XML 49 R36.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Equity Method Investments And Joint Ventures [Abstract] |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):
|  |  |  | Ownership Interest |  | December 31, |
Portfolio |  | Property |  | December 31, 2021 |  | 2021 |  |  | 2020 |
|  |  |  |  |  |  |  |  | (As Restated) |
Core: |  | 840 N. Michigan (a) |  | 88.43% |  | $ | 51,513 |  |  | $ | 55,863 |
|  | Renaissance Portfolio |  | 20% |  |  | 28,466 |  |  |  | 29,270 |
|  | Gotham Plaza |  | 49% |  |  | 29,187 |  |  |  | 28,683 |
|  | Georgetown Portfolio |  | 50% |  |  | 4,089 |  |  |  | 4,624 |
|  | 1238 Wisconsin Avenue |  | 80% |  |  | 5,895 |  |  |  | 2,571 |
|  |  |  |  |  |  | 119,150 |  |  |  | 121,011 |
Mervyns I & II: |  | KLA/ABS (b) |  | 36.7% |  |  | 124,316 |  |  |  | 72,391 |
Fund III: |  | Self Storage Management (c) |  | 95% |  |  | 207 |  |  |  | 207 |
|  | 640 Broadway (d) |  | 63.13% |  |  | 17,825 |  |  |  | 17,457 |
|  |  |  |  |  |  | 18,032 |  |  |  | 17,664 |
Fund IV: |  | Fund IV Other Portfolio |  | 98.57% |  |  | 12,675 |  |  |  | 11,719 |
|  | 650 Bald Hill Road |  | 90% |  |  | 11,677 |  |  |  | 12,550 |
|  | Paramus Plaza |  | 50% |  |  | 1,975 |  |  |  | 5,565 |
|  |  |  |  |  |  | 26,327 |  |  |  | 29,834 |
Fund V: |  | Family Center at Riverdale (a) |  | 89.42% |  |  | 12,449 |  |  |  | 11,824 |
|  | Tri-City Plaza |  | 90% |  |  | 6,827 |  |  |  | 7,024 |
|  | Frederick County Acquisitions |  | 90% |  |  | 10,748 |  |  |  | 10,837 |
|  |  |  |  |  |  | 30,024 |  |  |  | 29,685 |
Various: |  | Due from (to) Related Parties |  |  |  |  | 666 |  |  |  | 363 |
|  | Other (e) |  |  |  |  | 3,811 |  |  |  | 1,881 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 322,326 |  |  | $ | 272,829 |
Core: |  | Crossroads (f) |  | 49% |  | $ | 9,939 |  |  | $ | 15,616 |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 9,939 |  |  | $ | 15,616 |
a) Represents a tenancy-in-common interest. b) Includes an interest in Albertsons (at fair value, as described below). c) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. d) In January 2022, the Company obtained the partner's interest and now owns 100% and consolidates the entity (Note 18). e) Includes cost-method investments in, Storage Post, Fifth Wall and other investments. f) 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 that were held as of December 31, 2021, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 631,661 |  |  | $ | 633,375 |
Real estate under development |  |  | 8,112 |  |  |  | 14,664 |
Other assets |  |  | 78,300 |  |  |  | 70,710 |
Total assets |  | $ | 718,073 |  |  | $ | 718,749 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 571,461 |  |  | $ | 569,040 |
Other liabilities |  |  | 69,166 |  |  |  | 76,341 |
Partners’ equity |  |  | 77,446 |  |  |  | 73,368 |
Total liabilities and partners’ equity |  | $ | 718,073 |  |  | $ | 718,749 |
Company's share of accumulated equity |  | $ | 113,285 |  |  | $ | 112,088 |
Basis differential |  |  | 66,031 |  |  |  | 66,724 |
Deferred fees, net of portion related to the Company's interest |  |  | 4,071 |  |  |  | 3,559 |
Amounts receivable/payable by the Company |  |  | 666 |  |  |  | 363 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 184,053 |  |  |  | 182,734 |
Investments carried at fair value or cost |  |  | 128,334 |  |  |  | 74,479 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 9,939 |  |  |  | 15,616 |
Investments in and advances to unconsolidated affiliates |  | $ | 322,326 |  |  | $ | 272,829 |
Schedule of Condensed Income Statement |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Combined and Condensed Statements of Operations |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 80,823 |  |  | $ | 78,054 |  |  | $ | 77,507 |
Operating and other expenses |  |  | (28,572 | ) |  |  | (28,718 | ) |  |  | (24,894 | )
Interest expense |  |  | (21,228 | ) |  |  | (22,651 | ) |  |  | (25,660 | )
Depreciation and amortization |  |  | (30,518 | ) |  |  | (30,917 | ) |  |  | (25,012 | )
Loss on extinguishment of debt |  |  | (35 | ) |  |  | — |  |  |  | — |
Gain on disposition of properties (a) |  |  | 3,206 |  |  |  | — |  |  |  | — |
Net income (loss) attributable to unconsolidated affiliates |  | $ | 3,676 |  |  | $ | (4,232 | ) |  | $ | 1,941 |
Company’s share of equity in net income (loss) of unconsolidated affiliates |  | $ | 6,023 |  |  | $ | (2,503 | ) |  | $ | 1,118 |
Income attributable to unconsolidated affiliates recently sold or consolidated |  |  | — |  |  |  | 1,280 |  |  | $ | 6,155 |
Basis differential amortization |  |  | (693 | ) |  |  | (1,834 | ) |  |  | (1,374 | )
Company’s equity in earnings (losses) of unconsolidated affiliates |  | $ | 5,330 |  |  | $ | (3,057 | ) |  | $ | 5,899 |
a) Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021.

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration