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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, 2013
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| Equity Method Investments and Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
At December 31, 2013 and 2012, we were members of the following unconsolidated real estate joint ventures:
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As of December 31, 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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Charlotte |
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Charlotte, NC |
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50.0 |
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— |
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$ |
11.6 |
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$ |
— |
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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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7.4 |
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65.0 |
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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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336,286 |
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16.7 |
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52.4 |
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RioCan Canada |
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Various |
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50.0 |
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432,836 |
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85.7 |
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17.9 |
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Westgate |
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Glendale, AZ |
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58.0 |
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331,739 |
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16.1 |
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43.1 |
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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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2.5 |
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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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$ |
140.2 |
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$ |
202.7 |
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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)
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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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$ |
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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ees we received for various services provided to our unconsolidated joint ventures were recognized as follows (in thousands):
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
Fees: |
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Development and leasing |
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$ |
595 |
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$ |
193 |
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$ |
5 |
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Loan guarantee |
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161 |
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80 |
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— |
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Management |
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1,831 |
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1,301 |
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1,048 |
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Marketing |
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493 |
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433 |
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163 |
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Total Fees |
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$ |
3,080 |
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$ |
2,007 |
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$ |
1,216 |
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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 as of December 31, 2013 and 2012 is as follows (in thousands):
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Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |
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2013 |
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2012 |
Assets |
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Land |
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$ |
66,020 |
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$ |
110,665 |
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Buildings, improvements and fixtures |
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327,972 |
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493,424 |
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Construction in progress, including land |
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86,880 |
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2,128 |
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480,872 |
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606,217 |
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Accumulated depreciation |
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(29,523 |
) |
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(62,547 |
) |
Total rental property, net |
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451,349 |
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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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22,704 |
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21,879 |
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Deferred lease costs, net |
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19,281 |
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24,411 |
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Deferred debt origination costs, net |
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1,737 |
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5,213 |
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Prepaids and other assets |
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9,107 |
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25,350 |
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Total assets |
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$ |
504,178 |
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$ |
622,351 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
202,688 |
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$ |
325,192 |
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Construction trade payables |
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19,370 |
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21,734 |
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Accounts payable and other liabilities |
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8,540 |
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31,944 |
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Total liabilities |
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230,598 |
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378,870 |
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Owners' equity |
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273,580 |
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243,481 |
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Total liabilities and owners' equity |
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$ |
504,178 |
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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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Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: |
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
Revenues (1)
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$ |
85,682 |
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$ |
54,936 |
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$ |
38,847 |
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Expenses: |
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Property operating |
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31,610 |
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24,678 |
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18,034 |
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General and administrative |
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977 |
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970 |
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250 |
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Acquisition costs |
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477 |
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1,437 |
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— |
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Abandoned development costs |
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153 |
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1,447 |
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— |
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Impairment charge (2)
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— |
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420 |
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900 |
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Depreciation and amortization |
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26,912 |
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19,914 |
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14,242 |
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60,129 |
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48,866 |
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33,426 |
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Operating income |
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25,553 |
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6,070 |
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5,421 |
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Gain on early extinguishment of debt |
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13,820 |
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— |
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— |
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Interest expense |
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(11,602 |
) |
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(14,760 |
) |
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(10,456 |
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Net income (loss) |
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$ |
27,771 |
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$ |
(8,690 |
) |
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$ |
(5,035 |
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The Company and Operating Partnership's share of: |
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Net income (loss) |
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$ |
11,040 |
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$ |
(3,295 |
) |
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$ |
(1,565 |
) |
Depreciation and asset impairments (real estate related) (2)
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12,419 |
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8,245 |
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5,475 |
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(1) |
Note that revenues for the year ended December 31, 2013 include approximately $9.5 million of other income from the settlement of a lawsuit at Deer Park prior to our acquisition of an additional one-third interest in and the consolidation of the property.
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(2) |
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. The assets related to the venture were sold in March 2013. |
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