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Investments in and Advances to Joint Ventures | 9 Months Ended
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Sep. 30, 2021
Equity Method Investments And Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures |
3. | Investments in and Advances to Joint Ventures
At September 30, 2021 and December 31, 2020, the Company had ownership interests in various unconsolidated joint ventures that had investments in 55 and 59 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| September 30, 2021 |  |  | December 31, 2020 |
Condensed Combined Balance Sheets |  |  |  |  |  |  |
Land | $ | 428,167 |  |  | $ | 441,412 |
Buildings |  | 1,212,771 |  |  |  | 1,258,879 |
Fixtures and tenant improvements |  | 138,876 |  |  |  | 137,663 |
|  | 1,779,814 |  |  |  | 1,837,954 |
Less: Accumulated depreciation |  | (501,506 | ) |  |  | (492,288 | )
|  | 1,278,308 |  |  |  | 1,345,666 |
Construction in progress and land |  | 8,444 |  |  |  | 58,201 |
Real estate, net |  | 1,286,752 |  |  |  | 1,403,867 |
Cash and restricted cash |  | 61,797 |  |  |  | 35,212 |
Receivables, net |  | 19,513 |  |  |  | 25,719 |
Other assets, net |  | 53,415 |  |  |  | 61,381 |
| $ | 1,421,477 |  |  | $ | 1,526,179 |
Mortgage debt | $ | 996,968 |  |  | $ | 1,029,579 |
Notes and accrued interest payable to the Company |  | 3,789 |  |  |  | 4,375 |
Other liabilities |  | 59,890 |  |  |  | 57,349 |
|  | 1,060,647 |  |  |  | 1,091,303 |
Accumulated equity |  | 360,830 |  |  |  | 434,876 |
| $ | 1,421,477 |  |  | $ | 1,526,179 |
Company's share of accumulated equity | $ | 64,778 |  |  | $ | 72,555 |
Basis differentials |  | 5,273 |  |  |  | 1,644 |
Deferred development fees, net of portion related to the Company's interest |  | (1,156 | ) |  |  | (1,277 | )
Amounts payable to the Company |  | 3,789 |  |  |  | 4,375 |
Investments in and Advances to Joint Ventures, net | $ | 72,684 |  |  | $ | 77,297 |
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 48,666 |  |  | $ | 60,019 |  |  | $ | 150,623 |  |  | $ | 198,906 |
Expenses from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 12,931 |  |  |  | 18,613 |  |  |  | 41,217 |  |  |  | 61,661 |
Impairment charges |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,240 |
Depreciation and amortization |  | 16,605 |  |  |  | 23,901 |  |  |  | 50,309 |  |  |  | 77,580 |
Interest expense |  | 10,980 |  |  |  | 14,700 |  |  |  | 32,898 |  |  |  | 47,555 |
Preferred share expense |  | — |  |  |  | 4,626 |  |  |  | — |  |  |  | 13,710 |
Other expense, net |  | 2,832 |  |  |  | 3,246 |  |  |  | 8,806 |  |  |  | 10,844 |
|  | 43,348 |  |  |  | 65,086 |  |  |  | 133,230 |  |  |  | 244,590 |
Income (loss) before gain on disposition of real estate |  | 5,318 |  |  |  | (5,067 | ) |  |  | 17,393 |  |  |  | (45,684 | )
(Loss) gain on disposition of real estate, net |  | (455 | ) |  |  | 319 |  |  |  | 36,132 |  |  |  | 9,229 |
Net income (loss) attributable to unconsolidated joint ventures | $ | 4,863 |  |  | $ | (4,748 | ) |  | $ | 53,525 |  |  | $ | (36,455 | )
Company's share of equity in net income of joint ventures | $ | 1,760 |  |  | $ | 134 |  |  | $ | 9,897 |  |  | $ | 571 |
Basis differential adjustments(A) |  | 64 |  |  |  | 116 |  |  |  | 1,162 |  |  |  | 337 |
Equity in net income of joint ventures | $ | 1,824 |  |  | $ | 250 |  |  | $ | 11,059 |  |  | $ | 908 |
(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.
The impact of the COVID-19 pandemic on revenues and receivables for the Company’s joint ventures is more fully described in Note 2. 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 |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenue from contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees | $ | 2.8 |  |  | $ | 3.0 |  |  | $ | 8.0 |  |  | $ | 10.1 |
Development fees, leasing commissions and other |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.5 |  |  |  | 3.6 |
|  | 3.4 |  |  |  | 3.6 |  |  |  | 9.5 |  |  |  | 13.7 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income(A) |  | — |  |  |  | 3.5 |  |  |  | — |  |  |  | 10.5 |
Other |  | 0.4 |  |  |  | 0.5 |  |  |  | 1.2 |  |  |  | 1.7 |
|  | 0.4 |  |  |  | 4.0 |  |  |  | 1.2 |  |  |  | 12.2 |
| $ | 3.8 |  |  | $ | 7.6 |  |  | $ | 10.7 |  |  | $ | 25.9 |
| (A) | 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.
Disposition of Shopping Centers and Undeveloped Land In February 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, which was a parcel of undeveloped land (approximating 70 acres) in Richmond Hill, Ontario. The Company’s share of net proceeds totaled $22.1 million, after accounting for customary closing costs and foreign currency translation. The net proceeds include $6.1 million that are held in escrow of which $4.1 million is expected to be released to the Company pending receipt of certain tax clearance certificates from the Canadian taxing authorities, and the remaining $2.0 million is considered contingent and should be released upon final dissolution of the partnership. The Company recorded an aggregate gain on the transaction of $16.8 million which included its $2.8 million share of the gain reported by the joint venture, as well as $14.0 million related to the promoted interest on the disposition of the investment and write-off of the accumulated foreign currency translation. From January 1, 2021 to September 30, 2021, four shopping centers were sold by unconsolidated joint ventures for $53.4 million. The Company’s share of the gain on sale was $2.4 million.

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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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