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Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

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
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0%	10
DDRM Joint Venture	Madison International Realty	20.0	7
RVIP IIIB, Deer Park, IL	Prudential	25.75	1

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,
	2022			2021
Condensed Combined Balance Sheets
Land	$	212,326		$	378,442
Buildings		643,334			1,092,245
Fixtures and tenant improvements		70,636			123,313
		926,296			1,594,000
Less: Accumulated depreciation		(220,642	)		(441,215	)
		705,654			1,152,785
Construction in progress and land		1,965			5,778
Real estate, net		707,619			1,158,563
Cash and restricted cash		44,809			37,535
Receivables, net		11,671			16,854
Other assets, net		36,272			49,029
	$	800,371		$	1,261,981

Mortgage debt	$	535,093		$	873,336
Notes and accrued interest payable to the Company		2,972			3,331
Other liabilities		41,588			51,473
		579,653			928,140
Accumulated equity		220,718			333,841
	$	800,371		$	1,261,981

Company's share of accumulated equity	$	42,644		$	59,286
Basis differentials		(707	)		2,946
Deferred development fees, net of portion related to the Company's interest		(301	)		(937	)
Amounts payable to the Company		2,972			3,331
Investments in and Advances to Joint Ventures, net	$	44,608		$	64,626

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments


	For the Year Ended December 31,
	2022			2021			2020
Condensed Combined Statements of Operations
Revenues from operations	$	132,494		$	195,559		$	252,946
Expenses from operations:
Operating expenses		35,319			53,391			77,040
Impairment charges		17,550			—			33,240
Depreciation and amortization		46,518			66,618			99,779
Interest expense		34,055			43,379			60,010
Preferred share expense		—			—			15,708
Other income (expense), net		12,303			12,074			13,796
		145,745			175,462			299,573
(Loss) income before gain on disposition of real estate		(13,251	)		20,097			(46,627	)
Gain on disposition of real estate, net		120,097			89,935			9,257
Net income (loss) attributable to unconsolidated joint ventures	$	106,846		$	110,032		$	(37,370	)
Company's share of equity in net income of joint ventures	$	22,262		$	49,417		$	1,109
Basis differential adjustments(A)		5,630			(2,120	)		407
Equity in net income of joint ventures	$	27,892		$	47,297		$	1,516

(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 and interest income on its preferred interests are as follows (in millions):


	For the Year Ended December 31,
	2022		2021		2020
Revenue from contracts:
Asset and property management fees	$	7.7	$	10.6	$	12.8
Leasing commissions and development fees		1.9		2.2		4.2
		9.6		12.8		17.0
Other:
Interest income(A)		—		—		12.0
Other		1.0		1.7		2.1
		1.0		1.7		14.1
	$	10.6	$	14.5	$	31.1

(A)

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