Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 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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$ |
80.0 |
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— |
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$ |
80.0 |
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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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$ |
(1.2) |
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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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(17.7) |
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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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(12.3) |
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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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(15.0) |
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64.4 |
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$ |
(46.2) |
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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) |
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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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$ |
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 June 30, 2022 and $1.0 million as of December 31, 2021.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Fee: |
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| Management and marketing |
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$ |
552 |
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$ |
537 |
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$ |
1,088 |
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$ |
1,045 |
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| Leasing and other fees |
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— |
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103 |
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35 |
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159 |
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| Expense reimbursements from unconsolidated joint ventures |
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884 |
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719 |
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1,840 |
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1,527 |
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| Total Fees |
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$ |
1,436 |
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$ |
1,359 |
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$ |
2,963 |
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$ |
2,731 |
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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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June 30, 2022 |
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December 31, 2021 |
| Assets |
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| Land |
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$ |
83,641 |
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$ |
83,568 |
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| Buildings, improvements and fixtures |
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465,644 |
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467,918 |
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| Construction in progress |
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231 |
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744 |
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549,516 |
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552,230 |
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| Accumulated depreciation |
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(175,431) |
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(166,096) |
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| Total rental property, net |
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374,085 |
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386,134 |
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| Cash and cash equivalents |
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14,856 |
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19,030 |
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| Deferred lease costs and other intangibles, net |
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3,190 |
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3,517 |
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| Prepaids and other assets |
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10,432 |
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13,109 |
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| Total assets |
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$ |
402,563 |
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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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$ |
329,535 |
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$ |
329,460 |
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| Accounts payable and other liabilities |
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13,128 |
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15,231 |
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| Total liabilities |
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342,663 |
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344,691 |
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| Owners’ equity |
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59,900 |
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77,099 |
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| Total liabilities and owners’ equity |
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$ |
402,563 |
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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 |
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Six months ended |
| Condensed Combined Statements of Operations - Unconsolidated Joint Ventures |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Revenues |
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$ |
21,666 |
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$ |
22,601 |
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$ |
43,507 |
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$ |
43,594 |
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| Expenses: |
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| Property operating |
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8,435 |
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8,448 |
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16,738 |
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16,862 |
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| General and administrative |
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40 |
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58 |
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133 |
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86 |
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| Depreciation and amortization |
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5,540 |
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5,763 |
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11,021 |
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11,664 |
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| Total expenses |
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14,015 |
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14,269 |
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27,892 |
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28,612 |
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| Other income (expense): |
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| Interest expense |
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(3,158) |
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(2,910) |
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(6,073) |
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(5,855) |
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| Gain on sale of assets |
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— |
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— |
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— |
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503 |
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| Other income |
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3 |
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96 |
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6 |
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154 |
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| Total other expense |
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(3,155) |
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(2,814) |
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(6,067) |
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(5,198) |
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| Net income |
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$ |
4,496 |
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$ |
5,518 |
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$ |
9,548 |
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$ |
9,784 |
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| The Company and Operating Partnership’s share of: |
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| Net income |
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$ |
2,227 |
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$ |
2,728 |
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$ |
4,740 |
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$ |
4,497 |
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| Depreciation and amortization (real estate related) |
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$ |
2,791 |
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$ |
2,913 |
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$ |
5,545 |
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$ |
5,909 |
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