Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments |
We have an ownership interest in the following unconsolidated real estate joint ventures:
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As of September 30, 2019 |
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) |
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Total Joint Venture Debt, Net
(in millions)(1)
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Investments included in investments in unconsolidated joint ventures: |
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RioCan Canada |
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Various |
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50.0 |
% |
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764 |
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$ |
94.4 |
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$ |
9.2 |
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$ |
94.4 |
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Investments included in other liabilities: |
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Columbus(2)
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
(2.7 |
) |
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$ |
84.9 |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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399 |
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(11.8 |
) |
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99.5 |
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National Harbor(2)
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National Harbor, MD |
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50.0 |
% |
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341 |
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(5.7 |
) |
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94.4 |
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Galveston/Houston (2)
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Texas City, TX |
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50.0 |
% |
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353 |
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(20.1 |
) |
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79.8 |
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$ |
(40.3 |
) |
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As of December 31, 2018 |
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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Investments included in investments in unconsolidated joint ventures: |
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RioCan Canada |
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Various |
|
50.0 |
% |
|
924 |
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$ |
96.0 |
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$ |
9.3 |
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$ |
96.0 |
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Investments included in other liabilities: |
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Columbus (2)
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Columbus, OH |
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50.0 |
% |
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355 |
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$ |
(1.6 |
) |
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$ |
84.7 |
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Charlotte(2)
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Charlotte, NC |
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50.0 |
% |
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398 |
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(10.8 |
) |
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99.5 |
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National Harbor (2)
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National Harbor, MD |
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50.0 |
% |
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341 |
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(5.1 |
) |
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94.5 |
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Galveston/Houston(2)
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Texas City, TX |
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50.0 |
% |
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353 |
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(15.0 |
) |
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79.6 |
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$ |
(32.5 |
) |
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(1) |
Net of debt origination costs and including premiums of $1.2 million and $1.4 million as of September 30, 2019 and December 31, 2018, respectively.
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(2) |
The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
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| Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs |
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Fee: |
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Management and marketing |
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$ |
567 |
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$ |
571 |
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$ |
1,696 |
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$ |
1,704 |
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Leasing and other fees |
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32 |
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12 |
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71 |
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122 |
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Expense reimbursements from unconsolidated joint ventures |
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757 |
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656 |
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2,176 |
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1,754 |
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Total Fees |
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$ |
1,356 |
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$ |
1,239 |
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$ |
3,943 |
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$ |
3,580 |
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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, 2019 |
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December 31, 2018 |
Assets |
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Land |
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$ |
90,145 |
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$ |
91,443 |
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Buildings, improvements and fixtures |
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472,794 |
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469,834 |
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Construction in progress |
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4,914 |
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2,841 |
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567,853 |
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564,118 |
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Accumulated depreciation |
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(126,858 |
) |
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(113,713 |
) |
Total rental property, net |
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440,995 |
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450,405 |
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Cash and cash equivalents |
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16,423 |
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16,216 |
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Deferred lease costs and other intangibles, net |
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7,158 |
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8,437 |
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Prepaids and other assets |
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18,865 |
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25,648 |
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Total assets |
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$ |
483,441 |
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$ |
500,706 |
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Liabilities and Owners’ Equity |
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Mortgages payable, net |
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$ |
367,927 |
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$ |
367,865 |
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Accounts payable and other liabilities |
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14,789 |
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13,414 |
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Total liabilities |
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382,716 |
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381,279 |
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Owners’ equity |
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100,725 |
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119,427 |
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Total liabilities and owners’ equity |
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$ |
483,441 |
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$ |
500,706 |
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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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2019 |
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2018 |
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2019 |
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2018 |
Revenues |
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$ |
23,050 |
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$ |
23,538 |
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$ |
70,088 |
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$ |
70,940 |
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Expenses: |
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Property operating |
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8,380 |
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9,147 |
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27,780 |
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28,032 |
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General and administrative |
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19 |
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49 |
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171 |
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301 |
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Depreciation and amortization |
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6,051 |
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6,860 |
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18,478 |
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19,768 |
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Total expenses |
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14,450 |
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16,056 |
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46,429 |
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48,101 |
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Other income (expense): |
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Interest expense |
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(4,059 |
) |
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(3,810 |
) |
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(12,331 |
) |
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(10,275 |
) |
Other income |
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179 |
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68 |
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305 |
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175 |
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Total other income (expense) |
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(3,880 |
) |
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(3,742 |
) |
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$ |
(12,026 |
) |
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$ |
(10,100 |
) |
Net income |
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$ |
4,720 |
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$ |
3,740 |
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$ |
11,633 |
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$ |
12,739 |
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The Company and Operating Partnership’s share of: |
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Net income |
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$ |
2,329 |
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$ |
1,833 |
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$ |
5,604 |
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$ |
6,233 |
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Depreciation and amortization (real estate related) |
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$ |
3,058 |
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$ |
3,466 |
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$ |
9,453 |
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$ |
10,020 |
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