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Investment in Unconsolidated Entities | 3 Months Ended
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Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Joint Venture Interest in IAGM As of March 31, 2022 and December 31, 2021, 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. During the three months ended March 31, 2022, IAGM disposed of Price Plaza, a 206 thousand square foot retail property, for a gross disposition price of $39,100 and recognized a gain on sale of $3,751. The Company's share of IAGM's gain on sale was $2,063. The buyer assumed a $17,800 mortgage payable secured by the property. During the three months ended March 31, 2021, IAGM prepaid mortgages payable of $23,150. IAGM is party to 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"). As of March 31, 2022, and December 31, 2021 the interest rate swaps were recorded as assets with fair values of $2,213 and $530, respectively, on IAGM's condensed consolidated balance sheet, of which the Company's share was $1,217 and $291, respectively. 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. Condensed Financial Information The following table presents condensed balance sheet information for IAGM:
| As of
| March 31, 2022 |  | December 31, 2021
Assets: |  |  |
Net investment properties | $ | 251,685 |  |  | $ | 288,014 |
Other assets | 64,037 |  |  | 98,696 |
Total assets | $ | 315,722 |  |  | $ | 386,710 |
Liabilities and equity: |  |  |
Mortgages debt, net | $ | 148,242 |  |  | $ | 165,831 |
Other liabilities | 7,506 |  |  | 12,409 |
Equity | 159,974 |  |  | 208,470 |
Total liabilities and equity | 315,722 |  |  | 386,710 |
Company's share of equity | 88,841 |  |  | 115,513 |
Outside basis difference, net (a) | (7,504) |  |  | (7,569) |
Carrying value of investments in unconsolidated entities | $ | 81,337 |  |  | $ | 107,944 |
(a)The outside basis difference reflects unamortized deferred gains on historical sales of Antoine Town Center and Prestonwood Town Center. The following table presents condensed income statement information of IAGM:
| Three months ended March 31,
| 2022 |  | 2021
Total income | $ | 8,379 |  |  | $ | 11,429 |
Depreciation and amortization | (2,905) |  |  | (3,764) |
Property operating | (1,330) |  |  | (2,073) |
Real estate taxes | (1,411) |  |  | (2,372) |
Asset management fees | (251) |  |  | (271) |
Interest expense, net | (1,159) |  |  | (1,692) |
Other (expense) and income, net | (142) |  |  | (129) |
Loss on debt extinguishment | (111) |  |  | (14) |
Gain on sale of real estate | 3,751 |  |  | — |
Net income | $ | 4,821 |  |  | $ | 1,114 |
Company's share of net income | $ | 2,652 |  |  | $ | 612 |
Outside basis adjustment for investee's sale of real estate, net | 64 |  |  | 8 |
Equity in earnings of unconsolidated entities | $ | 2,716 |  |  | $ | 620 |
The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2022, for the remainder of 2022, each of the next four years and thereafter:
Scheduled maturities by year: | As of March 31, 2022
2022 | $ | — |
2023 | 126,022 |
2024 | — |
2025 | 22,880 |
2026 | — |
Thereafter | — |
Total | $ | 148,902 |
As of March 31, 2022 and 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 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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