Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2021

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

We have an ownership interest in the following unconsolidated real estate joint ventures:


As of March 31, 2021
Joint Venture	Outlet Center Location	Ownership %		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:
Columbus	Columbus, OH	50.0	%	355	$	1.6	$	70.8
RioCan Canada	Various	50.0	%	665	87.9		—
					$	89.5
Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	$	(12.4)	$	99.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(9.8)		94.5
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(12.2)		64.3
					$	(34.4)


As of December 31, 2020
Joint Venture	Outlet Center Location	Ownership %		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:
Columbus	Columbus, OH	50.0	%	355	$	2.0	$	70.8
RioCan Canada	Various	50.0	%	765	92.6		$	—
					$	94.6
Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(12.8)		99.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(8.4)		94.5
Galveston/Houston (2)	Texas City, TX	50.0	%	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.

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 in management, leasing and other services as follows (in thousands):


	Three months ended
	March 31,
		2021		2020
Fee:
Management and marketing		$	509	$	541
Leasing and other fees		56		20
Expense reimbursements from unconsolidated joint ventures		807		882
Total Fees		$	1,372	$	1,443

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, 2021		December 31, 2020
Assets
Land	$	83,486	$	86,861
Buildings, improvements and fixtures	467,316		471,798
Construction in progress	3,059		2,976
	553,861		561,635
Accumulated depreciation	(151,140)		(145,810)
Total rental property, net	402,721		415,825
Cash and cash equivalents	20,459		21,471
Deferred lease costs and other intangibles, net	4,475		4,849
Prepaids and other assets	18,567		20,478
Total assets	$	446,222	$	462,623
Liabilities and Owners’ Equity
Mortgages payable, net	$	329,249	$	344,856
Accounts payable and other liabilities	14,188		17,427
Total liabilities	343,437		362,283
Owners’ equity	102,785		100,340
Total liabilities and owners’ equity	$	446,222	$	462,623

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures		2021		2020
Revenues		$	20,992	$	22,036
Expenses:
Property operating		8,413		9,129
General and administrative		29		139



Depreciation and amortization		5,901		5,906
Total expenses		14,343		15,174
Other income (expense):
Interest expense		(2,945)		(3,735)
Gain on sale of assets		503		—
Other income		59		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