Investments in Unconsolidated Real Estate Joint Ventures (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
|
| Schedule of Equity Method Investments |
We have an ownership interest in the following unconsolidated real estate joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2016 |
Joint Venture |
|
Outlet Center Location |
|
Ownership % |
|
Square Feet
(in 000's)
|
|
Carrying Value of Investment (in millions) |
|
Total Joint Venture Net Debt
(in millions)(1)
|
Columbus |
|
Columbus, OH |
|
50.0 |
% |
|
— |
|
|
$ |
30.7 |
|
|
$ |
— |
|
National Harbor |
|
National Harbor, MD |
|
50.0 |
% |
|
339 |
|
|
5.5 |
|
|
85.9 |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
902 |
|
|
126.4 |
|
|
11.9 |
|
Savannah (2)
|
|
Savannah, GA |
|
50.0 |
% |
|
377 |
|
|
43.8 |
|
|
93.5 |
|
Westgate |
|
Glendale, AZ |
|
58.0 |
% |
|
411 |
|
|
12.3 |
|
|
61.9 |
|
|
|
|
|
|
|
|
|
$ |
218.7 |
|
|
$ |
253.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte(3)
|
|
Charlotte, NC |
|
50.0 |
% |
|
398 |
|
|
$ |
(1.4 |
) |
|
$ |
89.6 |
|
Galveston/Houston (3)
|
|
Texas City, TX |
|
50.0 |
% |
|
353 |
|
|
(2.1 |
) |
|
64.8 |
|
|
|
|
|
|
|
|
|
$ |
(3.5 |
) |
|
$ |
154.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Net Debt
(in millions)(1)
|
Columbus |
|
Columbus, OH |
|
50.0 |
% |
|
— |
|
|
$ |
21.1 |
|
|
$ |
— |
|
National Harbor |
|
National Harbor, MD |
|
50.0 |
% |
|
339 |
|
|
6.1 |
|
|
85.8 |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
870 |
|
|
117.2 |
|
|
11.3 |
|
Savannah (2)
|
|
Savannah, GA |
|
50.0 |
% |
|
377 |
|
|
44.4 |
|
|
87.6 |
|
Westgate |
|
Glendale, AZ |
|
58.0 |
% |
|
411 |
|
|
12.3 |
|
|
61.9 |
|
|
|
|
|
|
|
|
|
$ |
201.1 |
|
|
$ |
246.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte(3)
|
|
Charlotte, NC |
|
50.0 |
% |
|
398 |
|
|
$ |
(1.1 |
) |
|
$ |
89.6 |
|
Galveston/Houston(3)
|
|
Texas City, TX |
|
50.0 |
% |
|
353 |
|
|
(1.5 |
) |
|
64.7 |
|
|
|
|
|
|
|
|
|
$ |
(2.6 |
) |
|
$ |
154.3 |
|
|
|
(1) |
Net of debt origination costs and including premiums of $2.8 million and $3.3 million as of March 31, 2016 and December 31, 2015, respectively.
|
|
|
(2) |
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 Ownership column, which states our legal interest in this venture. As of March 31 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. 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.
|
|
|
(3) |
The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners. |
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
2016 |
|
2015 |
|
Fee: |
|
|
|
|
|
Development and leasing |
|
$ |
192 |
|
|
$ |
581 |
|
|
Loan guarantee |
|
182 |
|
|
196 |
|
|
Management and marketing |
|
747 |
|
|
506 |
|
|
Total Fees |
|
$ |
1,121 |
|
|
$ |
1,283 |
|
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |
|
March 31, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
|
|
|
Land |
|
$ |
107,403 |
|
|
$ |
103,046 |
|
Buildings, improvements and fixtures |
|
632,456 |
|
|
615,662 |
|
Construction in progress, including land |
|
83,701 |
|
|
62,308 |
|
|
|
823,560 |
|
|
781,016 |
|
Accumulated depreciation |
|
(69,754 |
) |
|
(60,629 |
) |
Total rental property, net |
|
753,806 |
|
|
720,387 |
|
Cash and cash equivalents |
|
27,671 |
|
|
28,723 |
|
Deferred lease costs, net |
|
18,605 |
|
|
18,399 |
|
Prepaids and other assets |
|
17,217 |
|
|
14,455 |
|
Total assets |
|
$ |
817,299 |
|
|
$ |
781,964 |
|
Liabilities and Owners' Equity |
|
|
|
|
|
|
Mortgages payable, net |
|
$ |
407,640 |
|
|
$ |
400,935 |
|
Accounts payable and other liabilities |
|
27,604 |
|
|
31,805 |
|
Total liabilities |
|
435,244 |
|
|
432,740 |
|
Owners' equity |
|
382,055 |
|
|
349,224 |
|
Total liabilities and owners' equity |
|
$ |
817,299 |
|
|
$ |
781,964 |
|
|
| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Condensed Combined Statements of Operations |
|
March 31, |
|
- Unconsolidated Joint Ventures |
|
2016 |
|
2015 |
|
Revenues |
|
$ |
27,698 |
|
|
$ |
23,965 |
|
|
Expenses |
|
|
|
|
|
Property operating |
|
10,318 |
|
|
9,144 |
|
|
General and administrative |
|
117 |
|
|
218 |
|
|
Depreciation and amortization |
|
8,799 |
|
|
7,822 |
|
|
Total expenses |
|
19,234 |
|
|
17,184 |
|
|
Operating income |
|
8,464 |
|
|
6,781 |
|
|
Interest expense |
|
(2,554 |
) |
|
(1,770 |
) |
|
Other nonoperating income |
|
1 |
|
|
8 |
|
|
Net income |
|
$ |
5,911 |
|
|
$ |
5,019 |
|
|
|
|
|
|
|
|
The Company and Operating Partnership's share of: |
|
Net income |
|
$ |
3,499 |
|
|
$ |
2,543 |
|
|
Depreciation expense (real estate related) |
|
$ |
5,339 |
|
|
$ |
4,076 |
|
|
|