Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
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:
RioCan Canada	Various	50.0	%	665	83.0		—
					$	83.0
Investments included in other liabilities:
Columbus(2)	Columbus, OH	50.0	%	355	$	(0.9)	$	70.9
Charlotte(2)	Charlotte, NC	50.0	%	399	$	(17.3)	$	99.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(11.7)		94.6
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.9)		64.4
					$	(43.8)


As of December 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	$	0.2	$	70.9
RioCan Canada	Various	50.0	%	665	82.4		—
					$	82.6
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	(11.2)		94.5
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(14.0)		64.4
					$	(41.4)

(1)Net of debt origination costs of $1.0 million as of March 31, 2022 and $1.0 million as of December 31, 2021.

(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,
		2022		2021
Fee:
Management and marketing		$	536	$	509
Leasing and other fees		35		56
Expense reimbursements from unconsolidated joint ventures		956		807
Total Fees		$	1,527	$	1,372

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, 2022		December 31, 2021
Assets
Land	$	84,184	$	83,568
Buildings, improvements and fixtures	470,435		467,918
Construction in progress	915		744
	555,534		552,230
Accumulated depreciation	(171,917)		(166,096)
Total rental property, net	383,617		386,134
Cash and cash equivalents	14,738		19,030
Deferred lease costs and other intangibles, net	3,413		3,517
Prepaids and other assets	11,766		13,109
Total assets	$	413,534	$	421,790
Liabilities and Owners’ Equity
Mortgages payable, net	$	329,488	$	329,460
Accounts payable and other liabilities	13,530		15,231
Total liabilities	343,018		344,691
Owners’ equity	70,516		77,099
Total liabilities and owners’ equity	$	413,534	$	421,790

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures		2022		2021
Revenues		$	21,841	$	20,992
Expenses:
Property operating		8,303		8,413
General and administrative		92		29



Depreciation and amortization		5,482		5,901
Total expenses		13,877		14,343
Other income (expense):
Interest expense		(2,916)		(2,945)
Gain on sale of assets		—		503
Other income		3		59
Total other expense		(2,913)		(2,383)
Net income		$	5,051	$	4,266
The Company and Operating Partnership’s share of:
Net income		$	2,513	$	1,769
Depreciation and amortization (real estate related)		$	2,754	$	2,996