Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022	2022		2021
Core:	840 N. Michigan (a)	88.43%	$	51,498	$	51,513
	Renaissance Portfolio	20%		28,966		28,466
	Gotham Plaza	49%		29,370		29,187
	Georgetown Portfolio	50%		4,076		4,089
	1238 Wisconsin Avenue (b)	80%		8,984		5,895
				122,894		119,150
Mervyns II:	KLA/ABS (c)	36.7%		110,039		124,316
Fund III:	Self Storage Management (b)	0%		—		207
	640 Broadway (d)	100%		—		17,825
				—		18,032
Fund IV:	Fund IV Other Portfolio	98.57%		11,696		12,675
	650 Bald Hill Road	90%		10,860		11,677
	Paramus Plaza	50%		1,526		1,975
				24,082		26,327
Fund V:	Family Center at Riverdale (a)	89.42%		11,692		12,449
	Tri-City Plaza	90%		8,883		6,827
	Frederick County Acquisitions	90%		12,588		10,748
	Wood Ridge Plaza	90%		14,355		—
	La Frontera Village	90%		24,401		—
				71,919		30,024
Various:	Due from (to) Related Parties			612		666
	Other (e)			3,983		3,811
	Investments in and advances to unconsolidated affiliates		$	333,529	$	322,326
Core:	Crossroads (f)	49%	$	8,918	$	9,939
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	8,918	$	9,939

a)Represents a tenancy-in-common interest.

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

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

d)In January 2022, the Company foreclosed on partner's interest and now owns 100% and consolidates the entity (Note 2).

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

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, 2022, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):

	June 30,		December 31,
	2022		2021
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	694,044	$	631,661
Real estate under development		12,074		8,112
Other assets		119,763		78,300
Total assets	$	825,881	$	718,073
Liabilities and partners’ equity:
Mortgage notes payable	$	622,782	$	571,461
Other liabilities		82,338		69,166
Partners’ equity		120,761		77,446
Total liabilities and partners’ equity	$	825,881	$	718,073
Company's share of accumulated equity	$	152,582	$	113,285
Basis differential		53,307		66,031
Deferred fees, net of portion related to the Company's interest		4,088		4,071
Amounts receivable/payable by the Company		612		666
Investments in and advances to unconsolidated affiliates, net of Company's    share of distributions in excess of income from and investments in    unconsolidated affiliates		210,589		184,053
Investments carried at fair value or cost		114,022		128,334
Company's share of distributions in excess of income from and    investments in unconsolidated affiliates		8,918		9,939
Investments in and advances to unconsolidated affiliates	$	333,529	$	322,326

Schedule of Condensed Income Statement

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Combined and Condensed Statements of Operations
Total revenues	$	23,954		$	20,577		$	47,071		$	39,627
Operating and other expenses		(8,067	)		(7,095	)		(15,325	)		(14,124	)
Interest expense		(6,589	)		(4,824	)		(11,328	)		(10,507	)
Depreciation and amortization		(9,248	)		(6,141	)		(15,159	)		(16,032	)
Gain on disposition of properties (a)		—			—			—			3,206
Net income attributable to unconsolidated affiliates	$	50		$	2,517		$	5,259		$	2,170
Company’s share of equity in net income of unconsolidated affiliates	$	1,533		$	1,395		$	4,915		$	4,041
Income attributable to unconsolidated affiliates recently sold or consolidated		—			(234	)		—			(562	)
Basis differential amortization		(253	)		(262	)		(505	)		(698	)
Company’s equity in earnings of unconsolidated affiliates	$	1,280		$	899		$	4,410		$	2,781

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