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Investments in and Advances to Joint Ventures | 9 Months Ended
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Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures | 2. Investments in and Advances to Joint Ventures At September 30, 2023 and December 31, 2022, the Company had ownership interests in various unconsolidated joint ventures that had investments in 13 and 18 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| September 30, 2023 |  |  | December 31, 2022 |
Condensed Combined Balance Sheets |  |  |  |  |
Land | $ | 180,588 |  |  | $ | 212,326 |
Buildings |  | 556,898 |  |  |  | 643,334 |
Fixtures and tenant improvements |  | 55,500 |  |  |  | 70,636 |
|  | 792,986 |  |  |  | 926,296 |
Less: Accumulated depreciation |  | (181,799 | ) |  |  | (220,642 | )
|  | 611,187 |  |  |  | 705,654 |
Construction in progress and land |  | 1,012 |  |  |  | 1,965 |
Real estate, net |  | 612,199 |  |  |  | 707,619 |
Cash and restricted cash |  | 51,363 |  |  |  | 44,809 |
Receivables, net |  | 9,054 |  |  |  | 11,671 |
Other assets, net |  | 29,051 |  |  |  | 36,272 |
| $ | 701,667 |  |  | $ | 800,371 |
Mortgage debt | $ | 466,631 |  |  | $ | 535,093 |
Notes and accrued interest payable to the Company |  | 2,759 |  |  |  | 2,972 |
Other liabilities |  | 38,469 |  |  |  | 41,588 |
|  | 507,859 |  |  |  | 579,653 |
Accumulated equity |  | 193,808 |  |  |  | 220,718 |
| $ | 701,667 |  |  | $ | 800,371 |
Company's share of accumulated equity | $ | 37,442 |  |  | $ | 42,644 |
Basis differentials |  | 762 |  |  |  | (707 | )
Deferred development fees, net of portion related to the Company's interest |  | (133 | ) |  |  | (301 | )
Amounts payable to the Company |  | 2,759 |  |  |  | 2,972 |
Investments in and Advances to Joint Ventures, net | $ | 40,830 |  |  | $ | 44,608 |
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 21,682 |  |  | $ | 25,855 |  |  | $ | 70,442 |  |  | $ | 105,666 |
Expenses from operations: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 5,552 |  |  |  | 6,975 |  |  |  | 18,234 |  |  |  | 28,991 |
Impairment charges |  | — |  |  |  | 9,010 |  |  |  | — |  |  |  | 17,550 |
Depreciation and amortization |  | 7,806 |  |  |  | 9,450 |  |  |  | 25,149 |  |  |  | 37,123 |
Interest expense |  | 5,668 |  |  |  | 8,241 |  |  |  | 19,016 |  |  |  | 26,560 |
Other expense, net |  | 2,084 |  |  |  | 6,120 |  |  |  | 7,022 |  |  |  | 11,114 |
|  | 21,110 |  |  |  | 39,796 |  |  |  | 69,421 |  |  |  | 121,338 |
Income (loss) before gain on disposition of real estate |  | 572 |  |  |  | (13,941 | ) |  |  | 1,021 |  |  |  | (15,672 | )
Gain on disposition of real estate, net |  | 973 |  |  |  | 119,813 |  |  |  | 21,151 |  |  |  | 121,505 |
Net income attributable to unconsolidated joint ventures | $ | 1,545 |  |  | $ | 105,872 |  |  | $ | 22,172 |  |  | $ | 105,833 |
Company's share of equity in net income of joint ventures | $ | 491 |  |  | $ | 21,276 |  |  | $ | 4,677 |  |  | $ | 21,898 |
Basis differential adjustments(A) |  | 27 |  |  |  | 4,642 |  |  |  | 1,818 |  |  |  | 5,570 |
Equity in net income of joint ventures | $ | 518 |  |  | $ | 25,918 |  |  | $ | 6,495 |  |  | $ | 27,468 |
(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 and differences in gain (loss) on sale of certain assets recognized due to the basis differentials. 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, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenue from contracts: |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees | $ | 1.4 |  |  | $ | 1.7 |  |  | $ | 4.4 |  |  | $ | 6.2 |
Leasing commissions and development fees |  | 0.1 |  |  |  | 0.6 |  |  |  | 0.4 |  |  |  | 1.6 |
|  | 1.5 |  |  |  | 2.3 |  |  |  | 4.8 |  |  |  | 7.8 |
Other |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.8 |
| $ | 1.6 |  |  | $ | 2.5 |  |  | $ | 5.2 |  |  | $ | 8.6 |
Disposition of Shopping Centers During the nine months ended September 30, 2023, the DDRM Joint Venture sold five shopping centers for an aggregate sales price of $112.2 million ($22.4 million at the Company’s share). The proceeds were used to repay mortgage indebtedness of the joint venture, general corporate purposes of the joint venture and distributions to the partners. Disposition of Joint Venture Interests In 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, a parcel of undeveloped land. The transaction had contingent proceeds based upon finalization of the tax returns and dissolution of the partnership. In the first quarter of 2023, the contingencies were resolved and the Company recorded a Gain on Sale of Interests of $3.7 million. In 2022, the Company acquired its joint venture partner’s 80% interest in one asset owned by the DDRM Properties Joint Venture (Casselberry Commons, Casselberry, Florida) and stepped up the previous 20% interest due to change in control, sold its 20% interest in the SAU Joint Venture to its partner, the State of Utah, and sold its 50% interest in Lennox Town Center to its partner. For the year ended December 31, 2022, these transactions aggregated a Gain on Sale and Change in Control of Interests of $45.5 million.

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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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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