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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Equity Method Investments and Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
The following management, development, leasing and marketing fees were recognized from services provided to our unconsolidated joint ventures (in thousands):
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Year Ended December 31, |
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2012 |
|
2011 |
|
2010 |
Fees: |
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Development |
|
$ |
427 |
|
|
$ |
— |
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|
$ |
— |
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Loan guarantee |
|
80 |
|
|
— |
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|
— |
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Management and leasing |
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2,102 |
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1,958 |
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|
1,927 |
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Marketing |
|
433 |
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|
163 |
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|
154 |
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Total Fees |
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$ |
3,042 |
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|
$ |
2,121 |
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$ |
2,081 |
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At December 31, 2012 and December 31, 2011, we were members of the following unconsolidated real estate joint ventures:
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As of December 31, 2012 |
Joint Venture |
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Center Location |
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Ownership % |
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Square Feet |
|
Carrying Value of Investment (in millions) |
|
Total Joint Venture Debt
(in millions)
|
Deer Park |
|
Deer Park,
Long Island NY
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|
33.3 |
% |
|
741,981 |
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|
$ |
3.0 |
|
|
$ |
246.9 |
|
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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|
1.9 |
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Galveston/Houston |
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Texas City, TX |
|
50.0 |
% |
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352,705 |
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|
36.7 |
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|
— |
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National Harbor |
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Washington D.C. Metro Area |
|
50.0 |
% |
|
— |
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2.6 |
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|
— |
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RioCan Canada |
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Various |
|
50.0 |
% |
|
434,562 |
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62.2 |
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20.1 |
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Westgate |
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Glendale, AZ |
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58.0 |
% |
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332,234 |
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19.1 |
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32.0 |
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Wisconsin Dells |
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Wisconsin Dells, WI |
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50.0 |
% |
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265,086 |
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2.8 |
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24.3 |
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Other |
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— |
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0.2 |
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— |
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$ |
126.6 |
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$ |
325.2 |
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As of December 31, 2011 |
Joint Venture |
|
Center Location |
|
Ownership % |
|
Square Feet |
|
Carrying Value of Investment (in millions) |
|
Total Joint Venture Debt
(in millions)
|
Deer Park |
|
Deer Park,
Long Island NY
|
|
33.3 |
% |
|
656,788 |
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|
$ |
5.4 |
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$ |
246.9 |
|
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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2.3 |
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Galveston/Houston |
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Texas City, TX |
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50.0 |
% |
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— |
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7.9 |
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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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159,391 |
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10.0 |
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29.7 |
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Wisconsin Dells |
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Wisconsin Dells, WI |
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50.0 |
% |
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265,086 |
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4.0 |
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24.3 |
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Other |
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— |
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0.3 |
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— |
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$ |
28.5 |
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$ |
303.2 |
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| Summary Financial Information of Unconsolidated JVs Balance Sheet |
Condensed combined summary financial information of 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 December 31, 2012 |
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As of December 31, 2011 |
Assets |
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Land |
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$ |
110,665 |
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$ |
77,864 |
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Buildings, improvements and fixtures |
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493,424 |
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288,934 |
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Construction in progress, including land |
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2,128 |
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23,545 |
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606,217 |
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390,343 |
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Accumulated depreciation |
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(62,547 |
) |
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(46,245 |
) |
Total rental property, net |
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543,670 |
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|
344,098 |
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Assets held for sale (1)
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1,828 |
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— |
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Cash and cash equivalents |
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21,879 |
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7,582 |
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Deferred lease costs, net |
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24,411 |
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14,815 |
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Deferred debt origination costs, net |
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5,213 |
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7,566 |
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Prepaids and other assets |
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25,350 |
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11,687 |
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Total assets |
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$ |
622,351 |
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$ |
385,748 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
325,192 |
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$ |
303,230 |
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Construction trade payables |
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21,734 |
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2,669 |
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Accounts payable and other liabilities |
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31,944 |
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27,246 |
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Total liabilities |
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378,870 |
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333,145 |
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Owners' equity |
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243,481 |
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52,603 |
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Total liabilities and owners' equity |
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$ |
622,351 |
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$ |
385,748 |
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(1) Assets related to our Deer Park Warehouse joint venture, which is currently under contract to be sold.
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Summary Statements of Operations- Unconsolidated Joint Ventures: |
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Year Ended December 31, |
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2012 |
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2011 |
|
2010 |
Revenues |
|
$ |
54,936 |
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$ |
38,847 |
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$ |
37,858 |
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Expenses: |
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Property operating |
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24,678 |
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18,034 |
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18,172 |
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General and administrative |
|
970 |
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|
250 |
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|
455 |
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Acquisition costs |
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1,437 |
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— |
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— |
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Abandoned development costs |
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1,447 |
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— |
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— |
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Impairment charge (1)
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420 |
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|
900 |
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— |
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Depreciation and amortization |
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19,914 |
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14,242 |
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14,245 |
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48,866 |
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33,426 |
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32,872 |
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Operating income |
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6,070 |
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5,421 |
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4,986 |
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Interest expense |
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14,760 |
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10,456 |
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|
6,947 |
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Net loss |
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$ |
(8,690 |
) |
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$ |
(5,035 |
) |
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$ |
(1,961 |
) |
The Company and Operating Partnership's share of: |
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Net loss |
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$ |
(3,295 |
) |
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$ |
(1,565 |
) |
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$ |
(464 |
) |
Depreciation and asset impairments (real estate related) (1)
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8,245 |
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5,475 |
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|
5,146 |
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(1) The years ended December 31, 2012 and 2011, respectively, includes impairment charges recorded at the Deer Park Warehouse joint venture entity, of which our share is one-third based on our 33.3% ownership percentage. There has been no significant amount of income or expense associated with the activities of this entity in any of the years presented.
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