Annual report pursuant to Section 13 and 15(d)

Investments in Unconsolidated Real Estate Joint Ventures (Tables)

v2.4.0.6
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2011
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Schedule of Equity Method Investments [Table Text Block]
At December 31, 2011, 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, WI
50.0
%
265,086

$
4.0

$
24.3

Deer Park
Deer Park,
Long Island NY
33.3
%
656,788

$
5.4

$
246.9

Deer Park Warehouse
Deer Park,
Long Island NY
33.3
%
29,253

$
—

$
2.3

Galveston/Houston
Texas City, TX
50.0
%
—

$
7.9

—

RioCan Canada
Various
50.0
%
159,391

$
10.0

$
29.7

National Harbor
Washington D.C. Metro Area
50.0
%
—

$
0.9

$
—

Other
 
 
 
$
0.3

$
—


Schedule of Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs [Table Text Block]
The following management, development, leasing and marketing fees were recognized from services provided to our unconsolidated joint ventures (in thousands):
 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Fee:
 
 
 
 
 
 
Management and leasing
 
$
1,958

 
$
1,927

 
$
1,921

Marketing
 
163

 
154

 
147

Total Fees
 
$
2,121

 
$
2,081

 
$
2,068

Summary Financial Information of Unconsolidated JVs Balance Sheet [Table Text Block]
Condensed combined summary financial information of joint ventures accounted for using the equity method is as follows (in thousands):
Summary Balance Sheets- Unconsolidated Joint Ventures
 
 
 
 
 
 
2011
 
2010
Assets
 
 
 
 
Investment properties at cost, net
 
$
344,098

 
$
283,902

Cash and cash equivalents
 
7,582

 
13,838

Deferred charges, net
 
14,815

 
2,563

Deferred debt origination costs, net
 
7,566

 
1,427

Prepaids and other assets
 
11,687

 
6,291

Total assets
 
$
385,748

 
$
308,021

Liabilities and Owners' Equity
 
 
 
 
Mortgage payable
 
$
303,230

 
$
294,034

Construction trade payables
 
2,669

 
341

Accounts payable and other liabilities
 
27,246

 
4,810

Total liabilities
 
333,145

 
299,185

Owners' equity
 
52,603

 
8,836

Total liabilities and owners' equity
 
$
385,748

 
$
308,021

Summary Financial Information of Unconsolidated JVs Statements of Operations [Table Text Block]
Summary Statements of Operations- Unconsolidated Joint Ventures:
 
 
 
 
 
 
 
 
2011
 
2010
 
2009
Revenues
 
$
38,847

 
$
37,858

 
$
35,481

Expenses:
 
 
 
 
 
 
Property operating
 
18,034

 
18,172

 
16,643

General and administrative
 
250

 
455

 
861

Impairment charge
 
900

 
—

 
—

Depreciation and amortization
 
14,242

 
14,245

 
13,419

 
 
33,426

 
32,872

 
30,923

Operating income
 
5,421

 
4,986

 
4,558

Interest expense
 
10,456

 
6,947

 
9,913

Net loss
 
$
(5,035
)
 
$
(1,961
)
 
$
(5,355
)
The Company and Operating Partnership's share of:
 
 
 
 
 
 
Net loss
 
$
(1,565
)
 
$
(464
)
 
$
(1,512
)
Depreciation and asset impairments (real estate related) (1)
 
5,475

 
5,146

 
4,859


(1) The year ended December 31, 2011 includes our one-third share, or $300,000, of a $900,000 impairment charge recorded at the Deer Park Warehouse joint venture entity.