Investments in Unconsolidated Real Estate Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2022

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, 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	$	74.7	—
					$	74.7
Investments included in other liabilities:
Columbus(2)	Columbus, OH	50.0	%	355	$	(1.0)	$	70.5
Charlotte(2)	Charlotte, NC	50.0	%	399	(18.5)		99.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(12.3)		94.6
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(15.4)		64.4
					$	(47.2)


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 $1.3 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.

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,
	2022		2021		2022		2021
Fee:
Management and marketing	$	661	$	530	$	1,749	$	1,575
Leasing and other fees	61		72		96		231
Expense reimbursements from unconsolidated joint ventures	1,175		1,039		3,015		2,566
Total Fees	$	1,897	$	1,641	$	4,860	$	4,372

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	September 30, 2022		December 31, 2021
Assets
Land	$	81,339	$	83,568
Buildings, improvements and fixtures	454,993		467,918
Construction in progress	328		744
	536,660		552,230
Accumulated depreciation	(177,126)		(166,096)
Total rental property, net	359,534		386,134
Cash and cash equivalents	14,865		19,030
Deferred lease costs and other intangibles, net	3,001		3,517
Prepaids and other assets	12,375		13,109
Total assets	$	389,775	$	421,790
Liabilities and Owners’ Equity
Mortgages payable, net	$	329,165	$	329,460
Accounts payable and other liabilities	13,166		15,231
Total liabilities	342,331		344,691
Owners’ equity	47,444		77,099
Total liabilities and owners’ equity	$	389,775	$	421,790

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended				Nine months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures	September 30,				September 30,
	2022		2021		2022		2021
Revenues	$	22,418	$	22,071	$	65,925	$	65,664
Expenses:
Property operating	8,992		8,735		25,730		25,597
General and administrative	77		87		210		173



Depreciation and amortization	5,631		5,749		16,653		17,413
Total expenses	14,700		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 income	111		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