Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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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, 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) |
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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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| Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
1.1 |
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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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84.3 |
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— |
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$ |
85.4 |
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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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$ |
(16.8) |
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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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(10.1) |
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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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(13.7) |
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64.4 |
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$ |
(40.6) |
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| As of December 31, 2020 |
| Joint Venture |
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Outlet Center Location |
|
Ownership % |
|
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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| Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
2.0 |
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$ |
70.8 |
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| RioCan Canada |
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Various |
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50.0 |
% |
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765 |
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92.6 |
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— |
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$ |
94.6 |
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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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$ |
(12.8) |
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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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(8.4) |
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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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(19.5) |
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80.0 |
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$ |
(40.7) |
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(1)Net of debt origination costs of $1.1 million as of September 30, 2021 and $1.1 million as of December 31, 2020.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Fee: |
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| Management and marketing |
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$ |
530 |
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$ |
471 |
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$ |
1,575 |
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$ |
1,156 |
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| Leasing and other fees |
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72 |
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15 |
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231 |
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50 |
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| Expense reimbursements from unconsolidated joint ventures |
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1,039 |
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708 |
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2,566 |
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2,156 |
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| Total Fees |
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$ |
1,641 |
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$ |
1,194 |
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$ |
4,372 |
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$ |
3,362 |
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| Schedule of impairment charges |
The table below summarizes the impairment charge taken during the second quarter of 2020 (in thousands):
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Impairment Charge(1)
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Outlet Center |
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Total |
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Our Share |
| 2020 |
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Saint-Sauveur |
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$ |
6,181 |
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$ |
3,091 |
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(1)The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets.
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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, 2021 |
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December 31, 2020 |
| Assets |
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| Land |
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$ |
83,114 |
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$ |
86,861 |
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| Buildings, improvements and fixtures |
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466,670 |
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471,798 |
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| Construction in progress |
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847 |
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2,976 |
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550,631 |
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561,635 |
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| Accumulated depreciation |
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(160,900) |
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(145,810) |
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| Total rental property, net |
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389,731 |
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415,825 |
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| Cash and cash equivalents |
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15,760 |
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21,471 |
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| Deferred lease costs and other intangibles, net |
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3,785 |
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4,849 |
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| Prepaids and other assets |
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15,850 |
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20,478 |
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| Total assets |
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$ |
425,126 |
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$ |
462,623 |
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| Liabilities and Owners’ Equity |
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| Mortgages payable, net |
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$ |
329,381 |
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$ |
344,856 |
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| Accounts payable and other liabilities |
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13,459 |
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17,427 |
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| Total liabilities |
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342,840 |
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362,283 |
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| Owners’ equity |
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82,286 |
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100,340 |
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| Total liabilities and owners’ equity |
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$ |
425,126 |
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$ |
462,623 |
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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 |
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September 30, |
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September 30, |
| - Unconsolidated Joint Ventures |
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2021 |
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2020 |
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2021 |
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2020 |
| Revenues |
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$ |
22,071 |
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$ |
16,959 |
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$ |
65,664 |
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$ |
55,470 |
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| Expenses: |
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| Property operating |
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8,735 |
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8,035 |
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25,597 |
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24,023 |
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| General and administrative |
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87 |
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82 |
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173 |
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344 |
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| Asset impairment |
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— |
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— |
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— |
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6,181 |
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| Depreciation and amortization |
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5,749 |
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5,877 |
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17,413 |
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17,686 |
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| Total expenses |
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14,571 |
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13,994 |
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43,183 |
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48,234 |
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| Other income (expense): |
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| Interest expense |
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(2,913) |
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(3,024) |
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(8,769) |
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(9,991) |
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| Gain on sale of assets |
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— |
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— |
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503 |
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— |
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| Other income |
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2 |
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104 |
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157 |
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165 |
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| Total other expense |
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(2,911) |
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(2,920) |
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(8,109) |
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(9,826) |
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| Net income (loss) |
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$ |
4,589 |
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$ |
45 |
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$ |
14,372 |
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$ |
(2,590) |
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| The Company and Operating Partnership’s share of: |
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| Net income (loss) |
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$ |
2,261 |
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$ |
(42) |
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$ |
6,758 |
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$ |
(1,490) |
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| Depreciation and amortization (real estate related) |
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$ |
2,908 |
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$ |
3,003 |
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$ |
8,817 |
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$ |
9,038 |
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