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Investments in and Advances to Unconsolidated Affiliates (Tables) | 9 Months Ended
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Sep. 30, 2022
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 |  | September 30, |  |  | December 31, |
Portfolio |  | Property |  | September 30, 2022 |  | 2022 |  |  | 2021 |
Core: |  | 840 N. Michigan Avenue (a) |  | 88.43% |  | $ | 341 |  |  | $ | 51,513 |
|  | Renaissance Portfolio |  | 20% |  |  | 28,904 |  |  |  | 28,466 |
|  | Gotham Plaza |  | 49% |  |  | 29,666 |  |  |  | 29,187 |
|  | Georgetown Portfolio (b) |  | 50% |  |  | 4,109 |  |  |  | 4,089 |
|  | 1238 Wisconsin Avenue (b) |  | 80% |  |  | 10,993 |  |  |  | 5,895 |
|  |  |  |  |  |  | 74,013 |  |  |  | 119,150 |
Mervyns II: |  | KLA/ABS (c) |  | 36.7% |  |  | 102,368 |  |  |  | 124,316 |
Fund III: |  | Self Storage Management (b) |  | 0% |  |  | — |  |  |  | 207 |
|  | 640 Broadway (d) |  | 100% |  |  | — |  |  |  | 17,825 |
|  |  |  |  |  |  | — |  |  |  | 18,032 |
Fund IV: |  | Fund IV Other Portfolio |  | 98.57% |  |  | 11,877 |  |  |  | 12,675 |
|  | 650 Bald Hill Road |  | 90% |  |  | 10,220 |  |  |  | 11,677 |
|  | Paramus Plaza |  | 50% |  |  | 1,022 |  |  |  | 1,975 |
|  |  |  |  |  |  | 23,119 |  |  |  | 26,327 |
Fund V: |  | Family Center at Riverdale (a) |  | 89.42% |  |  | 11,852 |  |  |  | 12,449 |
|  | Tri-City Plaza |  | 90% |  |  | 8,983 |  |  |  | 6,827 |
|  | Frederick County Acquisitions |  | 90% |  |  | 13,096 |  |  |  | 10,748 |
|  | Wood Ridge Plaza |  | 90% |  |  | 13,289 |  |  |  | — |
|  | La Frontera Village |  | 90% |  |  | 21,097 |  |  |  | — |
|  | Shoppes at South Hills |  | 90% |  |  | 45,436 |  |  |  | — |
|  |  |  |  |  |  | 113,753 |  |  |  | 30,024 |
Various: |  | Due from (to) Related Parties |  |  |  |  | 175 |  |  |  | 666 |
|  | Other (e) |  |  |  |  | 3,994 |  |  |  | 3,811 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 317,422 |  |  | $ | 322,326 |
Core: |  | Crossroads (f) |  | 49% |  | $ | 8,880 |  |  | $ | 9,939 |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 8,880 |  |  | $ | 9,939 |
a) Represents a tenancy-in-common interest. b) Represents a VIE for which the Company is not the primary beneficiary. The Company's involvement with such entities is in the form of equity interests and fee arrangements. The maximum exposure to loss is limited to the amount of the Company's equity investment in these VIEs. Total unconsolidated VIE assets of $38.4 million and $32.2 million at September 30, 2022 and December 31, 2021, respectively. Total unconsolidated VIE liabilities of $46.1 million and $41.9 million at September 30, 2022 and December 31, 2021, respectively. c) Includes an interest in Albertsons at fair value, as described below ("Investment in Albertsons") (Note 8). d) In January 2022, the Company foreclosed on partner's interest and now owns 100% and consolidates the entity (Note 2). e) Includes cost-method investments in Storage Post, Fifth Wall and other investments. 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 September 30, 2022, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 681,799 |  |  | $ | 631,661 |
Real estate under development |  |  | 14,387 |  |  |  | 8,112 |
Other assets |  |  | 133,731 |  |  |  | 78,300 |
Total assets |  | $ | 829,917 |  |  | $ | 718,073 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 624,043 |  |  | $ | 571,461 |
Other liabilities |  |  | 99,566 |  |  |  | 69,166 |
Partners’ equity |  |  | 106,308 |  |  |  | 77,446 |
Total liabilities and partners’ equity |  | $ | 829,917 |  |  | $ | 718,073 |
Company's share of accumulated equity |  | $ | 145,270 |  |  | $ | 113,285 |
Basis differential |  |  | 53,061 |  |  |  | 66,031 |
Deferred fees, net of portion related to the Company's interest |  |  | 3,674 |  |  |  | 4,071 |
Amounts receivable/payable by the Company |  |  | 175 |  |  |  | 666 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 202,180 |  |  |  | 184,053 |
Investments carried at fair value or cost |  |  | 106,362 |  |  |  | 128,334 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 8,880 |  |  |  | 9,939 |
Investments in and advances to unconsolidated affiliates |  | $ | 317,422 |  |  | $ | 322,326 |
Schedule of Condensed Income Statement |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Combined and Condensed Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 25,096 |  |  | $ | 18,974 |  |  | $ | 72,167 |  |  | $ | 59,090 |
Operating and other expenses |  |  | (8,443 | ) |  |  | (7,174 | ) |  |  | (23,768 | ) |  |  | (21,584 | )
Interest expense |  |  | (7,130 | ) |  |  | (4,978 | ) |  |  | (18,458 | ) |  |  | (15,799 | )
Depreciation and amortization |  |  | (9,708 | ) |  |  | (6,785 | ) |  |  | (24,867 | ) |  |  | (23,154 | )
Impairment of Investments |  |  | (57,423 | ) |  |  | — |  |  |  | (57,423 | ) |  |  | — |
Gain on disposition of properties (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,206 |
Net (loss) income attributable to unconsolidated affiliates |  | $ | (57,608 | ) |  | $ | 37 |  |  | $ | (52,349 | ) |  | $ | 1,759 |
Company’s share of equity in net (loss) income of unconsolidated affiliates |  | $ | (50,331 | ) |  | $ | 910 |  |  | $ | (45,416 | ) |  | $ | 4,951 |
Income attributable to unconsolidated affiliates recently sold or consolidated |  |  | — |  |  |  | (283 | ) |  |  | — |  |  |  | (845 | )
Basis differential amortization |  |  | (248 | ) |  |  | (255 | ) |  |  | (753 | ) |  |  | (953 | )
Company’s equity in (losses) earnings of unconsolidated affiliates |  | $ | (50,579 | ) |  | $ | 372 |  |  | $ | (46,169 | ) |  | $ | 3,153 |
Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021

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- 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
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- 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
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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 http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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