Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Schedule Of Equity Method Investments [Line Items]

Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances

Unconsolidated Real Estate Ventures	Partner	Effective Ownership Percentage	Operating Properties
DDRM Properties	Madison International Realty	20.0%	24
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0	10
DDR – SAU Retail Fund, LLC	State of Utah	20.0	11
Other Joint Venture Interests	Various	25.75–50.0	2

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

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

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	December 31,
	2021			2020
Condensed Combined Balance Sheets
Land	$	378,442		$	441,412
Buildings		1,092,245			1,258,879
Fixtures and tenant improvements		123,313			137,663
		1,594,000			1,837,954
Less: Accumulated depreciation		(441,215	)		(492,288	)
		1,152,785			1,345,666
Construction in progress and land		5,778			58,201
Real estate, net		1,158,563			1,403,867
Cash and restricted cash		37,535			35,212
Receivables, net		16,854			25,719
Other assets, net		49,029			61,381
	$	1,261,981		$	1,526,179

Mortgage debt	$	873,336		$	1,029,579
Notes and accrued interest payable to the Company		3,331			4,375
Other liabilities		51,473			57,349
		928,140			1,091,303
Accumulated equity		333,841			434,876
	$	1,261,981		$	1,526,179

Company's share of accumulated equity	$	59,286		$	72,555
Basis differentials		2,946			1,644
Deferred development fees, net of portion related to the Company's interest		(937	)		(1,277	)
Amounts payable to the Company		3,331			4,375
Investments in and Advances to Joint Ventures, net	$	64,626		$	77,297

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	For the Year Ended December 31,
	2021			2020			2019
Condensed Combined Statements of Operations
Revenues from operations	$	195,559		$	252,946		$	428,281
Expenses from operations:
Operating expenses		53,391			77,040			118,412
Impairment charges^(A)		—			33,240			13,807
Depreciation and amortization		66,618			99,779			149,749
Interest expense		43,379			60,010			93,887
Preferred share expense		—			15,708			21,832
Other expense, net		12,074			13,796			20,563
		175,462			299,573			418,250
Income (loss) before gain on disposition of real estate		20,097			(46,627	)		10,031
Gain on disposition of real estate, net		89,935			9,257			67,011
Net income (loss) attributable to unconsolidated joint ventures	$	110,032		$	(37,370	)	$	77,042
Company's share of equity in net income of joint ventures	$	49,417		$	1,109		$	10,743
Basis differential adjustments^(B)		(2,120	)		407			776
Equity in net income of joint ventures	$	47,297		$	1,516		$	11,519

(A)

For the years ended December 31, 2020 and 2019, the Company’s proportionate share was $1.9 million and $2.5 million, respectively. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges previously recorded on these investments, as appropriate, as discussed below.

(B)

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, unrecognized preferred PIK, 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 on its preferred interests are as follows (in millions):

	For the Year Ended December 31,
	2021		2020		2019
Revenue from contracts:
Asset and property management fees	$	10.6	$	12.8	$	19.7
Development fees, leasing commissions and other		2.2		4.2		5.2
		12.8		17.0		24.9
Other:
Interest income^(A)		—		12.0		16.7
Other		1.7		2.1		3.2
		1.7		14.1		19.9
	$	14.5	$	31.1	$	44.8

(A)

Interest income recorded in 2020 and 2019 related to preferred equity interests in the BRE DDR Joint Ventures, which were transferred or redeemed in the fourth quarter of 2020.