Investments in Unconsolidated Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

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

(1)Net of debt origination costs of $2.1 million and $1.5 million as of December 31, 2023 and 2022, respectively.

(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.

Schedule of fees we received for various services provided to our unconsolidated 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

Summary Financial Information of Unconsolidated JVs Balance Sheet

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

Summary Financial Information Of Unconsolidated JVs Statements of Operations


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