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Investments in Unconsolidated Real Estate Joint Ventures
 9 Months Ended
Sep. 30, 2022
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 September 30, 2022
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:
RioCan CanadaVarious50.0 %665 $74.7 — 
$74.7 
Investments included in other liabilities:
Columbus(2)
Columbus, OH50.0 %355 $(1.0)$70.5 
Charlotte(2)
Charlotte, NC50.0 %399 (18.5)99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (12.3)94.6 
Galveston/Houston (2)
Texas City, TX50.0 %353 (15.4)64.4 
$(47.2)
As of December 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 $0.2 $70.9 
RioCan CanadaVarious50.0 %665 82.4 — 
$82.6 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 $(16.2)$99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (11.2)94.5 
Galveston/Houston (2)
Texas City, TX50.0 %353 (14.0)64.4 
$(41.4)
(1)Net of debt origination costs of $1.3 million as of September 30, 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.

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 endedNine months ended
September 30,September 30,
 2022202120222021
Fee:  
Management and marketing$661 $530 $1,749 $1,575 
Leasing and other fees61 72 96 231 
Expense reimbursements from unconsolidated joint ventures1,175 1,039 3,015 2,566 
Total Fees$1,897 $1,641 $4,860 $4,372 
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 “Condensed Combined 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 $3.3 million and $3.4 million as of September 30, 2022 and December 31, 2021, respectively) are amortized over the various useful lives of the related assets.

Columbus

In September 2022, the Columbus joint venture completed the refinance of its mortgage. The new $71.0 million non-recourse loan has a maturity date of October 2032 and a fixed interest rate of 6.25%.

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 VenturesSeptember 30, 2022December 31, 2021
Assets  
Land$81,339 $83,568 
Buildings, improvements and fixtures454,993 467,918 
Construction in progress328 744 
536,660 552,230 
Accumulated depreciation(177,126)(166,096)
Total rental property, net359,534 386,134 
Cash and cash equivalents14,865 19,030 
Deferred lease costs and other intangibles, net3,001 3,517 
Prepaids and other assets12,375 13,109 
Total assets$389,775 $421,790 
Liabilities and Owners’ Equity  
Mortgages payable, net $329,165 $329,460 
Accounts payable and other liabilities13,166 15,231 
Total liabilities342,331 344,691 
Owners’ equity47,444 77,099 
Total liabilities and owners’ equity$389,775 $421,790 
 Three months endedNine months ended
Condensed Combined Statements of Operations - Unconsolidated Joint VenturesSeptember 30,September 30,
2022202120222021
Revenues $22,418 $22,071 $65,925 $65,664 
Expenses: 
Property operating8,992 8,735 25,730 25,597 
General and administrative77 87 210 173 
Depreciation and amortization5,631 5,749 16,653 17,413 
Total expenses14,700 14,571 42,593 43,183 
Other income (expense):
Interest expense(3,721)(2,913)(9,795)(8,769)
Gain on sale of assets— — — 503 
Other income111 2 117 157 
Total other expense(3,610)(2,911)(9,678)(8,109)
Net income$4,108 $4,589 $13,654 $14,372 
The Company and Operating Partnership’s share of:  
Net income$2,055 $2,261 $6,795 $6,758 
Depreciation and amortization (real estate related)$2,871 $2,908 $8,416 $8,817