Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 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	December 31,
Portfolio	Property	December 31, 2021	2021		2020
					(As Restated)
Core:	840 N. Michigan (a)	88.43%	$	51,513	$	55,863
	Renaissance Portfolio	20%		28,466		29,270
	Gotham Plaza	49%		29,187		28,683
	Georgetown Portfolio	50%		4,089		4,624
	1238 Wisconsin Avenue	80%		5,895		2,571
				119,150		121,011
Mervyns I & II:	KLA/ABS (b)	36.7%		124,316		72,391
Fund III:	Self Storage Management (c)	95%		207		207
	640 Broadway (d)	63.13%		17,825		17,457
				18,032		17,664
Fund IV:	Fund IV Other Portfolio	98.57%		12,675		11,719
	650 Bald Hill Road	90%		11,677		12,550
	Paramus Plaza	50%		1,975		5,565
				26,327		29,834
Fund V:	Family Center at Riverdale (a)	89.42%		12,449		11,824
	Tri-City Plaza	90%		6,827		7,024
	Frederick County Acquisitions	90%		10,748		10,837
				30,024		29,685
Various:	Due from (to) Related Parties			666		363
	Other (e)			3,811		1,881
	Investments in and advances to unconsolidated affiliates		$	322,326	$	272,829
Core:	Crossroads (f)	49%	$	9,939	$	15,616
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	9,939	$	15,616

a)Represents a tenancy-in-common interest.

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

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

d)In January 2022, the Company obtained the partner's interest and now owns 100% and consolidates the entity (Note 18).

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

f)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 December 31, 2021, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):

	December 31,
	2021		2020
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	631,661	$	633,375
Real estate under development		8,112		14,664
Other assets		78,300		70,710
Total assets	$	718,073	$	718,749
Liabilities and partners’ equity:
Mortgage notes payable	$	571,461	$	569,040
Other liabilities		69,166		76,341
Partners’ equity		77,446		73,368
Total liabilities and partners’ equity	$	718,073	$	718,749
Company's share of accumulated equity	$	113,285	$	112,088
Basis differential		66,031		66,724
Deferred fees, net of portion related to the Company's interest		4,071		3,559
Amounts receivable/payable by the Company		666		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		184,053		182,734
Investments carried at fair value or cost		128,334		74,479
Company's share of distributions in excess of income from and    investments in unconsolidated affiliates		9,939		15,616
Investments in and advances to unconsolidated affiliates	$	322,326	$	272,829

Schedule of Condensed Income Statement

	Year Ended December 31,
	2021			2020			2019
Combined and Condensed Statements of Operations
Total revenues	$	80,823		$	78,054		$	77,507
Operating and other expenses		(28,572	)		(28,718	)		(24,894	)
Interest expense		(21,228	)		(22,651	)		(25,660	)
Depreciation and amortization		(30,518	)		(30,917	)		(25,012	)
Loss on extinguishment of debt		(35	)		—			—
Gain on disposition of properties (a)		3,206			—			—
Net income (loss) attributable to unconsolidated affiliates	$	3,676		$	(4,232	)	$	1,941
Company’s share of equity in net income (loss) of unconsolidated affiliates	$	6,023		$	(2,503	)	$	1,118
Income attributable to unconsolidated affiliates recently sold or consolidated		—			1,280		$	6,155
Basis differential amortization		(693	)		(1,834	)		(1,374	)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	5,330		$	(3,057	)	$	5,899

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