Investments in Unconsolidated Companies (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information for Unconsolidated Companies

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.

Schedule of Maturities of Long-term Debt of Unconsolidated Joint Ventures

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