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Investments in and Advances to Joint Ventures | 3 Months Ended
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Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures |
3. | Investments in and Advances to Joint Ventures
At March 31, 2022 and December 31, 2021, the Company had ownership interests in various unconsolidated joint ventures that had investments in 46 and 47 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| March 31, 2022 |  |  | December 31, 2021 |
Condensed Combined Balance Sheets |  |  |  |  |  |  |
Land | $ | 367,548 |  |  | $ | 378,442 |
Buildings |  | 1,063,245 |  |  |  | 1,092,245 |
Fixtures and tenant improvements |  | 121,851 |  |  |  | 123,313 |
|  | 1,552,644 |  |  |  | 1,594,000 |
Less: Accumulated depreciation |  | (436,140 | ) |  |  | (441,215 | )
|  | 1,116,504 |  |  |  | 1,152,785 |
Construction in progress and land |  | 990 |  |  |  | 5,778 |
Real estate, net |  | 1,117,494 |  |  |  | 1,158,563 |
Cash and restricted cash |  | 40,603 |  |  |  | 37,535 |
Receivables, net |  | 15,005 |  |  |  | 16,854 |
Other assets, net |  | 50,144 |  |  |  | 49,029 |
| $ | 1,223,246 |  |  | $ | 1,261,981 |
Mortgage debt | $ | 873,117 |  |  | $ | 873,336 |
Notes and accrued interest payable to the Company |  | 3,469 |  |  |  | 3,331 |
Other liabilities |  | 49,744 |  |  |  | 51,473 |
|  | 926,330 |  |  |  | 928,140 |
Accumulated equity |  | 296,916 |  |  |  | 333,841 |
| $ | 1,223,246 |  |  | $ | 1,261,981 |
Company's share of accumulated equity | $ | 52,192 |  |  | $ | 59,286 |
Basis differentials |  | 2,239 |  |  |  | 2,946 |
Deferred development fees, net of portion related to the Company's interest |  | (853 | ) |  |  | (937 | )
Amounts payable to the Company |  | 3,469 |  |  |  | 3,331 |
Investments in and Advances to Joint Ventures, net | $ | 57,047 |  |  | $ | 64,626 |
| Three Months |
| Ended March 31, |
| 2022 |  |  | 2021 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |
Revenues from operations | $ | 41,649 |  |  | $ | 50,560 |
Expenses from operations: |  |  |  |  |  |  |
Operating expenses |  | 11,523 |  |  |  | 14,417 |
Impairment charges |  | 5,200 |  |  |  | — |
Depreciation and amortization |  | 14,345 |  |  |  | 17,117 |
Interest expense |  | 9,289 |  |  |  | 10,947 |
Other expense, net |  | 2,572 |  |  |  | 2,964 |
|  | 42,929 |  |  |  | 45,445 |
(Loss) income before (loss) gain on disposition of real estate |  | (1,280 | ) |  |  | 5,115 |
(Loss) gain on disposition of real estate, net |  | (98 | ) |  |  | 28,401 |
Net (loss) income attributable to unconsolidated joint ventures | $ | (1,378 | ) |  | $ | 33,516 |
Company's share of equity in net income of joint ventures | $ | 30 |  |  | $ | 4,323 |
Basis differential adjustments(A) |  | 139 |  |  |  | 62 |
Equity in net income of joint ventures | $ | 169 |  |  | $ | 4,385 |
(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 are as follows (in millions):
| Three Months |
| Ended March 31, |
| 2022 |  |  | 2021 |
Revenue from contracts: |  |  |  |  |  |  |
Asset and property management fees | $ | 2.3 |  |  | $ | 2.6 |
Development fees, leasing commissions and other |  | 0.4 |  |  |  | 0.4 |
|  | 2.7 |  |  |  | 3.0 |
Other |  | 0.4 |  |  |  | 0.4 |
| $ | 3.1 |  |  | $ | 3.4 |
Disposition of Shopping Centers and Joint Venture Interest In February 2022, the Company acquired its partner’s 80% interest in one asset owned by the DDRM Properties Joint Venture (Casselberry Commons, Casselberry, Florida) for $35.6 million, and stepped up the previous 20% interest due to change in control. The transaction resulted in Gain on Change in Control of Interests of $3.3 million (Note 4).

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- References No definition available. + Details
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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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