XML 42 R30.htm IDEA: XBRL DOCUMENT
v3.23.1

Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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 |  | March 31, |  |  | December 31, |
Portfolio |  | Property |  | March 31, 2023 |  | 2023 |  |  | 2022 |
Core: |  | Renaissance Portfolio |  | 20% |  | $ | 28,975 |  |  | $ | 28,755 |
|  | Gotham Plaza |  | 49% |  |  | 30,293 |  |  |  | 30,112 |
|  | Georgetown Portfolio (a) |  | 50% |  |  | 4,101 |  |  |  | 4,048 |
|  | 1238 Wisconsin Avenue (a, b) |  | 80% |  |  | 16,223 |  |  |  | 14,502 |
|  |  |  |  |  |  | 79,592 |  |  |  | 77,417 |
Mervyns II: |  | KLA/ABS (c) |  | 36.7% |  |  | — |  |  |  | 85,403 |
Fund IV: |  | Fund IV Other Portfolio |  | 98.57% |  |  | 7,344 |  |  |  | 7,914 |
|  | 650 Bald Hill Road |  | 90% |  |  | 9,721 |  |  |  | 10,203 |
|  | Paramus Plaza |  | 50% |  |  | 807 |  |  |  | 936 |
|  |  |  |  |  |  | 17,872 |  |  |  | 19,053 |
Fund V: |  | Family Center at Riverdale (d) |  | 89.42% |  |  | 4,574 |  |  |  | 4,995 |
|  | Tri-City Plaza |  | 90% |  |  | 7,665 |  |  |  | 8,422 |
|  | Frederick County Acquisitions |  | 90% |  |  | 11,510 |  |  |  | 12,240 |
|  | Wood Ridge Plaza |  | 90% |  |  | 12,295 |  |  |  | 12,751 |
|  | La Frontera Village |  | 90% |  |  | 20,078 |  |  |  | 20,803 |
|  | Shoppes at South Hills (e) |  | 90% |  |  | 13,189 |  |  |  | 44,677 |
|  | Mohawk Commons |  | 90% |  |  | 20,158 |  |  |  | 775 |
|  |  |  |  |  |  | 89,469 |  |  |  | 104,663 |
Various: |  | Due from (to) Related Parties |  |  |  |  | 277 |  |  |  | 305 |
|  | Other (f) |  |  |  |  | 4,342 |  |  |  | 4,315 |
|  | Investments in and advances to unconsolidated affiliates |  |  |  | $ | 191,552 |  |  | $ | 291,156 |
Core: |  | Crossroads (g) |  | 49% |  | $ | 8,750 |  |  | $ | 8,832 |
|  | 840 N. Michigan Avenue (d, g) |  | 88.43% |  | $ | 626 |  |  | $ | 1,673 |
|  | Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  |  | $ | 9,376 |  |  | $ | 10,505 |
a) Represents a VIE for which the Company is not the primary beneficiary (Note 15). b) Includes a $12.8 million construction commitment from the Company to the venture that holds its investm ent in 1238 Wisconsin. As of March 31, 2023 and December 31, 2022 the note receivable from a related party had a balance of $9.6 million and $7.5 million, net of CECL allowance of $0.1 million, an d $0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2023. Interest is recognized over the life of the loan. c) At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1% interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value (Note 8). Mervyns II distributed the shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below. d) Represents a tenancy-in-common interest. e) At December 31, 2022, includes a $31.7 million bridge loan from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below. f) Includes cost-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 elect to contribute capital to 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 March 31, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 706,731 |  |  | $ | 650,997 |
Real estate under development |  |  | 18,676 |  |  |  | 17,359 |
Other assets |  |  | 140,052 |  |  |  | 127,070 |
Total assets |  | $ | 865,459 |  |  | $ | 795,426 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 683,601 |  |  | $ | 609,923 |
Other liabilities |  |  | 100,757 |  |  |  | 96,532 |
Partners’ equity |  |  | 81,101 |  |  |  | 88,971 |
Total liabilities and partners’ equity |  | $ | 865,459 |  |  | $ | 795,426 |
Company's share of accumulated equity |  | $ | 122,188 |  |  | $ | 131,878 |
Basis differential |  |  | 52,566 |  |  |  | 52,813 |
Deferred fees, net of portion related to the Company's interest |  |  | 2,803 |  |  |  | 5,937 |
Amounts receivable/payable by the Company |  |  | 277 |  |  |  | 305 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 177,834 |  |  |  | 190,933 |
Investments carried at fair value or cost |  |  | 4,342 |  |  |  | 89,718 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 9,376 |  |  |  | 10,505 |
Investments in and advances to unconsolidated affiliates |  | $ | 191,552 |  |  | $ | 291,156 |
Schedule of Condensed Income Statement |
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Combined and Condensed Statements of Operations |  |  |  |  |  |
Total revenues |  | $ | 28,218 |  |  | $ | 23,118 |
Operating and other expenses |  |  | (8,632 | ) |  |  | (7,258 | )
Interest expense |  |  | (9,233 | ) |  |  | (4,739 | )
Depreciation and amortization |  |  | (8,901 | ) |  |  | (5,911 | )
Net income attributable to unconsolidated affiliates |  | $ | 1,452 |  |  | $ | 5,210 |
Company’s share of equity in net income of unconsolidated affiliates |  | $ | 276 |  |  | $ | 3,383 |
Basis differential amortization |  |  | (247 | ) |  |  | (253 | )
Company’s equity in earnings of unconsolidated affiliates |  | $ | 29 |  |  | $ | 3,130 |

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/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + 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/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + 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 https://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