Investments in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

		Ownership Interest	September 30,		December 31,
Portfolio	Property	September 30, 2021	2021		2020
Core:	840 N. Michigan (a)	88.43%	$	52,797	$	55,863
	Renaissance Portfolio	20%		28,669		29,270
	Gotham Plaza	49%		28,892		28,683
	Georgetown Portfolio	50%		4,078		4,624
	1238 Wisconsin Avenue	80%		4,385		2,571
				118,821		121,011
Mervyns I & II:	KLA/ABS (b)	36.7%		128,186		72,391
Fund III:	Self Storage Management (c)	95%		207		207
Fund IV:	Fund IV Other Portfolio	98.57%		12,638		11,719
	650 Bald Hill Road	90%		11,692		12,550
				24,330		24,269
Fund V:	Family Center at Riverdale (a)	89.42%		12,612		11,824
	Tri-City Plaza	90%		6,992		7,024
	Frederick County Acquisitions	90%		10,817		10,837
				30,421		29,685
Various:	Due from (to) Related Parties			527		363
	Other (d)			3,176		1,881
	Investments in and advances to unconsolidated affiliates		$	305,668	$	249,807
Core:	Crossroads (e)	49%	$	15,456	$	15,616
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,456	$	15,616

a)Represents a tenancy-in-common interest.

b)Includes an interest in Albertsons (at fair value, as described below) (Note 8).

c)Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

d)Includes cost-method investments in Storage Post, Fifth Wall and other investments.

e)Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.

Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of September 30, 2021, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):

	September 30, 2021		December 31, 2020
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	557,892	$	563,997
Real estate under development		10,768		14,517
Other assets		63,461		61,969
Total assets	$	632,121	$	640,483
Liabilities and partners’ equity:
Mortgage notes payable	$	507,396	$	512,490
Other liabilities		71,937		74,872
Partners’ equity		52,788		53,121
Total liabilities and partners’ equity	$	632,121	$	640,483
Company's share of accumulated equity	$	100,015	$	100,767
Basis differential		54,065		55,017
Deferred fees, net of portion related to the Company's interest		4,036		3,565
Amounts receivable/payable by the Company		527		363
Investments in and advances to unconsolidated affiliates, net of Company's    share of distributions in excess of income from and investments in    unconsolidated affiliates		158,643		159,712
Investments carried at fair value or cost		131,569		74,479
Company's share of distributions in excess of income from and    investments in unconsolidated affiliates		15,456		15,616
Investments in and advances to unconsolidated affiliates	$	305,668	$	249,807

Schedule of Condensed Income Statement

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Combined and Condensed Statements of Operations
Total revenues	$	17,912		$	17,302		$	54,734		$	53,170
Operating and other expenses		(6,845	)		(6,234	)		(19,878	)		(18,996	)
Interest expense		(4,733	)		(4,865	)		(14,136	)		(15,135	)
Depreciation and amortization		(6,320	)		(7,947	)		(20,797	)		(20,831	)
Gain on disposition of properties (a)		—			—			3,206			—
Net income (loss) attributable to unconsolidated affiliates	$	14		$	(1,744	)	$	3,129		$	(1,792	)
Company’s share of equity in net income (loss) of unconsolidated affiliates	$	899		$	21		$	4,965		$	(153	)
Income attributable to unconsolidated affiliates recently sold or consolidated		—			(11	)		—			1,280
Basis differential amortization		(255	)		(634	)		(952	)		(1,282	)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	644		$	(624	)	$	4,013		$	(155	)

a)Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021.