Investments in and Advances to Joint Ventures

3 Months Ended

Mar. 31, 2022

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

3. Investments in and Advances to Joint Ventures

At March 31, 2022 and December 31, 2021, the Company had ownership interests in various unconsolidated joint ventures that had investments in 46 and 47 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2022			December 31, 2021
Condensed Combined Balance Sheets
Land	$	367,548		$	378,442
Buildings		1,063,245			1,092,245
Fixtures and tenant improvements		121,851			123,313
		1,552,644			1,594,000
Less: Accumulated depreciation		(436,140	)		(441,215	)
		1,116,504			1,152,785
Construction in progress and land		990			5,778
Real estate, net		1,117,494			1,158,563
Cash and restricted cash		40,603			37,535
Receivables, net		15,005			16,854
Other assets, net		50,144			49,029
	$	1,223,246		$	1,261,981
Mortgage debt	$	873,117		$	873,336
Notes and accrued interest payable to the Company		3,469			3,331
Other liabilities		49,744			51,473
		926,330			928,140
Accumulated equity		296,916			333,841
	$	1,223,246		$	1,261,981
Company's share of accumulated equity	$	52,192		$	59,286
Basis differentials		2,239			2,946
Deferred development fees, net of portion related to the Company's interest		(853	)		(937	)
Amounts payable to the Company		3,469			3,331
Investments in and Advances to Joint Ventures, net	$	57,047		$	64,626

	Three Months
	Ended March 31,
	2022			2021
Condensed Combined Statements of Operations
Revenues from operations	$	41,649		$	50,560
Expenses from operations:
Operating expenses		11,523			14,417
Impairment charges		5,200			—
Depreciation and amortization		14,345			17,117
Interest expense		9,289			10,947
Other expense, net		2,572			2,964
		42,929			45,445
(Loss) income before (loss) gain on disposition of real estate		(1,280	)		5,115
(Loss) gain on disposition of real estate, net		(98	)		28,401
Net (loss) income attributable to unconsolidated joint ventures	$	(1,378	)	$	33,516
Company's share of equity in net income of joint ventures	$	30		$	4,323
Basis differential adjustments(A)		139			62
Equity in net income of joint ventures	$	169		$	4,385

(A) 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, 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.

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 are as follows (in millions):

	Three Months
	Ended March 31,
	2022		2021
Revenue from contracts:
Asset and property management fees	$	2.3	$	2.6
Development fees, leasing commissions and other		0.4		0.4
		2.7		3.0
Other		0.4		0.4
	$	3.1	$	3.4

Disposition of Shopping Centers and Joint Venture Interest

In February 2022, the Company acquired its partner’s 80% interest in one asset owned by the DDRM Properties Joint Venture (Casselberry Commons, Casselberry, Florida) for $35.6 million, and stepped up the previous 20% interest due to change in control.  The transaction resulted in Gain on Change in Control of Interests of $3.3 million (Note 4).