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Investments in Unconsolidated Real Estate Joint Ventures
 3 Months Ended
Mar. 31, 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 March 31, 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 83.0 — 
$83.0 
Investments included in other liabilities:
Columbus(2)
Columbus, OH50.0 %355 $(0.9)$70.9 
Charlotte(2)
Charlotte, NC50.0 %399 $(17.3)$99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (11.7)94.6 
Galveston/Houston (2)
Texas City, TX50.0 %353 (13.9)64.4 
$(43.8)
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 $1.0 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.
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,
 20222021
Fee:  
Management and marketing$536 $509 
Leasing and other fees35 56 
Expense reimbursements from unconsolidated joint ventures956 807 
Total Fees$1,527 $1,372 

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 March 31, 2022 and December 31, 2021, respectively) are amortized over the various useful lives of the related assets.

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 VenturesMarch 31, 2022December 31, 2021
Assets  
Land$84,184 $83,568 
Buildings, improvements and fixtures470,435 467,918 
Construction in progress915 744 
555,534 552,230 
Accumulated depreciation(171,917)(166,096)
Total rental property, net383,617 386,134 
Cash and cash equivalents14,738 19,030 
Deferred lease costs and other intangibles, net3,413 3,517 
Prepaids and other assets11,766 13,109 
Total assets$413,534 $421,790 
Liabilities and Owners’ Equity  
Mortgages payable, net $329,488 $329,460 
Accounts payable and other liabilities13,530 15,231 
Total liabilities343,018 344,691 
Owners’ equity70,516 77,099 
Total liabilities and owners’ equity$413,534 $421,790 
 Three months ended
Condensed Combined Statements of Operations March 31,
 - Unconsolidated Joint Ventures20222021
Revenues $21,841 $20,992 
Expenses: 
Property operating8,303 8,413 
General and administrative92 29 
Depreciation and amortization5,482 5,901 
Total expenses13,877 14,343 
Other income (expense):
Interest expense(2,916)(2,945)
Gain on sale of assets— 503 
Other income3 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