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 December 31, 2023
Joint Venture	Center Locations	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	Ontario, Canada	50.0	%	665	$	71.9	—


Investments included in other liabilities:
Charlotte (2)	Charlotte, NC	50.0	%	399	$	(20.8)	$	99.2
National Harbor (2)	National Harbor, MD	50.0	%	341	(13.7)		93.3
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.0)		57.1
Columbus	Columbus, OH	50.0	%	355	(3.4)		70.4
					$	(50.9)	$	320.0


As of December 31, 2022
Joint Venture	Center Locations	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	Ontario, Canada	50.0	%	665	$	73.8	—

Investments included in other liabilities:
Charlotte (2)	Charlotte, NC	50.0	%	399	$	(18.8)	$	99.7
National Harbor (2)	National Harbor, MD	50.0	%	341	(12.8)		94.6
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(15.5)		64.5
Columbus	Columbus, OH	50.0	%	355	(2.4)		70.3
					$	(49.5)	$	329.0

(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Fees:
Management and marketing	$	2,196	$	2,207	$	2,347
Leasing and other fees	330		194		228
Expense reimbursements from unconsolidated joint ventures	4,881		4,432		3,836
Total Fees	$	7,407	$	6,833	$	6,411

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 bases (totaling $2.8 million and $3.2 million as of December 31, 2023 and 2022, respectively) are amortized over the various useful lives of the related assets.

In July 2014, we opened an approximately 398,000 square foot center in Charlotte, North Carolina that was developed through, and is owned by, a joint venture formed in May 2013. In June 2018, the joint venture closed on a $100.0 million mortgage loan with a fixed interest rate of approximately 4.3% and a maturity date of July 2028. The proceeds from the loan were used to pay off the existing $90.0 million mortgage loan with an interest rate of LIBOR + 1.45%, which had an original maturity date of November 2018. The joint venture distributed the incremental net loan proceeds of $9.3 million equally to its partners. Our partner provides property management, marketing and leasing services to the joint venture.

In June 2016, we opened an approximately 355,000 square foot center in Columbus, Ohio. The development was initially fully funded with equity contributed to the joint venture by the Company and its partner. In September 2022, the joint venture refinanced its mortgage. The $71.0 million non-recourse loan has a maturity date of October 2032 and a fixed interest rate of 6.25%. We provide property management, marketing and leasing services to the joint venture.

In October 2012, we opened an approximately 353,000 square foot center in Texas City, Texas that was developed through, and is owned by, a joint venture formed in June 2011. In February 2021, the Galveston/Houston joint venture amended its mortgage loan to extend the maturity date to June 2023, which required a reduction in principal balance from $80.0 million to $64.5 million. The amendment also changed the interest rate from LIBOR + 1.65% to LIBOR + 1.85%. Each partner made a capital contribution of $7.0 million to fund the reduction in principal balance.

In June 2023, the joint venture completed the refinance of its mortgage, resulting in a reduction in principal balance from $64.5 million to $58.0 million. The new loan has a maturity date of June 2026 and an interest rate of Daily SOFR + 3.00%. In conjunction with this refinancing, the joint venture entered into a $29.0 million interest rate swap agreement that fixes Daily SOFR at 4.44% until December 2025. We provide property management, marketing and leasing services to the joint venture.

In November 2013, we opened an approximately 341,000 square foot center at National Harbor in the Washington, D.C. Metro area that was developed through, and is owned by, a joint venture formed in May 2011. In December 2018, the joint venture closed on a $95.0 million mortgage loan with a fixed interest rate of approximately 4.6% and a maturity date of January 2030. The proceeds from the loan were used to pay off the $87.0 million construction loan with an interest rate of LIBOR + 1.65%, which had an original maturity date of November 2019. The joint venture distributed the incremental net loan proceeds of $7.4 million equally to its partners. We provide property management, marketing and leasing services to the joint venture.

We have a 50/50 co-ownership agreement with RioCan Real Estate Investment Trust to operate and manage centers in Canada. We provide leasing and marketing services for the centers and RioCan provides development and property management services.

In October 2014, the co-owners opened Tanger Outlets Ottawa, the first ground up development of a Tanger Center in Canada. In 2016, the co-owners commenced construction on an approximately 39,000 square foot expansion, which opened during the second quarter of 2017 to bring the total square feet of the center to approximately 357,000. In November 2020, the RioCan joint venture closed on the sale of an outparcel located at Tanger Outlets Ottawa for net proceeds of approximately $5.5 million, at a gain of approximately $2.0 million. Our share of the net proceeds was approximately $2.8 million, and our share of the gain was approximately $1.0 million.

In March 2021, the joint venture closed on the sale of its approximately 116,000 square foot center in Saint-Sauveur, for net proceeds of approximately $9.4 million. Our share of the net 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 joint ventures accounted for using the equity method as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


Condensed Combined Balance Sheets - Unconsolidated Joint Ventures	2023		2022
Assets
Land	$	82,962	$	81,716
Buildings, improvements and fixtures	466,496		458,190
Construction in progress	223		681
	549,681		540,587
Accumulated depreciation	(203,395)		(182,731)
Total rental property, net	346,286		357,856
Cash and cash equivalents	14,040		17,372
Deferred lease costs, net	2,637		2,895
Prepaids and other assets	11,616		10,612
Total assets	$	374,579	$	388,735
Liabilities and Owners' Equity
Mortgages payable, net	$	319,957	$	329,009
Accounts payable and other liabilities	16,013		15,374
Total liabilities	335,970		344,383
Owners' equity	38,609		44,352
Total liabilities and owners' equity	$	374,579	$	388,735


Condensed Combined Statements of Operations- Unconsolidated Joint Ventures:	Year Ended December 31,
	2023		2022		2021
Revenues	$	90,616	$	87,709	$	88,120
Expenses:
Property operating	35,212		34,297		35,111
General and administrative	334		257		278


Depreciation and amortization	20,728		21,749		22,947
Total expenses	56,274		56,303		58,336

Other income (expense):
Interest expense	(18,107)		(14,174)		(11,715)
Gain on sale of assets	—		—		503
Other non-operating income	549		230		160
Total other income (expense)	$	(17,558)	$	(13,944)	$	(11,052)
Net income	$	16,784	$	17,462	$	18,732
The Company and Operating Partnership's share of:
Net income	$	8,240	$	8,594	$	8,904
Depreciation, amortization and asset impairments (real estate related)	$	10,514	$	11,018	$	11,618