Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

The following table reflects the real property disposed by IAGM of during the years ended December 31, 2022 and 2021:


Date	Property	Square Feet	Gross Disposition Price		IAGM's Gain (Loss) on Sale		The Company's Gain Deferral
July 12, 2021	Prestonwood Town Center (a)	233	$	52,800	$	12,428	$	6,835
September 3, 2021	Westover Marketplace	243	28,775		399		—
December 1, 2021	South Frisco Village	227	32,600		5,467		—
March 3, 2022	Price Plaza (b)	206	39,100		3,751		—
April 21, 2022	The Highlands of Flower Mound (a)	175	38,000		1,244		684
December 16, 2022	Stone Ridge Market (a)	219	58,100		12,287		6,758
December 22, 2022	Stables Town Center (c)	43	7,800		(244)		—

(a)The Company purchased these properties at a purchase price determined by a third party real estate valuation specialist. The Company deferred its share of IAGM's gains on sale and began amortizing it over 30 years as an increase to equity in earnings of unconsolidated entities.

(b)The buyer assumed a $17,800 mortgage payable secured by the property.

(c)IAGM disposed of 43 square feet out of a total 191 square feet through a partial sale of the property.

The following table reflects the mortgage paydowns by IAGM of during the years ended December 31, 2022 and 2021:


Date	Mortgaged Property	Contractual Interest Rate			Mortgage Paydown (a)		Loss on Debt Extinguishment
March 26, 2021	Westover Marketplace	4.08	%		$	23,150	$	14
July 12, 2021	Senior secured pooled loan	1.55	%	+ 1M LIBOR	$	54,103	$	215
December 16, 2022	Stone Ridge Market	3.47	%		$	28,125	$	2
December 22, 2022	Senior secured pooled loan	1.65	%	+ 1M SOFR	$	5,428	$	15

(a)Mortgage paydowns were funded by available liquidity 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, 2022		December 31, 2021
Assets:
Net investment properties	$	161,312	$	288,014
Other assets	65,565		98,696
Total assets	226,877		386,710
Liabilities and equity:
Mortgage debt, net	92,186		165,831
Other liabilities	7,392		12,409
Equity	127,299		208,470
Total liabilities and equity	226,877		386,710
Company's share of equity	70,869		115,513
Outside basis difference, net (a)	(14,738)		(7,569)
Carrying value of investments in unconsolidated entities	$	56,131	$	107,944

(a)The outside basis difference relates to the unamortized deferred gains on historical property sales from IAGM to the Company.

The following table presents condensed income statement information of IAGM:


	Year ended December 31,
IAGM	2022		2021		2020
Total income	$	27,764	$	42,145	$	46,259
Depreciation and amortization	(10,508)		(14,437)		(16,303)
Property operating	(5,149)		(7,265)		(7,143)
Real estate taxes	(4,086)		(7,507)		(8,687)
Asset management fees	(882)		(1,128)		(1,098)
Interest expense, net	(4,002)		(5,637)		(7,455)
Other expense and income, net	(245)		(422)		(307)
Loss on debt extinguishment	(219)		(229)		(8)
Provision for asset impairment	—		—		(11,016)
Gain on sale of investment properties, net	17,038		18,294		1,741
Net income (loss)	19,711		23,814		(4,017)

Company's share of net income (loss)	$	10,832	$	13,089	$	(2,264)
Outside basis adjustment for investee's sale of real estate, net	(7,169)		(6,691)		(877)
Equity in earnings (losses) of unconsolidated entities	$	3,663	$	6,398	$	(3,141)