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Investment in Unconsolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investment in Partially Owned Entities [Abstract] |
Equity Method Investments | 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.
Schedule of Combined Financial Information of Investment in Unconsolidated Entities | 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 |
Contractual Obligation, Fiscal Year Maturity Schedule | 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 |

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + 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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