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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
We have the following unconsolidated real estate joint ventures:
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As of September 30, 2014 |
Joint Venture |
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Center Location |
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Ownership % |
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Square Feet
(in 000's)
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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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398 |
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$ |
38.8 |
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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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353 |
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6.2 |
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65.0 |
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National Harbor |
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National Harbor, MD |
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50.0 |
% |
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339 |
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19.8 |
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62.0 |
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RioCan Canada |
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Various |
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50.0 |
% |
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432 |
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119.8 |
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16.6 |
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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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46.1 |
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3.4 |
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Westgate |
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Glendale, AZ |
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58.0 |
% |
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332 |
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14.8 |
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49.8 |
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Wisconsin Dells |
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Wisconsin Dells, WI |
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50.0 |
% |
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265 |
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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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1.8 |
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— |
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$ |
249.7 |
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$ |
221.1 |
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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 the ownership percentage indicated above, 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
(in 000's)
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Carrying Value of Investment
(in millions) |
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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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353 |
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7.4 |
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65.0 |
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National Harbor |
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National Harbor, MD |
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50.0 |
% |
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336 |
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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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433 |
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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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332 |
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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 |
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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 in other income as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
Fee: |
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Development and leasing |
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$ |
624 |
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$ |
(6 |
) |
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$ |
702 |
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$ |
57 |
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Loan guarantee |
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23 |
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40 |
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209 |
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121 |
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Management |
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470 |
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761 |
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1,316 |
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2,391 |
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Marketing |
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108 |
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93 |
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321 |
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301 |
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Total Fees |
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$ |
1,225 |
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$ |
888 |
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$ |
2,548 |
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$ |
2,870 |
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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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September 30, 2014 |
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December 31,
2013
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Assets |
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Land |
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$ |
73,864 |
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$ |
66,020 |
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Buildings, improvements and fixtures |
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394,399 |
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327,972 |
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Construction in progress, including land |
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198,694 |
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86,880 |
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666,957 |
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480,872 |
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Accumulated depreciation |
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(42,011 |
) |
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(29,523 |
) |
Total rental property, net |
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624,946 |
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451,349 |
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Cash and cash equivalents |
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34,926 |
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22,704 |
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Deferred lease costs, net |
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22,021 |
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19,281 |
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Deferred debt origination costs, net |
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2,746 |
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1,737 |
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Prepaids and other assets |
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11,558 |
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9,107 |
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Total assets |
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$ |
696,197 |
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$ |
504,178 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
221,079 |
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$ |
202,688 |
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Construction trade payables |
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19,343 |
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19,370 |
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Accounts payable and other liabilities |
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19,611 |
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8,540 |
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Total liabilities |
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260,033 |
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230,598 |
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Owners' equity |
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436,164 |
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273,580 |
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Total liabilities and owners' equity |
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$ |
696,197 |
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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 |
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Nine months ended |
Condensed Combined Statements of Operations |
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September 30, |
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September 30, |
- Unconsolidated Joint Ventures |
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2014 |
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2013 |
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2014 |
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2013 |
Revenues |
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$ |
19,969 |
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$ |
29,013 |
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$ |
52,803 |
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$ |
70,961 |
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Expenses |
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Property operating |
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7,292 |
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7,808 |
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20,562 |
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25,440 |
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General and administrative |
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198 |
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629 |
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354 |
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962 |
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Acquisition costs |
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— |
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19 |
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— |
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474 |
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Abandoned development costs |
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472 |
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19 |
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472 |
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153 |
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Depreciation and amortization |
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5,831 |
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6,232 |
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15,369 |
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21,200 |
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Total expenses |
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13,793 |
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14,707 |
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36,757 |
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48,229 |
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Operating income |
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6,176 |
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14,306 |
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16,046 |
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22,732 |
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Gain on early extinguishment of debt |
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— |
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13,820 |
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— |
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13,820 |
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Interest expense |
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(1,316 |
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(2,840 |
) |
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(3,925 |
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(10,406 |
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Net income |
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$ |
4,860 |
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$ |
25,286 |
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$ |
12,121 |
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$ |
26,146 |
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The Company and Operating Partnership's share of: |
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Net income |
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$ |
2,479 |
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$ |
9,014 |
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$ |
6,200 |
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$ |
10,107 |
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Depreciation and impairment charge (real estate related) |
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$ |
3,040 |
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$ |
2,861 |
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$ |
8,048 |
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$ |
9,465 |
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