Investments in Unconsolidated Companies (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019, are as follows (in thousands):

	2021		2020		2019
Rental revenue	$	67,142	$	57,952	$	59,905
Gains on land and property sales - continuing operations	$	64,480	$	2,076	$	24,099
Net income	$	85,323	$	19,183	$	40,134
Equity in earnings of unconsolidated joint ventures	$	32,804	$	11,944	$	31,406
Land, buildings and tenant improvements, net	$	625,206	$	321,803
Construction in progress	31,745		23,507
Undeveloped land	3,326		23,653
Other assets	106,521		79,842
	$	766,798	$	448,805
Indebtedness	$	286,430	$	155,539
Other liabilities	45,580		31,946
	332,010		187,485
Owners' equity	434,788		261,320
	$	766,798	$	448,805
Investments in and advances to unconsolidated joint ventures (1)	$	168,336	$	131,898

(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 increasing our investments in unconsolidated joint ventures by $3.8 million and $2.7 million as of December 31, 2021 and 2020, 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, 2021 are as follows (in thousands):

Year	Future Repayments
2022	$	121
2023	126
2024	2,525
2025	30,885
2026	47,341
Thereafter	—
	$	80,998

During 2021, a 20% owned joint venture partially financed acquisitions of properties from us with third party mortgage loans and our proportional share of such borrowings was $41.5 million with maturity dates in 2026 (see Note 5). In January 2022, this unconsolidated joint venture financed an additional acquisition of assets from us with $34.0 million, at our proportional share, of third party mortgage loans that mature in 2025 (see Note 14).