XML 43 R33.htm IDEA: XBRL DOCUMENT v3.22.2.2
Contingencies (Tables)
9 Months Ended
Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]  
Schedule of Guarantees

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021:

 

 

 

As of September 30, 2022

 

 

Obligation
recorded to reflect
guaranty

 

Unconsolidated Affiliate

 

Company's
Ownership
Interest

 

Outstanding
Balance

 

 

Percentage
Guaranteed
by the
Operating
Partnership

 

 

 

Maximum
Guaranteed
Amount

 

 

Debt
Maturity
Date
(1)

 

 

September 30, 2022

 

 

December 31, 2021

 

West Melbourne I, LLC - Phase I

 

50%

 

$

37,971

 

 

50%

 

 

 

$

18,985

 

 

Feb-2025

(2)

 

$

190

 

 

$

195

 

West Melbourne I, LLC - Phase II

 

50%

 

 

13,414

 

 

50%

 

 

 

 

6,707

 

 

Feb-2025

(2)

 

 

67

 

 

 

69

 

Port Orange I, LLC

 

50%

 

 

50,023

 

 

50%

 

 

 

 

25,011

 

 

Feb-2025

(2)

 

 

250

 

 

 

258

 

Ambassador Infrastructure, LLC

 

65%

 

 

7,001

 

 

100%

 

 

 

 

7,001

 

 

Mar-2025

 

 

 

70

 

 

 

83

 

Shoppes at Eagle Point, LLC

 

50%

 

 

39,820

 

 

 

 

 

 

 

 

 

May-2032

(3)

 

 

 

 

 

127

 

Atlanta Outlet JV, LLC

 

50%

 

 

4,388

 

 

100%

 

 

 

 

4,388

 

 

Nov-2023

 

 

 

 

 

 

 

Louisville Outlet Shoppes, LLC

 

50%

 

 

7,647

 

 

100%

 

 

 

 

7,647

 

 

Apr-2023

 

 

 

 

 

 

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

577

 

 

$

732

 

(1)
Excludes any extension options.
(2)
These loans have a one-year extension option at the joint venture’s election.
(3)
The guaranty was removed when the Company entered into a new loan in April 2022.