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Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] |
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures:
As of June 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 |  |  | $ | 80.0 |  |  | — |
|  |  |  |  |  | $ | 80.0 |  |  |
Investments included in other liabilities: |  |  |  |
Columbus(2) |  | Columbus, OH |  | 50.0 | % |  | 355 |  |  | $ | (1.2) |  |  | $ | 70.9 |
Charlotte(2) |  | Charlotte, NC |  | 50.0 | % |  | 399 |  |  | (17.7) |  |  | 99.6 |
National Harbor(2) |  | National Harbor, MD |  | 50.0 | % |  | 341 |  |  | (12.3) |  |  | 94.6 |
Galveston/Houston (2) |  | Texas City, TX |  | 50.0 | % |  | 353 |  |  | (15.0) |  |  | 64.4 |
|  |  |  |  |  | $ | (46.2) |  |  |
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 $1.0 million as of June 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.
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 |  | Six months ended
|  | June 30, |  | June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Fee: |  |  |  |  |  |  |  |
Management and marketing |  | $ | 552 |  |  | $ | 537 |  |  | $ | 1,088 |  |  | $ | 1,045 |
Leasing and other fees |  | — |  |  | 103 |  |  | 35 |  |  | 159 |
Expense reimbursements from unconsolidated joint ventures |  | 884 |  |  | 719 |  |  | 1,840 |  |  | 1,527 |
Total Fees |  | $ | 1,436 |  |  | $ | 1,359 |  |  | $ | 2,963 |  |  | $ | 2,731 |
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):
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures |  | June 30, 2022 |  | December 31, 2021
Assets |  |  |  |
Land |  | $ | 83,641 |  |  | $ | 83,568 |
Buildings, improvements and fixtures |  | 465,644 |  |  | 467,918 |
Construction in progress |  | 231 |  |  | 744 |
|  | 549,516 |  |  | 552,230 |
Accumulated depreciation |  | (175,431) |  |  | (166,096) |
Total rental property, net |  | 374,085 |  |  | 386,134 |
Cash and cash equivalents |  | 14,856 |  |  | 19,030 |
Deferred lease costs and other intangibles, net |  | 3,190 |  |  | 3,517 |
Prepaids and other assets |  | 10,432 |  |  | 13,109 |
Total assets |  | $ | 402,563 |  |  | $ | 421,790 |
Liabilities and Owners’ Equity |  |  |  |
Mortgages payable, net |  | $ | 329,535 |  |  | $ | 329,460 |
Accounts payable and other liabilities |  | 13,128 |  |  | 15,231 |
Total liabilities |  | 342,663 |  |  | 344,691 |
Owners’ equity |  | 59,900 |  |  | 77,099 |
Total liabilities and owners’ equity |  | $ | 402,563 |  |  | $ | 421,790 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|  | Three months ended |  | Six months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures |  | June 30, |  | June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  | $ | 21,666 |  |  | $ | 22,601 |  |  | $ | 43,507 |  |  | $ | 43,594 |
Expenses: |  |  |  |  |  |  |  |
Property operating |  | 8,435 |  |  | 8,448 |  |  | 16,738 |  |  | 16,862 |
General and administrative |  | 40 |  |  | 58 |  |  | 133 |  |  | 86 |
Depreciation and amortization |  | 5,540 |  |  | 5,763 |  |  | 11,021 |  |  | 11,664 |
Total expenses |  | 14,015 |  |  | 14,269 |  |  | 27,892 |  |  | 28,612 |
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  | (3,158) |  |  | (2,910) |  |  | (6,073) |  |  | (5,855) |
Gain on sale of assets |  | — |  |  | — |  |  | — |  |  | 503 |
Other income |  | 3 |  |  | 96 |  |  | 6 |  |  | 154 |
Total other expense |  | (3,155) |  |  | (2,814) |  |  | (6,067) |  |  | (5,198) |
Net income |  | $ | 4,496 |  |  | $ | 5,518 |  |  | $ | 9,548 |  |  | $ | 9,784 |
The Company and Operating Partnership’s share of: |  |  |  |
Net income |  | $ | 2,227 |  |  | $ | 2,728 |  |  | $ | 4,740 |  |  | $ | 4,497 |
Depreciation and amortization (real estate related) |  | $ | 2,791 |  |  | $ | 2,913 |  |  | $ | 5,545 |  |  | $ | 5,909 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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