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Investment in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2020
Investment in Partially Owned Entities [Abstract]  
Investment in Unconsolidated Entities Investment in Unconsolidated Entities
Joint Venture Interests
IAGM Retail Fund I, LLC
As of June 30, 2020 and December 31, 2019, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of June 30, 2020 and December 31, 2019, the carrying value of the Company's investment in IAGM was $116,824 and $118,861, respectively.
During the six months ended June 30, 2020, IAGM prepaid a $14,872 mortgage payable on one retail property with cash on hand.
During the six months ended June 30, 2020, the Company purchased Antoine Town Center from IAGM for $22,254, a fair value determined by independent appraisal, which resulted in IAGM recognizing a gain on sale of $1,741. The Company deferred its share of IAGM's gain on sale of $958 and will amortize the gain over 30 years as an increase to equity in (losses) earnings of unconsolidated entities.
During the six months ended June 30, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on debt with a variable rate of 1-Month LIBOR plus 1.55%. Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of June 30, 2020, the interest rate swaps were deemed to be liabilities of $687 on a fair value basis, of which the Company's share was $378.
Combined Condensed Financial Information
As of June 30, 2020 and December 31, 2019, the Company's sole joint venture interest is in IAGM. Another joint venture was disposed of in 2019. The following table presents condensed balance sheet information for IAGM and separate condensed income statement information of IAGM and the other joint venture which was disposed in late 2019.
 
As of
 
June 30, 2020
 
December 31, 2019
Assets:
 
 
 
Real estate assets, net of accumulated depreciation
$
402,799

 
$
425,585

Other assets
67,342

 
66,437

Total assets
470,141

 
492,022

Liabilities and equity:
 
 
 
Mortgages payable, net
242,115

 
256,732

Other liabilities
15,458

 
20,765

Equity
212,568

 
214,525

Total liabilities and equity
470,141

 
492,022

 
 
 
 
Company's share of equity
117,771

 
118,861

Deferred gain, net of accumulated amortization of $11
(947
)
 
—

Carrying value of investments in unconsolidated entities
$
116,824

 
$
118,861

 
Three months ended June 30,
 
Six months ended June 30,
IAGM
2020
 
2019
 
2020
 
2019
Total income
$
9,815

 
$
13,113

 
$
22,538

 
$
26,753

Depreciation and amortization
(4,316
)
 
(5,663
)
 
(8,658
)
 
(10,939
)
Property operating
(1,702
)
 
(2,047
)
 
(3,823
)
 
(4,023
)
Real estate taxes
(2,182
)
 
(2,355
)
 
(4,608
)
 
(4,961
)
Interest expense, net
(1,775
)
 
(2,894
)
 
(3,968
)
 
(5,788
)
General and administrative
(125
)
 
(126
)
 
(244
)
 
(245
)
(Loss) gain on sale of real estate, net
—

 
(559
)
 
1,741

 
(559
)
Loss on debt extinguishment
—

 
—

 
(8
)
 
—

Provision for asset impairment
—

 
(1,443
)
 
—

 
(1,443
)
Net (loss) income
(285
)
 
(1,974
)
 
2,970

 
(1,205
)
Other joint venture interest
 
 
 
 
 
 
 
Net loss
—

 
—

 
—

 
(4,869
)
Total net (loss) income of unconsolidated entities
$
(285
)
 
$
(1,974
)
 
$
2,970

 
$
(6,074
)
 
 
 
 
 
 
 
 
Company's share of net (loss) income
$
(157
)
 
$
(1,079
)
 
$
1,587

 
$
(5,023
)
Outside basis adjustment for IAGM's sale of real estate
8

 
—

 
(947
)
 
—

Outside basis adjustment for other joint venture's sale of assets
—

 
—

 
—

 
4,403

Equity in (losses) earnings of unconsolidated entities
$
(149
)
 
$
(1,079
)
 
$
640

 
$
(620
)
The following table summarizes the scheduled maturities of IAGM's mortgages payable as of June 30, 2020, for the remainder of 2020, each of the next four years and thereafter.
Scheduled maturities by year:
As of June 30, 2020
2020
$
—

2021
23,150

2022
—

2023
180,125

2024
—

Thereafter
40,680

Total
$
243,955


As of June 30, 2020 and December 31, 2019, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.