Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

We have an ownership interest in the following unconsolidated real estate joint ventures:


As of March 31, 2024
Joint Venture	Center Location	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	$	71.7	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(21.0)		98.8
National Harbor(2)	National Harbor, MD	50.0	%	341	(13.2)		92.9
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(12.7)		57.2
Columbus(2)	Columbus, OH	50.0	%	355	(3.9)		70.4
		50.0	%	1,448	$	(50.8)	$	319.3


As of December 31, 2023
Joint Venture	Center Location	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(2)	Columbus, OH	50.0	%	355	(3.4)		70.4
		50.0	%	1,448	$	(50.9)	$	320.0

(1)Net of debt origination costs of $2.0 million as of March 31, 2024 and $2.1 million as of December 31, 2023.

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 ended
	March 31,
	2024		2023
Fee:
Management and marketing	$	557	$	545
Leasing and other fees	105		45
Expense reimbursements from unconsolidated joint ventures	1,119		1,077
Total Fees	$	1,781	$	1,667

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):


	March 31, 2024		December 31, 2023
Assets
Land	$	81,254	$	82,962
Buildings, improvements and fixtures	463,592		466,496
Construction in progress	134		223
	544,980		549,681
Accumulated depreciation	(206,826)		(203,395)
Total rental property, net	338,154		346,286
Cash and cash equivalents	14,188		14,040
Deferred lease costs and other intangibles, net	2,638		2,637
Prepaids and other assets	9,534		11,616
Total assets	$	364,514	$	374,579
Liabilities and Owners’ Equity
Mortgages payable, net	$	319,290	$	319,957
Accounts payable and other liabilities	13,015		16,013
Total liabilities	332,305		335,970
Owners’ equity	32,209		38,609
Total liabilities and owners’ equity	$	364,514	$	374,579

Summary Financial Information Of Unconsolidated JVs Statements of Operations


	Three months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures	March 31,
	2024		2023
Revenues	$	22,496	$	22,128
Expenses:
Property operating	7,992		8,472
General and administrative	116		142



Depreciation and amortization	5,080		5,239
Total expenses	13,188		13,853
Other income (expense):
Interest expense	(4,540)		(4,400)

Other income	264		139
Total other expense	(4,276)		(4,261)
Net income	$	5,032	$	4,014
The Company and Operating Partnership’s share of:
Net income	$	2,516	$	1,935
Depreciation and amortization (real estate related)	$	2,540	$	2,670