Investments in Unconsolidated Real Estate Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2021

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

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


As of June 30, 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	$	1.5	$	70.8
RioCan Canada	Various	50.0	%	665	87.4		—
					$	88.9
Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	$	(16.2)	$	99.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(10.3)		94.5
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(12.8)		64.3
					$	(39.3)


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 $1.2 million as of June 30, 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				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Fee:
Management and marketing	$	537	$	144	$	1,045	$	685
Leasing and other fees	103		15		159		35
Expense reimbursements from unconsolidated joint ventures	719		566		1,527		1,448
Total Fees	$	1,359	$	725	$	2,731	$	2,168

Schedule of impairment charges

The table below summarizes the impairment charge taken during the second quarter of 2020 (in thousands):


		Impairment Charge(1)
	Outlet Center	Total		Our Share
2020	Saint-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.

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	June 30, 2021		December 31, 2020
Assets
Land	$	84,114	$	86,861
Buildings, improvements and fixtures	470,374		471,798
Construction in progress	871		2,976
	555,359		561,635
Accumulated depreciation	(157,134)		(145,810)
Total rental property, net	398,225		415,825
Cash and cash equivalents	25,932		21,471
Deferred lease costs and other intangibles, net	4,172		4,849
Prepaids and other assets	14,377		20,478
Total assets	$	442,706	$	462,623
Liabilities and Owners’ Equity
Mortgages payable, net	$	329,314	$	344,856
Accounts payable and other liabilities	12,752		17,427
Total liabilities	342,066		362,283
Owners’ equity	100,640		100,340
Total liabilities and owners’ equity	$	442,706	$	462,623

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended				Six months ended
Condensed Combined Statements of Operations	June 30,				June 30,
- Unconsolidated Joint Ventures	2021		2020		2021		2020
Revenues	$	22,601	$	16,475	$	43,594	$	38,512
Expenses:
Property operating	8,448		6,860		16,862		15,989
General and administrative	58		123		86		262


Asset impairment	—		6,181		—		6,181
Depreciation and amortization	5,763		5,903		11,664		11,809
Total expenses	14,269		19,067		28,612		34,241
Other income (expense):
Interest expense	(2,910)		(3,232)		(5,855)		(6,967)
Gain on sale of assets	—		—		503		—
Other income	96		6		154		61
Total other expense	(2,814)		(3,226)		(5,198)		(6,906)
Net income (loss)	$	5,518	$	(5,818)	$	9,784	$	(2,635)
The Company and Operating Partnership’s share of:
Net income (loss)	$	2,728	$	(2,975)	$	4,497	$	(1,448)
Depreciation and amortization (real estate related)	$	2,913	$	3,017	$	5,909	$	6,035