XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Investments in and Advances to Joint Ventures (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Equity Method Investments And Joint Ventures [Abstract] |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | At September 30, 2022 and December 31, 2021, the Company had ownership interests in various unconsolidated joint ventures that had investments in 19 and 47 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| September 30, 2022 |  |  | December 31, 2021 |
Condensed Combined Balance Sheets |  |  |  |  |
Land | $ | 214,310 |  |  | $ | 378,442 |
Buildings |  | 651,111 |  |  |  | 1,092,245 |
Fixtures and tenant improvements |  | 69,964 |  |  |  | 123,313 |
|  | 935,385 |  |  |  | 1,594,000 |
Less: Accumulated depreciation |  | (218,942 | ) |  |  | (441,215 | )
|  | 716,443 |  |  |  | 1,152,785 |
Construction in progress and land |  | 1,655 |  |  |  | 5,778 |
Real estate, net |  | 718,098 |  |  |  | 1,158,563 |
Cash and restricted cash |  | 43,951 |  |  |  | 37,535 |
Receivables, net |  | 11,122 |  |  |  | 16,854 |
Other assets, net |  | 38,973 |  |  |  | 49,029 |
| $ | 812,144 |  |  | $ | 1,261,981 |
Mortgage debt | $ | 539,897 |  |  | $ | 873,336 |
Notes and accrued interest payable to the Company |  | 3,194 |  |  |  | 3,331 |
Other liabilities |  | 41,304 |  |  |  | 51,473 |
|  | 584,395 |  |  |  | 928,140 |
Accumulated equity |  | 227,749 |  |  |  | 333,841 |
| $ | 812,144 |  |  | $ | 1,261,981 |
Company's share of accumulated equity | $ | 43,886 |  |  | $ | 59,286 |
Basis differentials |  | (760 | ) |  |  | 2,946 |
Deferred development fees, net of portion related to the Company's interest |  | (319 | ) |  |  | (937 | )
Amounts payable to the Company |  | 3,194 |  |  |  | 3,331 |
Investments in and Advances to Joint Ventures, net | $ | 46,001 |  |  | $ | 64,626 |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments |
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 25,855 |  |  | $ | 48,666 |  |  | $ | 105,666 |  |  | $ | 150,623 |
Expenses from operations: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 6,975 |  |  |  | 12,931 |  |  |  | 28,991 |  |  |  | 41,217 |
Impairment charges |  | 9,010 |  |  |  | — |  |  |  | 17,550 |  |  |  | — |
Depreciation and amortization |  | 9,450 |  |  |  | 16,605 |  |  |  | 37,123 |  |  |  | 50,309 |
Interest expense |  | 8,241 |  |  |  | 10,980 |  |  |  | 26,560 |  |  |  | 32,898 |
Other expense, net |  | 6,120 |  |  |  | 2,832 |  |  |  | 11,114 |  |  |  | 8,806 |
|  | 39,796 |  |  |  | 43,348 |  |  |  | 121,338 |  |  |  | 133,230 |
(Loss) income before gain on disposition of real estate |  | (13,941 | ) |  |  | 5,318 |  |  |  | (15,672 | ) |  |  | 17,393 |
Gain (loss) on disposition of real estate, net |  | 119,813 |  |  |  | (455 | ) |  |  | 121,505 |  |  |  | 36,132 |
Net income attributable to unconsolidated joint ventures | $ | 105,872 |  |  | $ | 4,863 |  |  | $ | 105,833 |  |  | $ | 53,525 |
Company's share of equity in net income of joint ventures | $ | 21,276 |  |  | $ | 1,760 |  |  | $ | 21,898 |  |  | $ | 9,897 |
Basis differential adjustments(A) |  | 4,642 |  |  |  | 64 |  |  |  | 5,570 |  |  |  | 1,162 |
Equity in net income of joint ventures | $ | 25,918 |  |  | $ | 1,824 |  |  | $ | 27,468 |  |  | $ | 11,059 |
(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 are as follows (in millions):
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue from contracts: |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees | $ | 1.7 |  |  | $ | 2.8 |  |  | $ | 6.2 |  |  | $ | 8.0 |
Leasing commissions and development fees |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.6 |  |  |  | 1.5 |
|  | 2.3 |  |  |  | 3.4 |  |  |  | 7.8 |  |  |  | 9.5 |
Other |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 1.2 |
| $ | 2.5 |  |  | $ | 3.8 |  |  | $ | 8.6 |  |  | $ | 10.7 |

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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