Investments in Unconsolidated Real Estate Joint Ventures (Tables)

9 Months Ended

Sep. 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 September 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	$	1.1	$	70.9
RioCan Canada	Various	50.0	%	665	84.3		—
					$	85.4
Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	$	(16.8)	$	99.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(10.1)		94.5
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.7)		64.4
					$	(40.6)


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 $1.1 million as of September 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				Nine months ended
	September 30,				September 30,
	2021		2020		2021		2020
Fee:
Management and marketing	$	530	$	471	$	1,575	$	1,156
Leasing and other fees	72		15		231		50
Expense reimbursements from unconsolidated joint ventures	1,039		708		2,566		2,156
Total Fees	$	1,641	$	1,194	$	4,372	$	3,362

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	September 30, 2021		December 31, 2020
Assets
Land	$	83,114	$	86,861
Buildings, improvements and fixtures	466,670		471,798
Construction in progress	847		2,976
	550,631		561,635
Accumulated depreciation	(160,900)		(145,810)
Total rental property, net	389,731		415,825
Cash and cash equivalents	15,760		21,471
Deferred lease costs and other intangibles, net	3,785		4,849
Prepaids and other assets	15,850		20,478
Total assets	$	425,126	$	462,623
Liabilities and Owners’ Equity
Mortgages payable, net	$	329,381	$	344,856
Accounts payable and other liabilities	13,459		17,427
Total liabilities	342,840		362,283
Owners’ equity	82,286		100,340
Total liabilities and owners’ equity	$	425,126	$	462,623

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended				Nine months ended
Condensed Combined Statements of Operations	September 30,				September 30,
- Unconsolidated Joint Ventures	2021		2020		2021		2020
Revenues	$	22,071	$	16,959	$	65,664	$	55,470
Expenses:
Property operating	8,735		8,035		25,597		24,023
General and administrative	87		82		173		344


Asset impairment	—		—		—		6,181
Depreciation and amortization	5,749		5,877		17,413		17,686
Total expenses	14,571		13,994		43,183		48,234
Other income (expense):
Interest expense	(2,913)		(3,024)		(8,769)		(9,991)
Gain on sale of assets	—		—		503		—
Other income	2		104		157		165
Total other expense	(2,911)		(2,920)		(8,109)		(9,826)
Net income (loss)	$	4,589	$	45	$	14,372	$	(2,590)
The Company and Operating Partnership’s share of:
Net income (loss)	$	2,261	$	(42)	$	6,758	$	(1,490)
Depreciation and amortization (real estate related)	$	2,908	$	3,003	$	8,817	$	9,038