Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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3 Months Ended |
Mar. 31, 2014
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Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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Schedule of Equity Method Investments |
At March 31, 2014 and December 31, 2013, we were members of the following unconsolidated real estate joint ventures:
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As of March 31, 2014 |
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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$ |
20.7 |
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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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7.2 |
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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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338,786 |
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17.3 |
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60.9 |
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RioCan Canada |
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Various |
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50.0 |
% |
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432,448 |
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86.7 |
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17.1 |
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Savannah (1)
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Savannah, GA |
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50.0 |
% |
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— |
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20.8 |
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— |
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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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15.8 |
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43.6 |
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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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2.4 |
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24.3 |
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Other |
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— |
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0.1 |
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— |
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$ |
171.0 |
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$ |
210.9 |
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(1) |
Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than indicated in the Tanger Share column, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors,including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
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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) |
|
Total Joint Venture Debt (in millions) |
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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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 as follows (in thousands):
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Three months ended |
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March 31, |
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2014 |
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2013 |
Fee: |
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Development and leasing |
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$ |
8 |
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$ |
69 |
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Loan guarantee |
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40 |
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40 |
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Management |
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409 |
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496 |
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Marketing |
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109 |
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110 |
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Total Fees |
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$ |
566 |
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$ |
715 |
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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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March 31,
2014
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December 31,
2013
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Assets |
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Land |
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$ |
65,242 |
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$ |
66,020 |
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Buildings, improvements and fixtures |
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325,115 |
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327,972 |
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Construction in progress, including land |
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147,099 |
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86,880 |
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537,456 |
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480,872 |
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Accumulated depreciation |
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(33,487 |
) |
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(29,523 |
) |
Total rental property, net |
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503,969 |
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451,349 |
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Cash and cash equivalents |
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22,678 |
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22,704 |
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Deferred lease costs, net |
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21,839 |
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19,281 |
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Deferred debt origination costs, net |
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1,834 |
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1,737 |
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Prepaids and other assets |
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9,898 |
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9,107 |
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Total assets |
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$ |
560,218 |
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$ |
504,178 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
210,932 |
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$ |
202,688 |
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Construction trade payables |
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20,295 |
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19,370 |
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Accounts payable and other liabilities |
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10,221 |
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8,540 |
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Total liabilities |
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241,448 |
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230,598 |
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Owners' equity |
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318,770 |
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273,580 |
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Total liabilities and owners' equity |
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$ |
560,218 |
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$ |
504,178 |
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Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Three months ended |
Condensed Combined Statements of Operations |
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March 31, |
- Unconsolidated Joint Ventures |
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2014 |
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2013 |
Revenues |
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$ |
16,755 |
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$ |
21,395 |
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Expenses |
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Property operating |
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6,646 |
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8,803 |
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General and administrative |
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129 |
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485 |
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Acquisition costs |
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— |
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421 |
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Depreciation and amortization |
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4,974 |
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7,384 |
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Total expenses |
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11,749 |
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17,093 |
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Operating income |
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5,006 |
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4,302 |
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Interest expense |
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(1,226 |
) |
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(4,052 |
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Net income |
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$ |
3,780 |
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$ |
250 |
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The Company and Operating Partnership's share of: |
Net income |
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$ |
1,933 |
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$ |
590 |
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Depreciation and impairment charge (real estate related) |
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$ |
2,605 |
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$ |
3,173 |
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