Investments in Unconsolidated Real Estate Joint Ventures (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Schedule of Equity Method Investments |
At December 31, 2015 and 2014, we were members of the following unconsolidated real estate joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
Joint Venture |
|
Outlet Center Location |
|
Ownership % |
|
Square Feet
(in 000's)
|
|
Carrying Value of Investment (in millions) |
|
Total Joint Venture Debt
(in millions)
|
Columbus |
|
Columbus, OH |
|
50.0 |
% |
|
— |
|
|
$ |
21.1 |
|
|
$ |
— |
|
National Harbor |
|
National Harbor, MD |
|
50.0 |
% |
|
339 |
|
|
6.1 |
|
|
87.0 |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
870 |
|
|
117.2 |
|
|
11.3 |
|
Savannah (1)
|
|
Savannah, GA |
|
50.0 |
% |
|
377 |
|
|
44.4 |
|
|
89.5 |
|
Westgate |
|
Glendale, AZ |
|
58.0 |
% |
|
411 |
|
|
12.3 |
|
|
62.0 |
|
|
|
|
|
|
|
|
|
$ |
201.1 |
|
|
$ |
249.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte(2)
|
|
Charlotte, NC |
|
50.0 |
% |
|
398 |
|
|
$ |
(1.1 |
) |
|
$ |
90.0 |
|
Galveston/Houston (2)
|
|
Texas City, TX |
|
50.0 |
% |
|
353 |
|
|
(1.5 |
) |
|
65.0 |
|
|
|
|
|
|
|
|
|
$ |
(2.6 |
) |
|
$ |
155.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 |
Joint Venture |
|
Outlet Center Location |
|
Ownership % |
|
Square Feet
(in 000's)
|
|
Carrying Value of Investment (in millions) |
|
Total Joint Venture Debt
(in millions)
|
Galveston/Houston |
|
Texas City, TX |
|
50.0 |
% |
|
353 |
|
|
$ |
1.3 |
|
|
$ |
65.0 |
|
National Harbor |
|
National Harbor, MD |
|
50.0 |
% |
|
339 |
|
|
9.5 |
|
|
83.7 |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
870 |
|
|
132.5 |
|
|
15.7 |
|
Savannah (1)
|
|
Savannah, GA |
|
50.0 |
% |
|
— |
|
|
46.5 |
|
|
25.5 |
|
Westgate |
|
Glendale, AZ |
|
58.0 |
% |
|
381 |
|
|
14.3 |
|
|
54.0 |
|
Wisconsin Dells |
|
Wisconsin Dells, WI |
|
50.0 |
% |
|
265 |
|
|
2.4 |
|
|
24.3 |
|
Other |
|
|
|
|
|
— |
|
|
1.5 |
|
|
— |
|
|
|
|
|
|
|
|
|
$ |
208.0 |
|
|
$ |
268.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte(2)
|
|
Charlotte, NC |
|
50.0 |
% |
|
398 |
|
|
$ |
(2.2 |
) |
|
$ |
90.0 |
|
|
|
|
|
|
|
|
|
$ |
(2.2 |
) |
|
$ |
90.0 |
|
|
| 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 management, leasing and other services as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2015 |
|
2014 |
|
2013 |
Fees: |
|
|
|
|
|
|
Development and leasing |
|
$ |
1,827 |
|
|
$ |
725 |
|
|
$ |
595 |
|
Loan guarantee |
|
746 |
|
|
463 |
|
|
161 |
|
Management and marketing |
|
2,853 |
|
|
2,403 |
|
|
2,324 |
|
Total Fees |
|
$ |
5,426 |
|
|
$ |
3,591 |
|
|
$ |
3,080 |
|
|
| 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, 2015 and 2014 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |
|
2015 |
|
2014 |
Assets |
|
|
|
|
Land |
|
$ |
103,046 |
|
|
$ |
102,601 |
|
Buildings, improvements and fixtures |
|
615,662 |
|
|
542,501 |
|
Construction in progress, including land under development |
|
62,308 |
|
|
104,780 |
|
|
|
781,016 |
|
|
749,882 |
|
Accumulated depreciation |
|
(60,629 |
) |
|
(48,233 |
) |
Total rental property, net |
|
720,387 |
|
|
701,649 |
|
Cash and cash equivalents |
|
28,723 |
|
|
46,917 |
|
Deferred lease costs, net |
|
18,399 |
|
|
21,234 |
|
Deferred debt origination costs, net |
|
3,909 |
|
|
5,995 |
|
Prepaids and other assets |
|
14,455 |
|
|
12,766 |
|
Total assets |
|
$ |
785,873 |
|
|
$ |
788,561 |
|
Liabilities and Owners' Equity |
|
|
|
|
Mortgages payable |
|
$ |
404,844 |
|
|
$ |
358,219 |
|
Accounts payable and other liabilities |
|
31,805 |
|
|
70,795 |
|
Total liabilities |
|
436,649 |
|
|
429,014 |
|
Owners' equity |
|
349,224 |
|
|
359,547 |
|
Total liabilities and owners' equity |
|
$ |
785,873 |
|
|
$ |
788,561 |
|
|
| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: |
|
Year Ended December 31, |
|
|
2015 |
|
2014 |
|
2013 |
Revenues (1)
|
|
$ |
106,042 |
|
|
$ |
78,625 |
|
|
$ |
85,682 |
|
Expenses: |
|
|
|
|
|
|
Property operating |
|
40,639 |
|
|
30,986 |
|
|
31,610 |
|
General and administrative |
|
571 |
|
|
621 |
|
|
977 |
|
Acquisition costs |
|
— |
|
|
— |
|
|
477 |
|
Abandoned development costs |
|
— |
|
|
472 |
|
|
153 |
|
Depreciation and amortization |
|
34,516 |
|
|
23,426 |
|
|
26,912 |
|
Total expenses |
|
75,726 |
|
|
55,505 |
|
|
60,129 |
|
Operating income |
|
30,316 |
|
|
23,120 |
|
|
25,553 |
|
Gain on early extinguishment of debt (2)
|
|
— |
|
|
— |
|
|
13,820 |
|
Interest expense |
|
(8,674 |
) |
|
(5,459 |
) |
|
(11,602 |
) |
Other nonoperating income |
|
19 |
|
|
— |
|
|
$ |
— |
|
Net income |
|
$ |
21,661 |
|
|
$ |
17,661 |
|
|
$ |
27,771 |
|
The Company and Operating Partnership's share of: |
|
|
|
|
|
|
Net income |
|
$ |
11,484 |
|
|
$ |
9,053 |
|
|
$ |
11,040 |
|
Depreciation and asset impairments (real estate related) (2)
|
|
20,052 |
|
|
12,212 |
|
|
12,419 |
|
|
|
(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.
|
|
|
(2) |
Represents a gain on early extinguishment of debt that was recorded as part of the refinancing of the debt at Deer Park in August 2013 (See Note 3). |
|