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8,574 |
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General and administrative |
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237 |
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(131 |
) |
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400 |
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56 |
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Acquisition costs |
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— |
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— |
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704 |
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— |
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Abandoned development costs |
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436 |
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— |
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1,310 |
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— |
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Impairment charge |
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420 |
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— |
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420 |
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— |
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Depreciation and amortization |
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4,300 |
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3,627 |
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8,908 |
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7,238 |
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Total expenses |
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10,476 |
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7,969 |
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21,716 |
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15,868 |
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Operating income |
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1,130 |
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1,783 |
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1,548 |
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3,446 |
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Interest expense |
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3,598 |
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4,126 |
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7,427 |
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5,929 |
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Net loss |
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$ |
(2,468 |
) |
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$ |
(2,343 |
) |
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$ |
(5,879 |
) |
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$ |
(2,483 |
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The Company and Operating Partnership's share of: |
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Net loss |
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$ |
(867 |
) |
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$ |
(764 |
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$ |
(2,319 |
) |
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$ |
(796 |
) |
Depreciation and impairment charge (real estate related) |
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$ |
1,793 |
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$ |
1,336 |
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$ |
3,608 |
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$ |
2,642 |
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