Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2021

Investment in Partially Owned Entities [Abstract]

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