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Investment in Unconsolidated Entities | 12 Months Ended
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Dec. 31, 2021
Investment in Partially Owned Entities [Abstract] |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Joint Venture Interest in IAGM As of December 31, 2021 and 2020, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. The Company analyzed the joint venture agreement and determined that IAGM was not a VIE. The Company also considered the joint venture partners' participating rights under the joint venture agreement and determined that the joint venture partners have the ability to participate in major decisions, which equates to shared decision making. Accordingly, the Company has significant influence but does not control IAGM. Therefore, IAGM was not consolidated by the Company, and the equity method of accounting was applied. Under the equity method of accounting, the net equity investment of the Company and the Company's share of net income or loss from the unconsolidated entity are reflected in the consolidated balance sheets and the consolidated statements of operations and comprehensive income (loss). The following table reflects the retail properties disposed by IAGM of during the years ended December 31, 2021 and 2020:
Date |  | Property |  | Metropolitan Area |  | Square Feet |  | Gross Disposition Price |  | Gain on Sale
March 10, 2020 |  | Antoine Town Center (a) |  | Houston, TX |  | 110 |  | $ | 22,254 |  |  | $ | 1,741 |
July 12, 2021 |  | Prestonwood Town Center (b) |  | Dallas, TX |  | 233 |  | $ | 52,800 |  |  | $ | 12,428 |
September 3, 2021 |  | Westover Marketplace |  | San Antonio, TX |  | 243 |  | $ | 28,775 |  |  | $ | 399 |
December 1, 2021 |  | South Frisco Village |  | Frisco, TX |  | 227 |  | $ | 32,600 |  |  | $ | 5,467 |
(a)The Company purchased Antoine Town Center from IAGM at a purchase price determined by a third party real estate valuation specialist. The Company deferred its share of IAGM's gain on sale of $958 and began amortizing it over 30 years as an increase to equity in earnings of unconsolidated entities. The Company completed a subsequent sale of an outparcel at this retail property to an unrelated third party which resulted in recognizing $54 of previously deferred gain. (b)The Company purchased Prestonwood Town Center from IAGM at a purchase price determined by a third party real estate valuation specialist. The Company deferred its share of IAGM's gain on sale of $6,835 and began amortizing it over 30 years as an increase to equity in earnings of unconsolidated entities. The following table reflects the mortgage paydowns by IAGM of during the years ended December 31, 2021 and 2020:
Date |  | Mortgaged Property |  | Contractual Interest Rate |  | Mortgage Paydown (a) |  | Loss on Debt Extinguishment
January 22, 2020 |  | South Frisco Village |  | 1.70 | % | + 1M LIBOR |  | $ | 14,872 |  |  | $ | 8 |
March 26, 2021 |  | Westover Marketplace |  | 4.08 | % |  |  | $ | 23,150 |  |  | $ | 14 |
July 12, 2021 |  | Senior secured pooled loan |  | 1.55 | % | + 1M LIBOR |  | $ | 54,103 |  |  | $ | 215 |
(a)Mortgage paydowns were funded by cash on hand and proceeds from the sale of properties. During the year ended December 31, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on its senior secured term loan facility previously subject to variability in the London Inter-bank Offered Rate ("LIBOR"). Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of December 31, 2021, the interest rate swaps were recorded as a asset with a fair value of $530 on IAGM's consolidated balance sheet, of which the Company's share was $291. During the year ended December 31, 2020, IAGM recognized a provision for asset impairment of $11,016 on one retail property, of which the Company's share of this provision for asset impairment was $6,059, as disclosed in "Note 9. Fair Value Measurements". Condensed Financial Information The following table presents condensed balance sheet information for IAGM.
| As of
| December 31, 2021 |  | December 31, 2020
Assets: |  |  |
Net investment properties | $ | 288,014 |  |  | $ | 387,394 |
Other assets | 98,696 |  |  | 72,453 |
Total assets | 386,710 |  |  | 459,847 |
Liabilities and equity: |  |  |
Mortgage debt, net | 165,831 |  |  | 242,388 |
Other liabilities | 12,409 |  |  | 19,144 |
Equity | 208,470 |  |  | 198,315 |
Total liabilities and equity | 386,710 |  |  | 459,847 |
Company's share of equity | 115,513 |  |  | 109,928 |
Outside basis difference, net (a) | (7,569) |  |  | (877) |
Carrying value of investments in unconsolidated entities | $ | 107,944 |  |  | $ | 109,051 |
(a)The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center and Prestonwood Town Center. The following table presents condensed income statement information of IAGM and disposed joint ventures.
| Year ended December 31,
IAGM | 2021 |  | 2020 |  | 2019
Total income | $ | 42,145 |  |  | $ | 46,259 |  |  | $ | 53,396 |
Depreciation and amortization | (14,437) |  |  | (16,303) |  |  | (20,135) |
Property operating | (7,265) |  |  | (7,143) |  |  | (8,372) |
Real estate taxes | (7,507) |  |  | (8,687) |  |  | (9,426) |
Asset management fees | (1,128) |  |  | (1,098) |  |  | (1,073) |
Interest expense, net | (5,637) |  |  | (7,455) |  |  | (10,882) |
Other (expense) and income, net | (422) |  |  | (307) |  |  | 157 |
Loss on debt extinguishment | (229) |  |  | (8) |  |  | — |
Provision for asset impairment | — |  |  | (11,016) |  |  | (1,443) |
Gain (loss) on sale of real estate, net | 18,294 |  |  | 1,741 |  |  | (559) |
Net income (loss) | 23,814 |  |  | (4,017) |  |  | 1,663 |
Disposed joint venture |  |  |  |  |
Net loss | — |  |  | — |  |  | (4,869) |
Total net income (loss) of unconsolidated entities | $ | 23,814 |  |  | $ | (4,017) |  |  | $ | (3,206) |
Company's share of net income (loss) | $ | 13,089 |  |  | $ | (2,264) |  |  | $ | (3,446) |
Outside basis adjustment for investee's sale of real estate, net | (6,691) |  |  | (877) |  |  | 4,403 |
Equity in earnings (losses) of unconsolidated entities | $ | 6,398 |  |  | $ | (3,141) |  |  | $ | 957 |
The following table summarizes the scheduled maturities of IAGM's mortgages payable as of December 31, 2021:
Scheduled maturities by year: | As of December 31, 2021
2022 | $ | — |
2023 | 126,022 |
2024 | — |
2025 | 22,880 |
2026 | 17,800 |
Thereafter | — |
Total | $ | 166,702 |
As of December 31, 2021, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.

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- Definition Investment in partially owned entities. + References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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