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Investments in Unconsolidated Real Estate Joint Ventures
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021
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:
ColumbusColumbus, OH50.0 %355 $1.6 $70.8 
RioCan CanadaVarious50.0 %665 87.9 — 
$89.5 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 $(12.4)$99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (9.8)94.5 
Galveston/Houston (2)
Texas City, TX50.0 %353 (12.2)64.3 
$(34.4)
As of December 31, 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:
ColumbusColumbus, OH50.0 %355 $2.0 $70.8 
RioCan CanadaVarious50.0 %765 92.6 $— 
$94.6 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 (12.8)99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (8.4)94.5 
Galveston/Houston (2)
Texas City, TX50.0 %353 (19.5)80.0 
$(40.7)
(1)Net of debt origination costs of $1.3 million as of March 31, 2021 and $1.1 million as of December 31, 2020.
(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 ended
March 31,
 20212020
Fee:  
Management and marketing$509 $541 
Leasing and other fees56 20 
Expense reimbursements from unconsolidated joint ventures807 882 
Total Fees$1,372 $1,443 

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 $3.4 million and $3.6 million as of March 31, 2021 and December 31, 2020, respectively) are amortized over the various useful lives of the related assets.

Galveston/Houston

In February 2021, the Galveston/Houston joint venture amended its mortgage loan to extend the maturity to July 2023, which required a reduction in principal balance from $80.0 million to $64.5 million. The amendment also changed the interest rate from LIBOR + 1.65% to LIBOR + 1.85%. We are providing property management, marketing and leasing services to the outlet center.

RioCan Canada

In March 2021, the RioCan joint venture closed on the sale of its outlet center in Saint-Sauveur, for net proceeds of approximately $9.4 million. Our share of the proceeds was approximately $4.7 million. As a result of this transaction, we recorded a loss on the sale of $3.7 million. This includes a $3.6 million charge related to the foreign currency effect of the sale recorded in other income (expense), which had been previously recorded in other comprehensive income.
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 VenturesMarch 31, 2021December 31, 2020
Assets  
Land$83,486 $86,861 
Buildings, improvements and fixtures467,316 471,798 
Construction in progress3,059 2,976 
553,861 561,635 
Accumulated depreciation(151,140)(145,810)
Total rental property, net402,721 415,825 
Cash and cash equivalents20,459 21,471 
Deferred lease costs and other intangibles, net4,475 4,849 
Prepaids and other assets18,567 20,478 
Total assets$446,222 $462,623 
Liabilities and Owners’ Equity  
Mortgages payable, net $329,249 $344,856 
Accounts payable and other liabilities14,188 17,427 
Total liabilities343,437 362,283 
Owners’ equity102,785 100,340 
Total liabilities and owners’ equity$446,222 $462,623 

 Three months ended
Condensed Combined Statements of Operations March 31,
 - Unconsolidated Joint Ventures20212020
Revenues $20,992 $22,036 
Expenses: 
Property operating8,413 9,129 
General and administrative29 139 
Depreciation and amortization5,901 5,906 
Total expenses14,343 15,174 
Other income (expense):
Interest expense(2,945)(3,735)
Gain on sale of assets503 — 
Other income59 56 
Total other expense$(2,383)$(3,679)
Net income$4,266 $3,183 
The Company and Operating Partnership’s share of:  
Net income$1,769 $1,527 
Depreciation and amortization (real estate related)$2,996 $3,018