Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

Schedule Of Equity Method Investments [Line Items]

Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances

The Company’s equity method joint ventures are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet.  Joint ventures terminated in 2020 are discussed below.  The Company’s joint ventures as of December 31, 2020 are as follows:

Unconsolidated Real Estate Ventures	Partner	Effective Ownership Percentage	Operating Properties
DDRM Properties	Madison International Realty	20.0%	34
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0	10
DDR – SAU Retail Fund, LLC	State of Utah	20.0	11
Other Joint Venture Interests	Various	20.0–79.45	4

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	December 31,
	2020			2019
Condensed Combined Balance Sheets
Land	$	441,412		$	895,427
Buildings		1,258,879			2,583,053
Fixtures and tenant improvements		137,663			233,303
		1,837,954			3,711,783
Less: Accumulated depreciation		(492,288	)		(949,879	)
		1,345,666			2,761,904
Construction in progress and land		58,201			58,855
Real estate, net		1,403,867			2,820,759
Cash and restricted cash		35,212			109,260
Receivables, net		25,719			37,191
Other assets, net		61,381			147,129
	$	1,526,179		$	3,114,339
Mortgage debt	$	1,029,579		$	1,640,146
Notes and accrued interest payable to the Company		4,375			4,975
Other liabilities		57,349			142,754
		1,091,303			1,787,875
Redeemable preferred equity – SITE Centers(A)	—				217,871
Accumulated equity		434,876			1,108,593
	$	1,526,179		$	3,114,339
Company's share of accumulated equity	$	72,555		$	186,247
Redeemable preferred equity, net(B)	—				112,589
Basis differentials		1,644			(6,864	)
Deferred development fees, net of portion related to the Company's interest		(1,277	)		(2,452	)
Amounts payable to the Company		4,375			4,975
Investments in and Advances to Joint Ventures, net	$	77,297		$	294,495

(A) Includes $17.3 million of paid-in-kind (PIK) interest on the Company’s preferred investments in the BRE DDR Joint Ventures that the Company had accrued at December 31, 2019, which was fully reserved.  

(B) Amount is net of the valuation allowance of $87.9 million at December 31, 2019, and the fully reserved PIK interest.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	For the Year Ended December 31,
	2020			2019		2018
Condensed Combined Statements of Operations
Revenues from operations	$	252,946		$	428,281	$	427,467
Expenses from operations:
Operating expenses		77,040			118,412		125,353
Impairment charges(A)		33,240			13,807		177,522
Depreciation and amortization		99,779			149,749		145,849
Interest expense		60,010			93,887		96,312
Preferred share expense		15,708			21,832		24,875
Other expense, net		13,796			20,563		24,891
		299,573			418,250		594,802
(Loss) income before gain on disposition of real estate		(46,627	)		10,031		(167,335	)
Gain on disposition of real estate, net		9,257			67,011		93,753
Net (loss) income attributable to unconsolidated joint ventures	$	(37,370	)	$	77,042	$	(73,582	)
Company's share of equity in net income (loss) of joint ventures	$	1,109		$	10,743	$	(2,419	)
Basis differential adjustments(B)		407			776		11,784
Equity in net income of joint ventures	$	1,516		$	11,519	$	9,365

(A) For the years ended December 31, 2020, 2019 and 2018, the Company’s proportionate share was $1.9 million, $2.5 million and $13.1 million, respectively.  The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges previously recorded on these investments, as appropriate, as discussed below.  

(B) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.  

Schedule of Fee and Other Income

The impact of the COVID-19 pandemic on revenues and receivables for the Company’s joint ventures is more fully described in Note 2.

Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests in the BRE DDR Joint Ventures are as follows (in millions):

	For the Year Ended December 31,
	2020		2019		2018
Revenue from contracts:
Asset and property management fees	$	12.8	$	19.7	$	18.8
Development fees, leasing commissions and other		4.2		5.2		6.9
		17.0		24.9		25.7
Other:
Interest income		12.0		16.7		19.0
Other		2.1		3.2		2.6
		14.1		19.9		21.6
	$	31.1	$	44.8	$	47.3