Investments in Unconsolidated Companies

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Summarized Financial Information

As of December 31, 2020, we had equity interests in nine unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated joint ventures at December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018, are as follows (in thousands):


	2020		2019		2018
Rental revenue	$	57,952	$	59,905	$	60,446
Gains on land and property sales - continuing operations	$	2,076	$	24,099	$	25,879
Net income	$	19,183	$	40,134	$	44,372

Equity in earnings of unconsolidated joint ventures	$	11,944	$	31,406	$	21,444

Land, buildings and tenant improvements, net	$	321,803	$	305,888
Construction in progress	23,507		7,747
Undeveloped land	23,653		29,518
Other assets	79,842		75,909
	$	448,805	$	419,062

Indebtedness	$	155,539	$	129,700
Other liabilities	31,946		24,208
	187,485		153,908
Owners' equity	261,320		265,154
	$	448,805	$	419,062

Investments in and advances to unconsolidated joint ventures (1)	$	131,898	$	133,074

(1) Differences between the net investment in our unconsolidated joint ventures and our underlying equity in the net assets of the ventures are primarily a result of basis differences associated with the sales of properties to joint ventures in which we retained an ownership interest. These adjustments have resulted in an aggregate difference reducing our investments in unconsolidated joint ventures by $2.7 million and $2.5 million as of December 31, 2020 and 2019, respectively. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans and impairments) are typically depreciated over the life of the related asset.

The scheduled principal payments of long term debt for the unconsolidated joint ventures, at our ratable ownership percentage, for each of the next five years and thereafter as of December 31, 2020 are as follows (in thousands):


Year	Future Repayments
2021	$	40,654
2022	122
2023	126
2024	131
2025	30,885
Thereafter	5,851
	$	77,769

In January 2021 we, and the other partner in one of our unconsolidated joint ventures, repaid the substantial majority (see Note 14) of the future repayments scheduled for 2021.