Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Equity Method Investments and Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
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As of December 31, 2016 |
Joint Venture |
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Outlet 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) |
|
Total Joint Venture Debt, Net
(in millions)(1)
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Columbus |
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Columbus, OH |
|
50.0 |
% |
|
355 |
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|
$ |
6.7 |
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|
$ |
84.2 |
|
National Harbor |
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National Harbor, MD |
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50.0 |
% |
|
341 |
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|
4.1 |
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|
86.1 |
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RioCan Canada |
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Various |
|
50.0 |
% |
|
901 |
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117.3 |
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11.1 |
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$ |
128.1 |
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$ |
181.4 |
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Charlotte(3)
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Charlotte, NC |
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50.0 |
% |
|
398 |
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$ |
(2.5 |
) |
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$ |
89.7 |
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Galveston/Houston (3)
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Texas City, TX |
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50.0 |
% |
|
353 |
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(3.8 |
) |
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64.9 |
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$ |
(6.3 |
) |
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$ |
154.6 |
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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, Net
(in millions)(1)
|
Columbus |
|
Columbus, OH |
|
50.0 |
% |
|
— |
|
|
$ |
21.1 |
|
|
$ |
— |
|
National Harbor |
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National Harbor, MD |
|
50.0 |
% |
|
339 |
|
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6.1 |
|
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85.8 |
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RioCan Canada |
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Various |
|
50.0 |
% |
|
870 |
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117.2 |
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11.3 |
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Savannah (2)
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Savannah, GA |
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50.0 |
% |
|
377 |
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44.4 |
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87.6 |
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Westgate |
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Glendale, AZ |
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58.0 |
% |
|
411 |
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12.3 |
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61.9 |
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$ |
201.1 |
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$ |
246.6 |
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Charlotte(3)
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Charlotte, NC |
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50.0 |
% |
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398 |
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$ |
(1.1 |
) |
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$ |
89.6 |
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Galveston/Houston(3)
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Texas City, TX |
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50.0 |
% |
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353 |
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$ |
(1.5 |
) |
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$ |
64.7 |
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$ |
(2.6 |
) |
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$ |
154.3 |
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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 management, leasing and other services as follows (in thousands):
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Year Ended December 31, |
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2016 |
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2015 |
|
2014 |
Fees: |
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Development and leasing |
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$ |
651 |
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$ |
1,827 |
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$ |
725 |
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Loan guarantee |
|
452 |
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|
746 |
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|
463 |
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Management and marketing |
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2,744 |
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|
2,853 |
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|
2,403 |
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Total Fees |
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$ |
3,847 |
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$ |
5,426 |
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$ |
3,591 |
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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, 2016 and 2015 is as follows (in thousands):
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Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |
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2016 |
|
2015 |
Assets |
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Land |
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$ |
88,015 |
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$ |
103,046 |
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Buildings, improvements and fixtures |
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503,548 |
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615,662 |
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Construction in progress, including land under development |
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13,037 |
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62,308 |
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604,600 |
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781,016 |
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Accumulated depreciation |
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(67,431 |
) |
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(60,629 |
) |
Total rental property, net |
|
537,169 |
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|
720,387 |
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Cash and cash equivalents |
|
27,271 |
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|
28,723 |
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Deferred lease costs, net |
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13,612 |
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|
18,399 |
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Prepaids and other assets |
|
12,567 |
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|
14,455 |
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Total assets |
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$ |
590,619 |
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$ |
781,964 |
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Liabilities and Owners' Equity |
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Mortgages payable, net |
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$ |
335,971 |
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$ |
400,935 |
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Accounts payable and other liabilities |
|
20,011 |
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|
31,805 |
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Total liabilities |
|
355,982 |
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|
432,740 |
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Owners' equity |
|
234,637 |
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|
349,224 |
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Total liabilities and owners' equity |
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$ |
590,619 |
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$ |
781,964 |
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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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2016 |
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2015 |
|
2014 |
Revenues |
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$ |
106,766 |
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$ |
106,042 |
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$ |
78,625 |
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Expenses: |
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Property operating |
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39,576 |
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40,639 |
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30,986 |
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General and administrative |
|
349 |
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|
571 |
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|
621 |
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Asset impairment |
|
5,838 |
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|
— |
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— |
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Abandoned development costs |
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— |
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— |
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|
472 |
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Depreciation and amortization |
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32,930 |
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|
34,516 |
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|
23,426 |
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Total expenses |
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78,693 |
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|
75,726 |
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55,505 |
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Operating income |
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28,073 |
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|
30,316 |
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23,120 |
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Interest expense |
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(8,946 |
) |
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(8,674 |
) |
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(5,459 |
) |
Other non-operating income |
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6 |
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|
19 |
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— |
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Net income |
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$ |
19,133 |
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$ |
21,661 |
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$ |
17,661 |
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The Company and Operating Partnership's share of: |
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Net income |
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$ |
10,872 |
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$ |
11,484 |
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$ |
9,053 |
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Depreciation and asset impairments (real estate related) |
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$ |
21,829 |
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$ |
20,052 |
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$ |
12,212 |
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