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Investments in and Advances to Joint Ventures
9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Joint Ventures
3.
Investments in and Advances to Joint Ventures

At September 30, 2024 and December 31, 2023, the Company had ownership interests in various unconsolidated joint ventures that had investments in 11 and 13 shopping center properties, respectively. The changes to Investments in and Advances to Joint Ventures are as follows (in thousands):

Balance, December 31, 2023

$

39,372

 

Equity in net loss

 

(895

)

Distributions

 

(1,400

)

Contributions

 

951

 

Amortization of basis differentials

 

1,424

 

Carrying value of previously held equity interest

 

(6,146

)

Repayment of advances

 

(730

)

Change in fair value of derivative

 

(397

)

Balance, September 30, 2024

$

32,179

 

A reconciliation of the consolidated joint venture equity is as follows (in thousands):

 

September 30, 2024

 

 

December 31, 2023

 

Company's share of accumulated equity

$

27,801

 

 

$

35,782

 

Basis differentials

 

2,385

 

 

 

1,099

 

Deferred leasing and development fees, net of portion related to the Company's interest

 

 

 

 

(136

)

Amounts payable to the Company

 

1,993

 

 

 

2,627

 

Investments in and Advances to Joint Ventures, net

$

32,179

 

 

$

39,372

 

Revenues earned by the Company for providing asset management, property management and leasing and development services to all of the Company’s unconsolidated joint ventures were $1.3 million and $4.1 million and $1.6 million and $5.2 million for the three and nine months ended September 30, 2024 and 2023, respectively.

Disposition of Shopping Centers

In May 2024, the Company acquired one asset previously owned by the DDRM Properties Joint Venture (Meadowmont Village, Chapel Hill, North Carolina) for $44.2 million and stepped up its 20% interest due to a change in control. The transaction resulted in a

Gain on Sale and Change in Control of Interests of $2.7 million. In June 2024, the DDRM Properties Joint Venture sold one asset (Hilltop Plaza, Richmond, California) for $36.5 million. There are no remaining assets in this joint venture.