XML 66 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related-Party Transactions:
 3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
Related-Party Transactions:
Related Party Transactions:
Certain unconsolidated joint ventures and third-parties have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.
The following are fees charged to unconsolidated joint ventures:
 
 
For the Three Months Ended March 31,
 
 
2014
 
2013
Management Fees
 
$
4,825

 
$
5,493

Development and Leasing Fees
 
2,496

 
1,695

 
 
$
7,321

 
$
7,188


Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $3,708 and $3,780 for the three months ended March 31, 2014 and 2013, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,234 and $1,240 at March 31, 2014 and December 31, 2013, respectively.
As of March 31, 2014 and December 31, 2013, the Company had loans to unconsolidated joint ventures of $3,374 and $2,756, respectively. Interest income associated with these notes was $31 and $61 for the three months ended March 31, 2014 and 2013, respectively. These loans represent initial funds advanced to development stage projects prior to construction loan funding. Accordingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures.
Due from affiliates includes $2,507 and $3,822 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at March 31, 2014 and December 31, 2013, respectively.
Due from affiliates at March 31, 2014 and December 31, 2013 also includes two notes receivable from principals of AWE/Talisman that bear interest at 5.0% and mature based on the refinancing or sale of Fashion Outlets of Chicago, or certain other specified events. The notes are collateralized by the principals' interests in Fashion Outlets of Chicago. AWE/Talisman is considered a related party because it has an ownership interest in Fashion Outlets of Chicago. The combined balance on these notes was $13,758 and $13,603 at March 31, 2014 and December 31, 2013, respectively. The combined interest income earned on these notes was $154 and $154 for the three months ended March 31, 2014 and 2013, respectively.
In addition, due from affiliates at March 31, 2014 and December 31, 2013 includes a note receivable of $12,294 and $12,707, respectively, from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $160 and $6 for the three months ended March 31, 2014 and 2013, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement.