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Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Operating Partnership's Equity Interest

The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions):

Entity

 

Formation
Date

 

Operating
Partnership
Share of
Capital

 

 

Capital Called
as of June 30, 2023 (b)

 

 

Unfunded
Commitment (b, c)

 

 

Equity Interest
Held By
Operating
Partnership (a)

 

 

Preferred
Return

 

 

Total
Distributions
as of June 30, 2023 (b, c)

 

Fund II and Mervyns II (c,d)

 

6/2004

 

 

61.67

%

 

$

559.4

 

 

$

0.0

 

 

 

61.67

%

 

 

8

%

 

$

172.9

 

Fund III

 

5/2007

 

 

24.54

%

 

 

448.1

 

 

 

1.9

 

 

 

24.54

%

 

 

6

%

 

 

603.5

 

Fund IV

 

5/2012

 

 

23.12

%

 

 

488.1

 

 

 

41.9

 

 

 

23.12

%

 

 

6

%

 

 

221.4

 

Fund V

 

8/2016

 

 

20.10

%

 

 

387.0

 

 

 

133.0

 

 

 

20.10

%

 

 

6

%

 

 

101.2

 

 

a)
Amount represents the current economic ownership at June 30, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.
b)
Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.
c)
During the second quarter of 2022, the Company increased its ownership in Fund II and Mervyns II through an acquisition of its partner's interest by 11.67%, from 28.33% to 40.00%, for $18.5 million. Additionally, during the third quarter of 2022, the Company increased its ownership in Fund II through an acquisition of a partner's interest by 21.67%, from 40.00% to 61.67%, for $5.8 million. Each of the remaining partners in Fund II have a right to put their equity interests to the Company beginning in August 2023. As the Company retained its controlling interest, these additional investments were accounted for as equity transactions (Note 10).
During 2022, Mervyns II recalled $3.8 million of the $15.7 million recallable distribution, of which the Company's share is $1.2 million. In January 2023, following the expiration of the lock-up period, Mervyns II distributed the 2.5 million shares of its investment in Albertsons to its partners; the Company directly owns 1.6 million shares (Note 4, Note 8).