Investments in and Advances to Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments And Joint Ventures [Abstract]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

At March 31, 2023 and December 31, 2022, the Company had ownership interests in various unconsolidated joint ventures that had investments in 15 and 18 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2023			December 31, 2022
Condensed Combined Balance Sheets
Land	$	199,882		$	212,326
Buildings		607,130			643,334
Fixtures and tenant improvements		67,358			70,636
		874,370			926,296
Less: Accumulated depreciation		(204,892	)		(220,642	)
		669,478			705,654
Construction in progress and land		501			1,965
Real estate, net		669,979			707,619
Cash and restricted cash		63,112			44,809
Receivables, net		10,750			11,671
Other assets, net		33,305			36,272
	$	777,146		$	800,371
Mortgage debt	$	509,168		$	535,093
Notes and accrued interest payable to the Company		2,827			2,972
Other liabilities		40,392			41,588
		552,387			579,653
Accumulated equity		224,759			220,718
	$	777,146		$	800,371
Company's share of accumulated equity	$	43,437		$	42,644
Basis differentials		(442	)		(707	)
Deferred development fees, net of portion related to the Company's interest		(245	)		(301	)
Amounts payable to the Company		2,827			2,972
Investments in and Advances to Joint Ventures, net	$	45,577		$	44,608

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months
	Ended March 31,
	2023			2022
Condensed Combined Statements of Operations
Revenues from operations	$	24,690		$	41,649
Expenses from operations:
Operating expenses		6,564			11,523
Impairment charges		—			5,200
Depreciation and amortization		9,062			14,345
Interest expense		7,041			9,289
Other expense, net		2,560			2,572
		25,227			42,929
Loss before gain on disposition of real estate		(537	)		(1,280	)
Gain (loss) on disposition of real estate, net		5,304			(98	)
Net income (loss) attributable to unconsolidated joint ventures	$	4,767		$	(1,378	)
Company's share of equity in net income of joint ventures	$	950		$	30
Basis differential adjustments(A)		409			139
Equity in net income of joint ventures	$	1,359		$	169

(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.

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
	Ended March 31,
	2023		2022
Revenue from contracts:
Asset and property management fees	$	1.5	$	2.3
Leasing commissions and development fees		0.1		0.4
		1.6		2.7
Other		0.2		0.4
	$	1.8	$	3.1