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Investments in Unconsolidated Real Estate Joint Ventures
 9 Months Ended
Sep. 30, 2020
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Joint Ventures Investments in Unconsolidated Real Estate Joint Ventures
The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
As of September 30, 2020
Joint VentureOutlet Center LocationOwnership %Square Feet
(in 000’s)		Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan CanadaVarious50.0 %765 $92.5 $— 
$92.5 
Investments included in other liabilities:
Columbus(2)
Columbus, OH50.0 %355 $(3.6)$85.0 
Charlotte(2)
Charlotte, NC50.0 %399 (13.1)99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (8.7)94.5 
Galveston/Houston (2)
Texas City, TX50.0 %353 (19.8)79.9 
$(45.2)
As of December 31, 2019
Joint VentureOutlet Center LocationOwnership %Square Feet
(in 000’s)		Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan CanadaVarious50.0 %764 $94.7 $9.2 
$94.7 
Investments included in other liabilities:
Columbus(2)
Columbus, OH50.0 %355 $(3.5)$85.0 
Charlotte(2)
Charlotte, NC50.0 %399 (13.0)99.5 
National Harbor(2)
National Harbor, MD50.0 %341 (5.9)94.4 
Galveston/Houston (2)
Texas City, TX50.0 %353 (19.7)79.9 
$(42.1)

(1)Net of debt origination costs of $1.1 million as of September 30, 2020 and net of debt origination cost and including premiums of $1.1 million as of December 31, 2019.
(2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture.

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
Three months endedNine months ended
September 30,September 30,
 2020201920202019
Fee:  
Management and marketing$471 $567 $1,156 $1,696 
Leasing and other fees15 32 50 71 
Expense reimbursements from unconsolidated joint ventures708 757 2,156 2,176 
Total Fees$1,194 $1,356 $3,362 $3,943 

Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Summary Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $3.6 million and $3.8 million as of September 30, 2020 and December 31, 2019, respectively) are amortized over the various useful lives of the related assets.

Galveston/Houston

In June 2020, in response to the COVID-19 impact on the property, the Galveston/Houston joint venture amended its mortgage loan. The loan modification amended the first one-year extension option to provide for two six-month options (the “First Extension” and “Second Extension”, respectively). Under the loan modification, the joint venture is prohibited from making partner distributions during the term of the First Extension.  If the joint venture exercises all available options, the loan would mature in July 2022.  The joint venture exercised its First Extension option to extend the mortgage loan for six months to January 2021.

RioCan Canada

In May 2020, the joint venture’s mortgage loan for the outlet center in Saint-Sauveur matured and the joint venture repaid the approximately $8.3 million owed in full.
During June 2020, the Rio-Can joint venture recognized an impairment charge related to its Saint-Sauveur property in Quebec. The impairment charge was primarily driven by deterioration of net operating income caused by market competition and the COVID-19 pandemic.

The table below summarizes the impairment charge taken during the second quarter of 2020 (in thousands):
Impairment Charge(1)
Outlet CenterTotalOur Share
2020Saint-Sauveur$6,181 $3,091 
(1)The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets.


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 VenturesSeptember 30, 2020December 31, 2019
Assets  
Land$88,312 $90,859 
Buildings, improvements and fixtures461,593 477,061 
Construction in progress4,801 4,779 
554,706 572,699 
Accumulated depreciation(138,622)(132,860)
Total rental property, net416,084 439,839 
Cash and cash equivalents16,515 19,750 
Deferred lease costs and other intangibles, net5,134 6,772 
Prepaids and other assets24,355 17,789 
Total assets$462,088 $484,150 
Liabilities and Owners’ Equity  
Mortgages payable, net $358,940 $368,032 
Accounts payable and other liabilities15,911 17,173 
Total liabilities374,851 385,205 
Owners’ equity87,237 98,945 
Total liabilities and owners’ equity$462,088 $484,150 
 Three months endedNine months ended
Condensed Combined Statements of Operations September 30,September 30,
 - Unconsolidated Joint Ventures2020201920202019
Revenues $16,959 $23,050 $55,470 $70,088 
Expenses: 
Property operating8,035 8,380 24,023 27,780 
General and administrative82 19 344 171 
Asset impairment— — 6,181 — 
Depreciation and amortization5,877 6,051 17,686 18,478 
Total expenses13,994 14,450 48,234 46,429 
Other income (expense):
Interest expense(3,024)(4,059)(9,991)(12,331)
Other income104 179 165 305 
Total other income (expense)(2,920)(3,880)$(9,826)$(12,026)
Net income (loss)$45 $4,720 $(2,590)$11,633 
The Company and Operating Partnership’s share of:  
Net income (loss)$(42)$2,329 $(1,490)$5,604 
Depreciation and amortization (real estate related)$3,003 $3,058 $9,038 $9,453