XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.22.2

Investments in and Advances to Joint Ventures | 6 Months Ended
--- | ---
Jun. 30, 2022
Equity Method Investments And Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures | 3. Investments in and Advances to Joint Ventures At June 30, 2022 and December 31, 2021, the Company had ownership interests in various unconsolidated joint ventures that had investments in 33 and 47 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Condensed Combined Balance Sheets |  |  |  |  |
Land | $ | 324,205 |  |  | $ | 378,442 |
Buildings |  | 942,906 |  |  |  | 1,092,245 |
Fixtures and tenant improvements |  | 115,060 |  |  |  | 123,313 |
|  | 1,382,171 |  |  |  | 1,594,000 |
Less: Accumulated depreciation |  | (374,938 | ) |  |  | (441,215 | )
|  | 1,007,233 |  |  |  | 1,152,785 |
Construction in progress and land |  | 1,137 |  |  |  | 5,778 |
Real estate, net |  | 1,008,370 |  |  |  | 1,158,563 |
Cash and restricted cash |  | 37,342 |  |  |  | 37,535 |
Receivables, net |  | 16,099 |  |  |  | 16,854 |
Other assets, net |  | 49,471 |  |  |  | 49,029 |
| $ | 1,111,282 |  |  | $ | 1,261,981 |
Mortgage debt | $ | 772,696 |  |  | $ | 873,336 |
Notes and accrued interest payable to the Company |  | 3,370 |  |  |  | 3,331 |
Other liabilities |  | 47,382 |  |  |  | 51,473 |
|  | 823,448 |  |  |  | 928,140 |
Accumulated equity |  | 287,834 |  |  |  | 333,841 |
| $ | 1,111,282 |  |  | $ | 1,261,981 |
Company's share of accumulated equity | $ | 56,526 |  |  | $ | 59,286 |
Basis differentials |  | (6,012 | ) |  |  | 2,946 |
Deferred development fees, net of portion related to the Company's interest |  | (859 | ) |  |  | (937 | )
Amounts payable to the Company |  | 3,370 |  |  |  | 3,331 |
Investments in and Advances to Joint Ventures, net | $ | 53,025 |  |  | $ | 64,626 |
| Three Months |  |  | Six Months |
| Ended June 30, |  |  | Ended June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 38,162 |  |  | $ | 51,397 |  |  | $ | 79,811 |  |  | $ | 101,957 |
Expenses from operations: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 10,493 |  |  |  | 13,869 |  |  |  | 22,016 |  |  |  | 28,286 |
Impairment charges |  | 3,340 |  |  |  | — |  |  |  | 8,540 |  |  |  | — |
Depreciation and amortization |  | 13,328 |  |  |  | 16,587 |  |  |  | 27,673 |  |  |  | 33,704 |
Interest expense |  | 9,030 |  |  |  | 10,971 |  |  |  | 18,319 |  |  |  | 21,918 |
Other expense, net |  | 2,422 |  |  |  | 3,010 |  |  |  | 4,994 |  |  |  | 5,974 |
|  | 38,613 |  |  |  | 44,437 |  |  |  | 81,542 |  |  |  | 89,882 |
(Loss) income before gain on disposition of real estate |  | (451 | ) |  |  | 6,960 |  |  |  | (1,731 | ) |  |  | 12,075 |
Gain on disposition of real estate, net |  | 1,790 |  |  |  | 8,186 |  |  |  | 1,692 |  |  |  | 36,587 |
Net income (loss) attributable to unconsolidated joint ventures | $ | 1,339 |  |  | $ | 15,146 |  |  | $ | (39 | ) |  | $ | 48,662 |
Company's share of equity in net income of joint ventures | $ | 592 |  |  | $ | 3,814 |  |  | $ | 622 |  |  | $ | 8,137 |
Basis differential adjustments(A) |  | 789 |  |  |  | 1,036 |  |  |  | 928 |  |  |  | 1,098 |
Equity in net income of joint ventures | $ | 1,381 |  |  | $ | 4,850 |  |  | $ | 1,550 |  |  | $ | 9,235 |
(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 |  |  | Six Months |
| Ended June 30, |  |  | Ended June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue from contracts: |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees | $ | 2.2 |  |  | $ | 2.6 |  |  | $ | 4.5 |  |  | $ | 5.2 |
Leasing commissions and development fees |  | 0.6 |  |  |  | 0.5 |  |  |  | 1.0 |  |  |  | 0.9 |
|  | 2.8 |  |  |  | 3.1 |  |  |  | 5.5 |  |  |  | 6.1 |
Other |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.6 |  |  |  | 0.8 |
| $ | 3.0 |  |  | $ | 3.5 |  |  | $ | 6.1 |  |  | $ | 6.9 |
Disposition of Shopping Centers and Joint Venture Interests In the first quarter of 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). In the second quarter of 2022, the Company sold its 20% interest in the SAU Joint Venture to its partner, the State of Utah, based on a gross asset value of $155.7 million (at 100%). In addition, the Company sold its 50% interest in Lennox Town Center to its partner, based on a gross asset value of $77.0 million (at 100%). These transactions resulted in Gain on Sale of Interests of $42.0 million. In addition, in the second quarter of 2022, the DDRM Properties Joint Venture sold one shopping center for a sales price of $13.0 million ($2.6 million at the Company’s share) of which the Company’s share of the gain on sale was $0.4 million.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration