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Investments in Unconsolidated Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2022
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures 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 September 30, 2022
Joint Venture |  | Outlet 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 |  | Various |  | 50.0 | % |  | 665 |  |  | $ | 74.7 |  |  | — |
|  |  |  |  |  | $ | 74.7 |  |  |
Investments included in other liabilities: |  |  |  |
Columbus(2) |  | Columbus, OH |  | 50.0 | % |  | 355 |  |  | $ | (1.0) |  |  | $ | 70.5 |
Charlotte(2) |  | Charlotte, NC |  | 50.0 | % |  | 399 |  |  | (18.5) |  |  | 99.6 |
National Harbor(2) |  | National Harbor, MD |  | 50.0 | % |  | 341 |  |  | (12.3) |  |  | 94.6 |
Galveston/Houston (2) |  | Texas City, TX |  | 50.0 | % |  | 353 |  |  | (15.4) |  |  | 64.4 |
|  |  |  |  |  | $ | (47.2) |  |  |
As of December 31, 2021
Joint Venture |  | Outlet 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: |  |  |  |
Columbus |  | Columbus, OH |  | 50.0 | % |  | 355 |  |  | $ | 0.2 |  |  | $ | 70.9 |
RioCan Canada |  | Various |  | 50.0 | % |  | 665 |  |  | 82.4 |  |  | — |
|  |  |  |  |  | $ | 82.6 |  |  |
Investments included in other liabilities: |  |  |  |  |  |
Charlotte(2) |  | Charlotte, NC |  | 50.0 | % |  | 399 |  |  | $ | (16.2) |  |  | $ | 99.6 |
National Harbor(2) |  | National Harbor, MD |  | 50.0 | % |  | 341 |  |  | (11.2) |  |  | 94.5 |
Galveston/Houston (2) |  | Texas City, TX |  | 50.0 | % |  | 353 |  |  | (14.0) |  |  | 64.4 |
|  |  |  |  |  | $ | (41.4) |  |  |
(1)Net of debt origination costs of $1.3 million as of September 30, 2022 and $1.0 million as of December 31, 2021. (2)The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. 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 |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Fee: |  |  |  |  |  |  |  |
Management and marketing |  | $ | 661 |  |  | $ | 530 |  |  | $ | 1,749 |  |  | $ | 1,575 |
Leasing and other fees |  | 61 |  |  | 72 |  |  | 96 |  |  | 231 |
Expense reimbursements from unconsolidated joint ventures |  | 1,175 |  |  | 1,039 |  |  | 3,015 |  |  | 2,566 |
Total Fees |  | $ | 1,897 |  |  | $ | 1,641 |  |  | $ | 4,860 |  |  | $ | 4,372 |
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 basis (totaling $3.3 million and $3.4 million as of September 30, 2022 and December 31, 2021, respectively) are amortized over the various useful lives of the related assets. Columbus In September 2022, the Columbus joint venture completed the refinance of its mortgage. The new $71.0 million non-recourse loan has a maturity date of October 2032 and a fixed interest rate of 6.25%. RioCan Canada In March 2021, the RioCan joint venture closed on the sale of its outlet center in Saint-Sauveur, for net proceeds of approximately $9.4 million. Our share of the 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 unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |  | September 30, 2022 |  | December 31, 2021
Assets |  |  |  |
Land |  | $ | 81,339 |  |  | $ | 83,568 |
Buildings, improvements and fixtures |  | 454,993 |  |  | 467,918 |
Construction in progress |  | 328 |  |  | 744 |
|  | 536,660 |  |  | 552,230 |
Accumulated depreciation |  | (177,126) |  |  | (166,096) |
Total rental property, net |  | 359,534 |  |  | 386,134 |
Cash and cash equivalents |  | 14,865 |  |  | 19,030 |
Deferred lease costs and other intangibles, net |  | 3,001 |  |  | 3,517 |
Prepaids and other assets |  | 12,375 |  |  | 13,109 |
Total assets |  | $ | 389,775 |  |  | $ | 421,790 |
Liabilities and Owners’ Equity |  |  |  |
Mortgages payable, net |  | $ | 329,165 |  |  | $ | 329,460 |
Accounts payable and other liabilities |  | 13,166 |  |  | 15,231 |
Total liabilities |  | 342,331 |  |  | 344,691 |
Owners’ equity |  | 47,444 |  |  | 77,099 |
Total liabilities and owners’ equity |  | $ | 389,775 |  |  | $ | 421,790 |
|  | Three months ended |  | Nine months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures |  | September 30, |  | September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  | $ | 22,418 |  |  | $ | 22,071 |  |  | $ | 65,925 |  |  | $ | 65,664 |
Expenses: |  |  |  |  |  |  |  |
Property operating |  | 8,992 |  |  | 8,735 |  |  | 25,730 |  |  | 25,597 |
General and administrative |  | 77 |  |  | 87 |  |  | 210 |  |  | 173 |
Depreciation and amortization |  | 5,631 |  |  | 5,749 |  |  | 16,653 |  |  | 17,413 |
Total expenses |  | 14,700 |  |  | 14,571 |  |  | 42,593 |  |  | 43,183 |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  | (3,721) |  |  | (2,913) |  |  | (9,795) |  |  | (8,769) |
Gain on sale of assets |  | — |  |  | — |  |  | — |  |  | 503 |
Other income |  | 111 |  |  | 2 |  |  | 117 |  |  | 157 |
Total other expense |  | (3,610) |  |  | (2,911) |  |  | (9,678) |  |  | (8,109) |
Net income |  | $ | 4,108 |  |  | $ | 4,589 |  |  | $ | 13,654 |  |  | $ | 14,372 |
The Company and Operating Partnership’s share of: |  |  |  |
Net income |  | $ | 2,055 |  |  | $ | 2,261 |  |  | $ | 6,795 |  |  | $ | 6,758 |
Depreciation and amortization (real estate related) |  | $ | 2,871 |  |  | $ | 2,908 |  |  | $ | 8,416 |  |  | $ | 8,817 |

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- Definition Investments In Unconsolidated Real Estate Joint Ventures [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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