Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2014

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

At March 31, 2014 and December 31, 2013, we were members of the following unconsolidated real estate joint ventures:



As of March 31, 2014
Joint Venture	Center Location	Ownership %		Square Feet	Carrying Value of Investment (in millions)		Total Joint Venture Debt (in millions)
Charlotte	Charlotte, NC	50.0	%	—	$	20.7	$	—
Galveston/Houston	Texas City, TX	50.0	%	352,705	7.2		65.0
National Harbor	Washington D.C. Metro Area	50.0	%	338,786	17.3		60.9
RioCan Canada	Various	50.0	%	432,448	86.7		17.1
Savannah ⁽¹⁾	Savannah, GA	50.0	%	—	20.8		—
Westgate	Glendale, AZ	58.0	%	331,739	15.8		43.6
Wisconsin Dells	Wisconsin Dells, WI	50.0	%	265,086	2.4		24.3
Other				—	0.1		—
					$	171.0	$	210.9

(1)

Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than indicated in the Tanger Share column, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors,including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales.



As of December 31, 2013
Joint Venture	Center Location	Ownership %		Square Feet	Carrying Value of Investment (in millions)		Total Joint Venture Debt (in millions)
Charlotte	Charlotte, NC	50.0	%	—	$	11.6	$	—
Galveston/Houston	Texas City, TX	50.0	%	352,705	7.4		65.0
National Harbor	Washington D.C. Metro Area	50.0	%	336,286	16.7		52.4
RioCan Canada	Various	50.0	%	432,836	85.7		17.9
Westgate	Glendale, AZ	58.0	%	331,739	16.1		43.1
Wisconsin Dells	Wisconsin Dells, WI	50.0	%	265,086	2.5		24.3
Other				—	0.2		—
					$	140.2	$	202.7

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

Fees we received for various services provided to our unconsolidated joint ventures were recognized as follows (in thousands):



	Three months ended
	March 31,
	2014		2013
Fee:
Development and leasing	$	8	$	69
Loan guarantee	40		40
Management	409		496
Marketing	109		110
Total Fees	$	566	$	715

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):



Condensed Combined Balance Sheets - Unconsolidated Joint Ventures	March 31, 2014			December 31, 2013
Assets
Land	$	65,242		$	66,020
Buildings, improvements and fixtures	325,115			327,972
Construction in progress, including land	147,099			86,880
	537,456			480,872
Accumulated depreciation	(33,487		)	(29,523		)
Total rental property, net	503,969			451,349
Cash and cash equivalents	22,678			22,704
Deferred lease costs, net	21,839			19,281
Deferred debt origination costs, net	1,834			1,737
Prepaids and other assets	9,898			9,107
Total assets	$	560,218		$	504,178
Liabilities and Owners' Equity
Mortgages payable	$	210,932		$	202,688
Construction trade payables	20,295			19,370
Accounts payable and other liabilities	10,221			8,540
Total liabilities	241,448			230,598
Owners' equity	318,770			273,580
Total liabilities and owners' equity	$	560,218		$	504,178

Summary Financial Information Of Unconsolidated JVs Statements of Operations



	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2014			2013
Revenues	$	16,755		$	21,395
Expenses
Property operating	6,646			8,803
General and administrative	129			485
Acquisition costs	—			421
Depreciation and amortization	4,974			7,384
Total expenses	11,749			17,093
Operating income	5,006			4,302
Interest expense	(1,226		)	(4,052		)
Net income	$	3,780		$	250

The Company and Operating Partnership's share of:
Net income	$	1,933		$	590
Depreciation and impairment charge (real estate related)	$	2,605		$	3,173