Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments And Joint Ventures [Abstract]

The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

		Ownership Interest	June 30,		December 31,
Portfolio	Property	June 30, 2020	2020		2019
Core:
	840 N. Michigan^(a)	88.43%	$	57,531	$	61,260
	Renaissance Portfolio	20%		30,619		31,815
	Gotham Plaza	49%		29,030		29,466
	Town Center^{(a, b)}	100%		—		97,674
	Georgetown Portfolio	50%		4,463		4,498
	1238 Wisconsin Avenue	80%		2,105		1,194
				123,748		225,907

Mervyns I & II:	KLA/ABS ^(c)	36.7%		65,082		402

Fund III:
	Fund III Other Portfolio	94.23%		17		17
	Self Storage Management ^(d)	95%		207		207
				224		224
Fund IV:
	Broughton Street Portfolio ^(e)	100%		—		12,702
	Fund IV Other Portfolio	98.57%		13,686		14,733
	650 Bald Hill Road	90%		13,608		12,450
				27,294		39,885

Fund V:	Family Center at Riverdale ^(a)	89.42%		11,571		13,329
	Tri-City Plaza	90%		8,102		10,250
	Frederick County Acquisitions	90%		12,249		15,070
				31,922		38,649

Various:	Due from (to) Related Parties			536		(1,902	)
	Other ^(f)			2,019		1,932
	Investments in and advances to unconsolidated affiliates		$	250,825	$	305,097

Core:
	Crossroads ^(g)	49%	$	15,520	$	15,362
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,520	$	15,362

(a)

Represents a tenancy-in-common interest.

(b)

During November 2017, March 2018 and April 2020, as discussed below, the Company increased its ownership in and consolidated Town Center.

(c)

Includes an interest in Albertsons (at fair value at June 30, 2020 and at cost at December 31, 2019, as described below) (Note 8).

(d)

Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

(e)

During May 2020, as discussed below, the Company increased its ownership in Broughton Street Portfolio.

(f)

Includes cost-method method investments in Storage Post, Fifth Wall and other investments.

(g)

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.

Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands):

	June 30, 2020		December 31, 2019
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	572,901	$	656,265
Real estate under development		10,006		1,341
Other assets		71,321		85,540
Total assets	$	654,228	$	743,146
Liabilities and partners’ equity:
Mortgage notes payable	$	510,043	$	502,036
Other liabilities		82,036		77,785
Partners’ equity		62,149		163,325
Total liabilities and partners’ equity	$	654,228	$	743,146

Company's share of accumulated equity	$	107,759	$	186,864
Basis differential		56,203		100,962
Deferred fees, net of portion related to the Company's interest		3,499		1,270
Amounts receivable/payable by the Company		536		(1,902	)
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		167,997		287,194
Cost method investments		67,308		2,541
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		15,520		15,362
Investments in and advances to unconsolidated affiliates	$	250,825	$	305,097

Schedule of Condensed Income Statement

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Combined and Condensed Statements of Income
Total revenues	$	19,057		$	22,740		$	43,169		$	42,713
Operating and other expenses		(8,736	)		(5,236	)		(16,871	)		(10,342	)
Interest expense		(5,014	)		(5,639	)		(10,503	)		(10,415	)
Depreciation and amortization		(6,610	)		(5,795	)		(13,706	)		(10,587	)
Net (loss) income attributable to unconsolidated affiliates	$	(1,303	)	$	6,070		$	2,089		$	11,369

Company’s share of equity in net (loss) income of unconsolidated affiliates	$	(464	)	$	4,282		$	1,486		$	7,277
Basis differential amortization		(322	)		(723	)		(1,017	)		(1,447	)
Company’s equity in (loss) earnings of unconsolidated affiliates	$	(786	)	$	3,559		$	469		$	5,830