Quarterly report pursuant to Section 13 or 15(d)

Investments in Unconsolidated Real Estate Joint Ventures (Tables)

v3.22.2.2
Investments in Unconsolidated Real Estate Joint Ventures (Tables)
9 Months Ended
Sep. 30, 2022
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Schedule of Equity Method Investments We have an ownership interest in the following unconsolidated real estate joint ventures:
As of September 30, 2022
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)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada Various 50.0  % 665  $ 74.7  — 
$ 74.7 
Investments included in other liabilities:
Columbus(2)
Columbus, OH 50.0  % 355  $ (1.0) $ 70.5 
Charlotte(2)
Charlotte, NC 50.0  % 399  (18.5) 99.6 
National Harbor(2)
National Harbor, MD 50.0  % 341  (12.3) 94.6 
Galveston/Houston (2)
Texas City, TX 50.0  % 353  (15.4) 64.4 
$ (47.2)
As of December 31, 2021
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)
Investments included in investments in unconsolidated joint ventures:
Columbus Columbus, OH 50.0  % 355  $ 0.2  $ 70.9 
RioCan Canada Various 50.0  % 665  82.4  — 
$ 82.6 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC 50.0  % 399  $ (16.2) $ 99.6 
National Harbor(2)
National Harbor, MD 50.0  % 341  (11.2) 94.5 
Galveston/Houston (2)
Texas City, TX 50.0  % 353  (14.0) 64.4 
$ (41.4)
(1)Net of debt origination costs of $1.3 million as of September 30, 2022 and $1.0 million as of December 31, 2021.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.
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):
Three months ended Nine months ended
September 30, September 30,
  2022 2021 2022 2021
Fee:    
Management and marketing $ 661  $ 530  $ 1,749  $ 1,575 
Leasing and other fees 61  72  96  231 
Expense reimbursements from unconsolidated joint ventures 1,175  1,039  3,015  2,566 
Total Fees $ 1,897  $ 1,641  $ 4,860  $ 4,372 
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):

Condensed Combined Balance Sheets - Unconsolidated Joint Ventures September 30, 2022 December 31, 2021
Assets    
Land $ 81,339  $ 83,568 
Buildings, improvements and fixtures 454,993  467,918 
Construction in progress 328  744 
536,660  552,230 
Accumulated depreciation (177,126) (166,096)
Total rental property, net 359,534  386,134 
Cash and cash equivalents 14,865  19,030 
Deferred lease costs and other intangibles, net 3,001  3,517 
Prepaids and other assets 12,375  13,109 
Total assets $ 389,775  $ 421,790 
Liabilities and Owners’ Equity    
Mortgages payable, net $ 329,165  $ 329,460 
Accounts payable and other liabilities 13,166  15,231 
Total liabilities 342,331  344,691 
Owners’ equity 47,444  77,099 
Total liabilities and owners’ equity $ 389,775  $ 421,790 
Summary Financial Information Of Unconsolidated JVs Statements of Operations
  Three months ended Nine months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures September 30, September 30,
2022 2021 2022 2021
Revenues $ 22,418  $ 22,071  $ 65,925  $ 65,664 
Expenses:  
Property operating 8,992  8,735  25,730  25,597 
General and administrative 77  87  210  173 
Depreciation and amortization 5,631  5,749  16,653  17,413 
Total expenses 14,700  14,571  42,593  43,183 
Other income (expense):
Interest expense (3,721) (2,913) (9,795) (8,769)
Gain on sale of assets —  —  —  503 
Other income 111  117  157 
Total other expense (3,610) (2,911) (9,678) (8,109)
Net income $ 4,108  $ 4,589  $ 13,654  $ 14,372 
The Company and Operating Partnership’s share of:    
Net income $ 2,055  $ 2,261  $ 6,795  $ 6,758 
Depreciation and amortization (real estate related) $ 2,871  $ 2,908  $ 8,416  $ 8,817