|
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
|
3 Months Ended |
|
Mar. 31, 2012
|
| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
|
| Schedule of Equity Method Investments [Table Text Block] |
At March 31, 2012, we were members of the following unconsolidated real estate joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture |
|
Center Location |
|
Ownership % |
|
Square Feet |
|
Carrying Value of Investment
(in millions)
|
|
Total Joint Venture Debt
(in millions)
|
Wisconsin Dells |
|
Wisconsin Dells, Wisconsin |
|
50.0 |
% |
|
265,086 |
|
|
$ |
4.0 |
|
|
$ |
24.3 |
|
Deer Park |
|
Deer Park, Long Island NY |
|
33.3 |
% |
|
741,976 |
|
|
4.7 |
|
|
246.9 |
|
Deer Park Warehouse |
|
Deer Park, Long Island NY |
|
33.3 |
% |
|
29,253 |
|
|
— |
|
|
2.3 |
|
Galveston/Houston |
|
Texas City, Texas |
|
50.0 |
% |
|
— |
|
|
13.9 |
|
|
— |
|
RioCan Canada |
|
Various |
|
50.0 |
% |
|
157,382 |
|
|
24.8 |
|
|
— |
|
National Harbor |
|
Washington D.C. Metro Area |
|
50.0 |
% |
|
— |
|
|
0.9 |
|
|
— |
|
Other |
|
|
|
50.0 |
% |
|
— |
|
|
0.2 |
|
|
— |
|
Total |
|
|
|
|
|
|
|
$ |
48.5 |
|
|
$ |
273.5 |
|
|
| Schedule of Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs [Table Text Block] |
Management, leasing and marketing fees earned from services provided to our unconsolidated joint ventures were recognized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2012 |
|
2011 |
Fee: |
|
|
|
|
Management and leasing |
|
$ |
479 |
|
|
$ |
505 |
|
Marketing |
|
53 |
|
|
44 |
|
Total Fees |
|
$ |
532 |
|
|
$ |
549 |
|
|
| Summary Financial Information of Unconsolidated JVs Balance Sheet [Table Text Block] |
Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Summary Balance Sheets - Unconsolidated Joint Ventures |
|
As of
March 31,
2012
|
|
As of
December 31,
2011
|
Assets |
|
|
|
|
|
|
Investment properties at cost, net |
|
$ |
357,357 |
|
|
$ |
344,098 |
|
Cash and cash equivalents |
|
9,621 |
|
|
7,582 |
|
Deferred lease costs, net |
|
14,294 |
|
|
14,815 |
|
Deferred debt origination costs, net |
|
6,626 |
|
|
7,566 |
|
Prepaids and other assets |
|
15,663 |
|
|
11,687 |
|
Total assets |
|
$ |
403,561 |
|
|
$ |
385,748 |
|
Liabilities and Owners' Equity |
|
|
|
|
|
|
Mortgages payable |
|
$ |
273,534 |
|
|
$ |
303,230 |
|
Construction trade payables |
|
7,719 |
|
|
2,669 |
|
Accounts payable and other liabilities |
|
24,788 |
|
|
27,246 |
|
Total liabilities |
|
306,041 |
|
|
333,145 |
|
Owners' equity |
|
97,520 |
|
|
52,603 |
|
Total liabilities and owners' equity |
|
$ |
403,561 |
|
|
$ |
385,748 |
|
|
| Summary Financial Information Of Unconsolidated JVs Statements of Operations [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
Summary Statements of Operations - Unconsolidated Joint Ventures |
|
2012 |
|
2011 |
Revenues |
|
$ |
11,658 |
|
|
$ |
9,562 |
|
Expenses |
|
|
|
|
Property operating |
|
4,891 |
|
|
4,101 |
|
General and administrative |
|
163 |
|
|
187 |
|
Acquisition costs |
|
704 |
|
|
— |
|
Abandoned development costs |
|
954 |
|
|
— |
|
Depreciation and amortization |
|
4,608 |
|
|
3,611 |
|
Total expenses |
|
11,320 |
|
|
7,899 |
|
Operating income |
|
338 |
|
|
1,663 |
|
Interest expense |
|
3,829 |
|
|
1,803 |
|
Net loss |
|
$ |
(3,491 |
) |
|
$ |
(140 |
) |
|
|
|
|
|
The Company and Operating Partnership's share of: |
Net loss |
|
$ |
(1,452 |
) |
|
$ |
(32 |
) |
Depreciation (real estate related) |
|
$ |
1,815 |
|
|
$ |
1,306 |
|
|