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Investments in Unconsolidated Real Estate Joint Ventures
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023
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 $74.5 — 
$74.5 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 (19.7)99.7 
National Harbor(2)
National Harbor, MD50.0 %341 (14.2)94.0 
Galveston/Houston (2)
Texas City, TX50.0 %353 (13.2)57.0 
Columbus(2)
Columbus, OH50.0 %355 (2.9)70.3 
$(50.0)
As of December 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 73.8 — 
$73.8 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 $(18.8)$99.7 
National Harbor(2)
National Harbor, MD50.0 %341 (12.8)94.6 
Galveston/Houston(2)
Texas City, TX50.0 %353 (15.5)64.5 
Columbus(2)
Columbus, OH50.0 %355 (2.4)70.3 
$(49.5)
(1)Net of debt origination costs of $2.3 million as of June 30, 2023 and $1.5 million as of December 31, 2022.
(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 endedSix months ended
June 30,June 30,
 2023202220232022
Fee:
Management and marketing$565 $552 $1,109 $1,088 
Leasing and other fees53 — 98 35 
Expense reimbursements from unconsolidated joint ventures1,109 884 2,185 1,840 
Total Fees$1,727 $1,436 $3,391 $2,963 
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 $3.1 million and $3.2 million as of June 30, 2023 and December 31, 2022, respectively) are amortized over the various useful lives of the related assets.

Galveston/Houston

In June 2023, the Galveston/Houston joint venture completed the refinance of its mortgage. The new $58.0 million loan has a maturity date of June 2026 and an interest rate of Daily SOFR + 3.00%. In conjunction with this refinance, the joint venture entered into a $29.0 million interest rate swap that fixes Daily SOFR at 4.44% until December 2025.

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, 2023December 31, 2022
Assets  
Land$82,648 $81,716 
Buildings, improvements and fixtures463,373 458,190 
Construction in progress442 681 
546,463 540,587 
Accumulated depreciation(193,795)(182,731)
Total rental property, net352,668 357,856 
Cash and cash equivalents10,806 17,372 
Deferred lease costs and other intangibles, net2,613 2,895 
Prepaids and other assets9,140 10,612 
Total assets$375,227 $388,735 
Liabilities and Owners’ Equity  
Mortgages payable, net $321,082 $329,009 
Accounts payable and other liabilities13,164 15,374 
Total liabilities334,246 344,383 
Owners’ equity40,981 44,352 
Total liabilities and owners’ equity$375,227 $388,735 
 Three months endedSix months ended
Condensed Combined Statements of Operations - Unconsolidated Joint VenturesJune 30,June 30,
2023202220232022
Revenues $21,804 $21,666 $43,933 $43,507 
Expenses: 
Property operating8,783 8,435 17,255 16,738 
General and administrative47 40 189 133 
Depreciation and amortization5,156 5,540 10,395 11,021 
Total expenses13,986 14,015 27,839 27,892 
Other income (expense):
Interest expense(4,519)(3,158)(8,920)(6,073)
Other income129 3 268 6 
Total other expense(4,390)(3,155)(8,652)(6,067)
Net income$3,428 $4,496 $7,442 $9,548 
The Company and Operating Partnership’s share of:  
Net income$1,706 $2,227 $3,641 $4,740 
Depreciation and amortization (real estate related)$2,615 $2,791 $5,285 $5,545