Investments in Unconsolidated Real Estate Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2012

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

Schedule of Equity Method Investments

At September 30, 2012, we were members of the following unconsolidated real estate joint ventures:

Joint Venture	Center Location	Ownership %		Square Feet	Carrying Value of Investment  (in millions)		Total Joint Venture Debt  (in millions)
Deer Park	Deer Park, Long Island NY	33.3	%	741,981	$	3.5	$	246.9
Deer Park Warehouse	Deer Park, Long Island NY	33.3	%	29,253	—		1.8
Galveston/Houston (1)	Texas City, Texas	50.0	%	352,705	28.5		—
National Harbor	Washington D.C. Metro Area	50.0	%	—	1.2		—
RioCan Canada	Various	50.0	%	155,522	25.9		—
Westgate	Glendale, Arizona	58.0	%	—	19.5		15.9
Wisconsin Dells	Wisconsin Dells, Wisconsin	50.0	%	265,086	3.9		24.3
Other				—	0.2		—
Total					$	82.7	$	288.9

Schedule of Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs

Management, leasing and marketing fees earned from services provided to our unconsolidated joint ventures were recognized in other income as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
Fee:
Management and leasing	$	571	$	716	$	1,524	$	1,689
Marketing	61		37		161		125
Total Fees	$	632	$	753	$	1,685	$	1,814

Summary Financial Information of Unconsolidated JVs Balance Sheet

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):

Summary Balance Sheets - Unconsolidated Joint Ventures	As of September 30, 2012			As of December 31, 2011
Assets
Land	$	78,531		$	77,864
Buildings, improvements and fixtures	295,593			288,934
Construction in progress, including land	113,169			23,545
	487,293			390,343
Accumulated depreciation	(57,067		)	(46,245		)
Total rental property, net	430,226			344,098
Assets held for sale (1)	1,821			—
Cash and cash equivalents	10,778			7,582
Deferred lease costs, net	13,586			14,815
Deferred debt origination costs, net	5,773			7,566
Prepaids and other assets	21,396			11,687
Total assets	$	483,580		$	385,748
Liabilities and Owners' Equity
Mortgages payable	$	288,978		$	303,230
Construction trade payables	14,506			2,669
Accounts payable and other liabilities	26,125			27,246
Total liabilities	329,609			333,145
Owners' equity	153,971			52,603
Total liabilities and owners' equity	$	483,580		$	385,748

(1) Assets related to our Deer Park Warehouse joint venture, which is currently under contract to be sold.

Summary Financial Information Of Unconsolidated JVs Statements of Operations

	Three months ended						Nine months ended
Summary Statements of Operations	September 30,						September 30,
- Unconsolidated Joint Ventures	2012			2011			2012			2011
Revenues	$	11,985		$	9,488		$	35,249		$	28,802
Expenses
Property operating	5,521			4,718			15,495			13,292
General and administrative	365			58			765			114
Acquisition costs	—			—			704			—
Abandoned development costs	—			—			1,390			—
Impairment charge	—			—			420			—
Depreciation and amortization	4,283			3,534			13,191			10,772
Total expenses	10,169			8,310			31,965			24,178
Operating income	1,816			1,178			3,284			4,624
Interest expense	3,540			1,381			10,967			7,310
Net loss	$	(1,724	)	$	(203	)	$	(7,683	)	$	(2,686	)
The Company and Operating Partnership's share of:
Net loss	$	(555	)	$	(27	)	$	(2,874	)	$	(823	)
Depreciation and impairment charge (real estate related)	$	1,641		$	1,280		$	5,249		$	3,922