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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
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6 Months Ended |
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Jun. 30, 2011
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| Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
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| Schedule of Equity Method Investments [Table Text Block] |
At June 30, 2011, we were members of the following unconsolidated real estate joint ventures:
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Joint Venture |
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Center Location |
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Ownership % |
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Square Feet |
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Carrying Value of Investment (in millions) |
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Total Joint Venture Debt (in millions) |
Deer Park (1)
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Deer Park, Long Island, New York |
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33.3 |
% |
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683,033 |
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$ |
0.1 |
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$ |
269.3 |
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Wisconsin Dells |
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Wisconsin Dells, Wisconsin |
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50.0 |
% |
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265,061 |
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$ |
4.3 |
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$ |
24.3 |
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Other |
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— |
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$ |
0.2 |
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$ |
— |
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(1) Includes a 29,253 square foot warehouse adjacent to the shopping center with a mortgage note of approximately $2.3 million.
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| Schedule of Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs [Table Text Block] |
The following management, leasing and marketing fees were recognized from services provided to Wisconsin Dells and Deer Park for the three and six months ended June 30, 2011 and 2010, respectively (in thousands):
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2011 |
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2010 |
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2011 |
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2010 |
Fee: |
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Management and leasing |
$ |
469 |
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$ |
471 |
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$ |
973 |
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$ |
935 |
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Marketing |
44 |
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39 |
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88 |
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80 |
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Total Fees |
$ |
513 |
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$ |
510 |
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$ |
1,061 |
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$ |
1,015 |
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| 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):
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Summary Balance Sheets
- Unconsolidated Joint Ventures
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As of
June 30,
2011
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As of
December 31,
2010
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Assets |
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Investment properties at cost, net |
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$ |
284,076 |
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$ |
283,902 |
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Cash and cash equivalents |
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15,682 |
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13,838 |
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Deferred lease costs, net |
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2,877 |
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2,563 |
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Deferred debt origination costs, net |
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970 |
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1,427 |
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Prepaids and other assets |
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8,555 |
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6,291 |
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Total assets |
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$ |
312,160 |
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$ |
308,021 |
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Liabilities and Owners' Equity |
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Mortgages payable |
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$ |
293,534 |
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$ |
294,034 |
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Construction trade payables |
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6,034 |
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341 |
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Accounts payable and other liabilities |
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6,937 |
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4,810 |
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Total liabilities |
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306,505 |
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299,185 |
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Owners' equity |
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5,655 |
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8,836 |
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Total liabilities and owners' equity |
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$ |
312,160 |
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$ |
308,021 |
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations [Table Text Block] |
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Three Months Ended |
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Six Months Ended |
Summary Statements of Operations - |
June 30, |
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June 30, |
Unconsolidated Joint Ventures |
2011 |
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2010 |
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2011 |
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2010 |
Revenues |
$ |
9,752 |
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$ |
9,261 |
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$ |
19,314 |
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$ |
18,535 |
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Expenses |
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Property operating |
4,473 |
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4,200 |
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8,574 |
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8,410 |
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General and administrative |
(131 |
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72 |
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56 |
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359 |
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Depreciation and amortization |
3,627 |
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3,546 |
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7,238 |
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7,043 |
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Total expenses |
7,969 |
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7,818 |
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15,868 |
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15,812 |
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Operating income |
1,783 |
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1,443 |
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3,446 |
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2,723 |
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Interest expense |
4,126 |
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1,717 |
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5,929 |
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3,391 |
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Net loss |
$ |
(2,343 |
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$ |
(274 |
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$ |
(2,483 |
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$ |
(668 |
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The Company and Operating Partnership's share of: |
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Net loss |
$ |
(764 |
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$ |
(51 |
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$ |
(796 |
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$ |
(119 |
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Depreciation (real estate related) |
$ |
1,336 |
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$ |
1,280 |
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$ |
2,642 |
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$ |
2,545 |
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