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Contingencies (Tables)
3 Months Ended
Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]  
Schedule of Guarantees

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021:

 

 

 

As of March 31, 2022

 

 

Obligation

recorded to reflect

guaranty

 

Unconsolidated Affiliate

 

Company's

Ownership

Interest

 

 

Outstanding

Balance

 

 

Percentage

Guaranteed

by the

Operating

Partnership

 

 

 

Maximum

Guaranteed

Amount

 

 

Debt

Maturity

Date (1)

 

 

March 31, 2022

 

 

December 31, 2021

 

West Melbourne I, LLC - Phase I

 

50%

 

 

$

38,691

 

 

50%

 

 

 

$

19,345

 

 

Feb-2025

(2)

 

$

193

 

 

$

195

 

West Melbourne I, LLC - Phase II

 

50%

 

 

 

13,743

 

 

50%

 

 

 

 

6,872

 

 

Feb-2025

(2)

 

 

69

 

 

 

69

 

Port Orange I, LLC

 

50%

 

 

 

51,073

 

 

50%

 

 

 

 

25,536

 

 

Feb-2025

(2)

 

 

255

 

 

 

258

 

Ambassador Infrastructure, LLC

 

65%

 

 

 

7,001

 

 

100%

 

 

 

 

7,001

 

 

Mar-2025

 

 

 

82

 

 

 

83

 

Shoppes at Eagle Point, LLC

 

50%

 

 

 

33,585

 

 

35%

 

(3)

 

 

12,740

 

 

Oct-2022

 

 

 

127

 

 

 

127

 

Atlanta Outlet JV, LLC

 

50%

 

 

 

4,437

 

 

100%

 

 

 

 

4,437

 

 

Nov-2023

 

 

 

 

 

 

 

Louisville Outlet Shoppes, LLC

 

50%

 

 

 

7,947

 

 

100%

 

 

 

 

7,947

 

 

Oct-2022

 

 

 

 

 

 

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

726

 

 

$

732

 

(1)

Excludes any extension options.

(2)

These loans have a one-year extension option at the joint venture’s election.

(3)

The guaranty is for a fixed amount of $12,740 throughout the term of the loan, including any extensions. Subsequent to March 31, 2022, the joint venture entered into a new non-recourse loan, which removed the guaranty. See Note 14 for additional information.