Investments in and Advances to Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

At June 30, 2021 and December 31, 2020, the Company had ownership interests in various unconsolidated joint ventures that had investments in 56 and 59 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	June 30, 2021			December 31, 2020
Condensed Combined Balance Sheets
Land	$	433,407		$	441,412
Buildings		1,227,351			1,258,879
Fixtures and tenant improvements		142,829			137,663
		1,803,587			1,837,954
Less: Accumulated depreciation		(500,877	)		(492,288	)
		1,302,710			1,345,666
Construction in progress and land		4,811			58,201
Real estate, net		1,307,521			1,403,867
Cash and restricted cash		45,155			35,212
Receivables, net		19,798			25,719
Other assets, net		57,876			61,381
	$	1,430,350		$	1,526,179

Mortgage debt	$	997,403		$	1,029,579
Notes and accrued interest payable to the Company		4,712			4,375
Other liabilities		59,208			57,349
		1,061,323			1,091,303
Accumulated equity		369,027			434,876
	$	1,430,350		$	1,526,179

Company's share of accumulated equity	$	65,629		$	72,555
Basis differentials		5,939			1,644
Deferred development fees, net of portion related to the Company's interest		(1,183	)		(1,277	)
Amounts payable to the Company		4,712			4,375
Investments in and Advances to Joint Ventures, net	$	75,097		$	77,297

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2021		2020			2021		2020
Condensed Combined Statements of Operations
Revenues from operations	$	51,397	$	53,266		$	101,957	$	138,887
Expenses from operations:
Operating expenses		13,869		18,633			28,286		43,048
Impairment charges		—		1,520			—		33,240
Depreciation and amortization		16,587		23,575			33,704		53,679
Interest expense		10,971		15,100			21,918		32,855
Preferred share expense		—		4,554			—		9,084
Other expense, net		3,010		2,941			5,974		7,598
		44,437		66,323			89,882		179,504
Income (loss) before gain on disposition of real estate		6,960		(13,057	)		12,075		(40,617	)
Gain on disposition of real estate, net		8,186		4			36,587		8,910
Net income (loss) attributable to unconsolidated joint ventures	$	15,146	$	(13,053	)	$	48,662	$	(31,707	)
Company's share of equity in net income (loss) of joint ventures	$	3,814	$	(1,578	)	$	8,137	$	437
Basis differential adjustments^(A)		1,036		65			1,098		221
Equity in net income (loss) of joint ventures	$	4,850	$	(1,513	)	$	9,235	$	658

(A)

The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.

Schedule of Fee and Other Income

Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income are as follows (in millions):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2021		2020		2021		2020
Revenue from contracts:
Asset and property management fees	$	2.6	$	2.7	$	5.2	$	7.2
Development fees, leasing commissions and other		0.5		0.4		0.9		3.0
		3.1		3.1		6.1		10.2
Other:
Interest income^(A)		—		3.5		—		6.9
Other		0.4		0.4		0.8		1.2
		0.4		3.9		0.8		8.1
	$	3.5	$	7.0	$	6.9	$	18.3

Interest income recorded in 2020 related to preferred equity interests in two joint ventures which were transferred or redeemed in the fourth quarter of 2020.