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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
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Jun. 30, 2013
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
At June 30, 2013 and December 31, 2012, we were members of the following unconsolidated real estate joint ventures:
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As of June 30, 2013 |
Joint Venture |
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Center Location |
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Ownership % |
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Square Feet |
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Carrying Value of Investment
(in millions)
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Total Joint Venture Debt
(in millions)
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Deer Park |
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Deer Park, Long Island NY |
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33.3 |
% |
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741,981 |
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$ |
2.0 |
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$ |
246.9 |
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Galveston/Houston |
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Texas City, Texas |
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50.0 |
% |
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352,705 |
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40.1 |
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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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17.3 |
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4.2 |
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RioCan Canada |
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Various |
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50.0 |
% |
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434,162 |
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82.3 |
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18.7 |
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Westgate |
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Glendale, Arizona |
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58.0 |
% |
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331,739 |
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16.8 |
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42.2 |
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Wisconsin Dells |
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Wisconsin Dells, Wisconsin |
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50.0 |
% |
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265,086 |
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2.5 |
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24.3 |
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Other |
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— |
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1.1 |
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— |
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$ |
162.1 |
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$ |
336.3 |
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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 |
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Carrying Value of Investment (in millions) |
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Total Joint Venture Debt
(in millions) |
Deer Park |
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Deer Park,
Long Island NY |
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33.3 |
% |
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741,981 |
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$ |
3.0 |
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$ |
246.9 |
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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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1.9 |
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Galveston/Houston |
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Texas City, TX |
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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 |
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50.0 |
% |
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— |
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2.6 |
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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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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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| Schedule of Development, Loan Guarantee, 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):
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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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2013 |
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2012 |
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2013 |
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2012 |
Fee: |
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Development |
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$ |
(8 |
) |
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$ |
— |
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$ |
63 |
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$ |
— |
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Loan Guarantee |
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40 |
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— |
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80 |
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— |
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Management and leasing |
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786 |
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474 |
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1,631 |
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953 |
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Marketing |
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100 |
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47 |
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209 |
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100 |
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Total Fees |
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$ |
918 |
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$ |
521 |
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$ |
1,983 |
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$ |
1,053 |
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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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Summary Balance Sheets - Unconsolidated Joint Ventures |
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June 30,
2013
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December 31,
2012
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Assets |
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Land |
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$ |
94,961 |
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$ |
96,455 |
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Buildings, improvements and fixtures |
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493,100 |
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493,424 |
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Construction in progress, including land |
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90,413 |
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16,338 |
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678,474 |
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606,217 |
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Accumulated depreciation |
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(74,642 |
) |
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(62,547 |
) |
Total rental property, net |
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603,832 |
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543,670 |
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Assets held for sale (1)
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— |
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1,828 |
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Cash and cash equivalents |
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16,511 |
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21,879 |
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Deferred lease costs, net |
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21,285 |
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24,411 |
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Deferred debt origination costs, net |
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4,025 |
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5,213 |
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Prepaids and other assets |
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26,181 |
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25,350 |
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Total assets |
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$ |
671,834 |
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$ |
622,351 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
336,338 |
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$ |
325,192 |
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Construction trade payables |
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10,842 |
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21,734 |
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Accounts payable and other liabilities |
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14,830 |
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31,944 |
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Total liabilities |
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362,010 |
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378,870 |
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Owners' equity |
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309,824 |
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243,481 |
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Total liabilities and owners' equity |
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$ |
671,834 |
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$ |
622,351 |
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(1) Assets related to our Deer Park Warehouse joint venture that were sold in March 2013.
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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 |
Summary Statements of Operations |
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June 30, |
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June 30, |
- Unconsolidated Joint Ventures |
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2013 |
|
2012 |
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2013 |
|
2012 |
Revenues |
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$ |
20,553 |
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$ |
11,606 |
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$ |
41,948 |
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$ |
23,264 |
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Expenses |
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Property operating |
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8,546 |
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5,083 |
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17,686 |
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9,974 |
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General and administrative |
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166 |
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237 |
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314 |
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400 |
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Acquisition costs |
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53 |
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— |
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474 |
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704 |
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Abandoned development costs |
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134 |
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436 |
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134 |
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1,310 |
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Impairment Charge |
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— |
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420 |
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— |
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420 |
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Depreciation and amortization |
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7,584 |
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4,300 |
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14,968 |
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8,908 |
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Total expenses |
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16,483 |
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10,476 |
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33,576 |
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21,716 |
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Operating income |
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4,070 |
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1,130 |
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8,372 |
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1,548 |
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Interest expense |
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3,514 |
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3,598 |
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7,566 |
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7,427 |
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Net income (loss) |
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$ |
556 |
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$ |
(2,468 |
) |
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$ |
806 |
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$ |
(5,879 |
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The Company and Operating Partnership's share of: |
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Net income (loss) |
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$ |
503 |
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$ |
(867 |
) |
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$ |
1,093 |
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$ |
(2,319 |
) |
Depreciation and impairment charge (real estate related) |
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$ |
3,431 |
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$ |
1,793 |
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$ |
6,604 |
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$ |
3,608 |
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