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Investments in Unconsolidated Real Estate Joint Ventures (Tables)
6 Months Ended
Jun. 30, 2022
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Schedule of Equity Method Investments We have an ownership interest in the following unconsolidated real estate joint ventures:
As of June 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 $80.0 — 
$80.0 
Investments included in other liabilities:
Columbus(2)
Columbus, OH50.0 %355 $(1.2)$70.9 
Charlotte(2)
Charlotte, NC50.0 %399 (17.7)99.6 
National Harbor(2)
National Harbor, MD50.0 %341 (12.3)94.6 
Galveston/Houston (2)
Texas City, TX50.0 %353 (15.0)64.4 
$(46.2)
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 $1.0 million as of June 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 endedSix months ended
June 30,June 30,
 2022202120222021
Fee:  
Management and marketing$552 $537 $1,088 $1,045 
Leasing and other fees— 103 35 159 
Expense reimbursements from unconsolidated joint ventures884 719 1,840 1,527 
Total Fees$1,436 $1,359 $2,963 $2,731 
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 VenturesJune 30, 2022December 31, 2021
Assets  
Land$83,641 $83,568 
Buildings, improvements and fixtures465,644 467,918 
Construction in progress231 744 
549,516 552,230 
Accumulated depreciation(175,431)(166,096)
Total rental property, net374,085 386,134 
Cash and cash equivalents14,856 19,030 
Deferred lease costs and other intangibles, net3,190 3,517 
Prepaids and other assets10,432 13,109 
Total assets$402,563 $421,790 
Liabilities and Owners’ Equity  
Mortgages payable, net $329,535 $329,460 
Accounts payable and other liabilities13,128 15,231 
Total liabilities342,663 344,691 
Owners’ equity59,900 77,099 
Total liabilities and owners’ equity$402,563 $421,790 
Summary Financial Information Of Unconsolidated JVs Statements of Operations
 Three months endedSix months ended
Condensed Combined Statements of Operations - Unconsolidated Joint VenturesJune 30,June 30,
2022202120222021
Revenues $21,666 $22,601 $43,507 $43,594 
Expenses: 
Property operating8,435 8,448 16,738 16,862 
General and administrative40 58 133 86 
Depreciation and amortization5,540 5,763 11,021 11,664 
Total expenses14,015 14,269 27,892 28,612 
Other income (expense):
Interest expense(3,158)(2,910)(6,073)(5,855)
Gain on sale of assets— — — 503 
Other income96 154 
Total other expense(3,155)(2,814)(6,067)(5,198)
Net income$4,496 $5,518 $9,548 $9,784 
The Company and Operating Partnership’s share of:  
Net income$2,227 $2,728 $4,740 $4,497 
Depreciation and amortization (real estate related)$2,791 $2,913 $5,545 $5,909