Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

		Ownership Interest	June 30,		December 31,
Portfolio	Property	June 30, 2021	2021		2020
Core:	840 N. Michigan (a)	88.43%	$	53,869	$	55,863
	Renaissance Portfolio	20%		28,835		29,270
	Gotham Plaza	49%		28,796		28,683
	Georgetown Portfolio	50%		3,796		4,624
	1238 Wisconsin Avenue	80%		3,352		2,571
				118,648		121,011
Mervyns I & II:	KLA/ABS (b)	36.7%		80,956		72,391
Fund III:	Self Storage Management (c)	95%		207		207
Fund IV:	Fund IV Other Portfolio	98.57%		12,327		11,719
	650 Bald Hill Road	90%		11,714		12,550
				24,041		24,269
Fund V:	Family Center at Riverdale (a)	89.42%		12,927		11,824
	Tri-City Plaza	90%		6,904		7,024
	Frederick County Acquisitions	90%		10,895		10,837
				30,726		29,685
Various:	Due from (to) Related Parties			467		363
	Other (d)			3,018		1,881
	Investments in and advances to unconsolidated affiliates		$	258,063	$	249,807
Core:	Crossroads (e)	49%	$	14,896	$	15,616
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	14,896	$	15,616

a)Represents a tenancy-in-common interest.

b)Includes an interest in Albertsons (at fair value, as described below) (Note 8).

c)Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

d)Includes cost-method investments in Storage Post, Fifth Wall and other investments.

e)Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.

Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of June 30, 2021, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):

	June 30, 2021		December 31, 2020
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	556,800	$	563,997
Real estate under development		12,900		14,517
Other assets		63,060		61,969
Total assets	$	632,760	$	640,483
Liabilities and partners’ equity:
Mortgage notes payable	$	507,111	$	512,490
Other liabilities		72,577		74,872
Partners’ equity		53,072		53,121
Total liabilities and partners’ equity	$	632,760	$	640,483
Company's share of accumulated equity	$	100,237	$	100,767
Basis differential		54,320		55,017
Deferred fees, net of portion related to the Company's interest		3,962		3,565
Amounts receivable/payable by the Company		467		363
Investments in and advances to unconsolidated affiliates, net of Company's    share of distributions in excess of income from and investments in    unconsolidated affiliates		158,986		159,712
Investments carried at fair value or cost		84,181		74,479
Company's share of distributions in excess of income from and    investments in unconsolidated affiliates		14,896		15,616
Investments in and advances to unconsolidated affiliates	$	258,063	$	249,807

Schedule of Condensed Income Statement

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Combined and Condensed Statements of Operations
Total revenues	$	19,541		$	16,372		$	36,822		$	36,714
Operating and other expenses		(6,814	)		(6,183	)		(13,033	)		(13,607	)
Interest expense		(4,581	)		(5,014	)		(9,403	)		(10,270	)
Depreciation and amortization		(5,676	)		(6,524	)		(14,477	)		(12,885	)
Gain on disposition of properties (a)		—			—			3,206			—
Net income (loss) attributable to unconsolidated affiliates	$	2,470		$	(1,349	)	$	3,115		$	(48	)
Company’s share of equity in net income (loss) of unconsolidated affiliates	$	1,368		$	(510	)	$	4,066		$	(174	)
Income attributable to unconsolidated affiliates recently sold or consolidated		—			46			—			1,291
Basis differential amortization		(262	)		(322	)		(697	)		(648	)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	1,106		$	(786	)	$	3,369		$	469

a)Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021.