Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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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 March 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) |
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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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83.0 |
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— |
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$ |
83.0 |
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| Investments included in other liabilities: |
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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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$ |
(0.9) |
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$ |
70.9 |
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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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$ |
(17.3) |
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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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(11.7) |
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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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(13.9) |
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64.4 |
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$ |
(43.8) |
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| As of December 31, 2021 |
| 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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| Columbus |
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
0.2 |
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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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82.4 |
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— |
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$ |
82.6 |
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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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$ |
(16.2) |
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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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(11.2) |
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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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(14.0) |
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64.4 |
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$ |
(41.4) |
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(1)Net of debt origination costs of $1.0 million as of March 31, 2022 and $1.0 million as of December 31, 2021.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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March 31, |
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2022 |
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2021 |
| Fee: |
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| Management and marketing |
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$ |
536 |
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$ |
509 |
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| Leasing and other fees |
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35 |
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56 |
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| Expense reimbursements from unconsolidated joint ventures |
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956 |
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807 |
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| Total Fees |
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$ |
1,527 |
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$ |
1,372 |
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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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March 31, 2022 |
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December 31, 2021 |
| Assets |
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| Land |
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$ |
84,184 |
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$ |
83,568 |
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| Buildings, improvements and fixtures |
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470,435 |
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467,918 |
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| Construction in progress |
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915 |
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744 |
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555,534 |
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552,230 |
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| Accumulated depreciation |
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(171,917) |
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(166,096) |
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| Total rental property, net |
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383,617 |
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386,134 |
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| Cash and cash equivalents |
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14,738 |
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19,030 |
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| Deferred lease costs and other intangibles, net |
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3,413 |
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3,517 |
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| Prepaids and other assets |
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11,766 |
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13,109 |
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| Total assets |
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$ |
413,534 |
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$ |
421,790 |
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| Liabilities and Owners’ Equity |
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| Mortgages payable, net |
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$ |
329,488 |
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$ |
329,460 |
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| Accounts payable and other liabilities |
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13,530 |
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15,231 |
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| Total liabilities |
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343,018 |
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344,691 |
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| Owners’ equity |
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70,516 |
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77,099 |
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| Total liabilities and owners’ equity |
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$ |
413,534 |
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$ |
421,790 |
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Three months ended |
| Condensed Combined Statements of Operations |
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March 31, |
| - Unconsolidated Joint Ventures |
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2022 |
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2021 |
| Revenues |
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$ |
21,841 |
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$ |
20,992 |
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| Expenses: |
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| Property operating |
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8,303 |
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8,413 |
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| General and administrative |
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92 |
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29 |
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| Depreciation and amortization |
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5,482 |
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5,901 |
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| Total expenses |
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13,877 |
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14,343 |
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| Other income (expense): |
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| Interest expense |
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(2,916) |
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(2,945) |
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| Gain on sale of assets |
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— |
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503 |
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| Other income |
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3 |
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59 |
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| Total other expense |
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(2,913) |
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(2,383) |
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| Net income |
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$ |
5,051 |
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$ |
4,266 |
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| The Company and Operating Partnership’s share of: |
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| Net income |
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$ |
2,513 |
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$ |
1,769 |
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| Depreciation and amortization (real estate related) |
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$ |
2,754 |
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$ |
2,996 |
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