|
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
|
3 Months Ended |
|
Mar. 31, 2013
|
| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
|
| Schedule of Equity Method Investments |
At March 31, 2013 and December 31, 2012, we were members of the following unconsolidated real estate joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2013 |
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 |
% |
|
741,981 |
|
|
$ |
2.4 |
|
|
$ |
246.9 |
|
Galveston/Houston |
|
Texas City, Texas |
|
50.0 |
% |
|
352,705 |
|
|
39.8 |
|
|
— |
|
National Harbor |
|
Washington D.C. Metro Area |
|
50.0 |
% |
|
— |
|
|
2.6 |
|
|
— |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
434,562 |
|
|
66.8 |
|
|
19.5 |
|
Westgate |
|
Glendale, Arizona |
|
58.0 |
% |
|
332,234 |
|
|
19.6 |
|
|
38.6 |
|
Wisconsin Dells |
|
Wisconsin Dells, Wisconsin |
|
50.0 |
% |
|
265,086 |
|
|
2.6 |
|
|
24.3 |
|
Other |
|
|
|
|
|
|
— |
|
|
0.2 |
|
|
— |
|
|
|
|
|
|
|
|
|
$ |
134.0 |
|
|
$ |
329.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2012 |
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 |
% |
|
741,981 |
|
|
$ |
3.0 |
|
|
$ |
246.9 |
|
Deer Park Warehouse |
|
Deer Park,
Long Island NY |
|
33.3 |
% |
|
29,253 |
|
|
— |
|
|
1.9 |
|
Galveston/Houston |
|
Texas City, TX |
|
50.0 |
% |
|
352,705 |
|
|
36.7 |
|
|
— |
|
National Harbor |
|
Washington D.C. Metro Area |
|
50.0 |
% |
|
— |
|
|
2.6 |
|
|
— |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
434,562 |
|
|
62.2 |
|
|
20.1 |
|
Westgate |
|
Glendale, AZ |
|
58.0 |
% |
|
332,234 |
|
|
19.1 |
|
|
32.0 |
|
Wisconsin Dells |
|
Wisconsin Dells, WI |
|
50.0 |
% |
|
265,086 |
|
|
2.8 |
|
|
24.3 |
|
Other |
|
|
|
|
|
— |
|
|
0.2 |
|
|
— |
|
|
|
|
|
|
|
|
|
$ |
126.6 |
|
|
$ |
325.2 |
|
|
| Schedule of Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
The following management, development, leasing and marketing fees were recognized from services provided to our unconsolidated joint ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2013 |
|
2012 |
Fee: |
|
|
|
|
Development |
|
$ |
71 |
|
|
$ |
— |
|
Loan Guarantee |
|
40 |
|
|
— |
|
Management and leasing |
|
844 |
|
|
479 |
|
Marketing |
|
110 |
|
|
53 |
|
Total Fees |
|
$ |
1,065 |
|
|
$ |
532 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
Summary Balance Sheets - Unconsolidated Joint Ventures |
|
March 31,
2013
|
|
December 31,
2012
|
Assets |
|
|
|
|
|
|
Land |
|
$ |
95,748 |
|
|
$ |
96,455 |
|
Buildings, improvements and fixtures |
|
495,958 |
|
|
493,424 |
|
Construction in progress, including land |
|
21,974 |
|
|
16,338 |
|
|
|
613,680 |
|
|
606,217 |
|
Accumulated depreciation |
|
(68,667 |
) |
|
(62,547 |
) |
Total rental property, net |
|
545,013 |
|
|
543,670 |
|
Assets held for sale (1)
|
|
— |
|
|
1,828 |
|
Cash and cash equivalents |
|
20,531 |
|
|
21,879 |
|
Deferred lease costs, net |
|
23,080 |
|
|
24,411 |
|
Deferred debt origination costs, net |
|
4,399 |
|
|
5,213 |
|
Prepaids and other assets |
|
24,900 |
|
|
25,350 |
|
Total assets |
|
$ |
617,923 |
|
|
$ |
622,351 |
|
Liabilities and Owners' Equity |
|
|
|
|
|
|
Mortgages payable |
|
$ |
329,262 |
|
|
$ |
325,192 |
|
Construction trade payables |
|
14,232 |
|
|
21,734 |
|
Accounts payable and other liabilities |
|
16,726 |
|
|
31,944 |
|
Total liabilities |
|
360,220 |
|
|
378,870 |
|
Owners' equity |
|
257,703 |
|
|
243,481 |
|
Total liabilities and owners' equity |
|
$ |
617,923 |
|
|
$ |
622,351 |
|
(1) Assets related to our Deer Park Warehouse joint venture that were sold in March 2013.
|
| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
Summary Statements of Operations |
|
March 31, |
- Unconsolidated Joint Ventures |
|
2013 |
|
2012 |
Revenues |
|
$ |
21,395 |
|
|
$ |
11,658 |
|
Expenses |
|
|
|
|
|
Property operating |
|
8,803 |
|
|
4,891 |
|
General and administrative |
|
485 |
|
|
163 |
|
Acquisition costs |
|
421 |
|
|
704 |
|
Abandoned development costs |
|
— |
|
|
954 |
|
Depreciation and amortization |
|
7,384 |
|
|
4,608 |
|
Total expenses |
|
17,093 |
|
|
11,320 |
|
Operating income |
|
4,302 |
|
|
338 |
|
Interest expense |
|
4,052 |
|
|
3,829 |
|
Net income (loss) |
|
$ |
250 |
|
|
$ |
(3,491 |
) |
|
|
|
|
|
The Company and Operating Partnership's share of: |
Net income (loss) |
|
$ |
590 |
|
|
$ |
(1,452 |
) |
Depreciation and impairment charge (real estate related) |
|
$ |
3,173 |
|
|
$ |
1,815 |
|
|