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Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Operating Partnership's Equity Interest

The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions):

 

Entity

 

Formation
Date

 

Operating
Partnership
Share of
Capital

 

 

Capital Called
as of December 31, 2022 (b)

 

 

Unfunded
Commitment (b, c)

 

 

Equity Interest
Held By
Operating
Partnership (a)

 

 

Preferred
Return

 

 

Total
Distributions
as of December 31, 2022 (b, c)

 

Fund II and Mervyns II (c,d)

 

6/2004

 

 

61.67

%

 

$

557.3

 

 

$

—

 

 

 

61.67

%

 

 

8

%

 

$

172.9

 

Fund III

 

5/2007

 

 

24.54

%

 

 

448.1

 

 

 

1.9

 

 

 

24.54

%

 

 

6

%

 

 

603.5

 

Fund IV

 

5/2012

 

 

23.12

%

 

 

488.1

 

 

 

41.9

 

 

 

23.12

%

 

 

6

%

 

 

221.4

 

Fund V (e)

 

8/2016

 

 

20.10

%

 

 

347.9

 

 

 

172.1

 

 

 

20.10

%

 

 

6

%

 

 

88.7

 

 

 

a)
Amount represents the current economic ownership at December 31, 2022, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.
b)
Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.
c)
During the second quarter of 2022, the Company increased its ownership in Fund II and Mervyns II through an acquisition of its partner's interest by 11.67%, from 28.33% to 40.00%, for $18.5 million. Additionally, during the third quarter of 2022, the Company increased its ownership in Fund II through an acquisition of a partner's interest by 21.67%, from 40.00% to 61.67%, for $5.8 million. Each of the remaining partners in Fund II have a right to put their equity interests to the Company beginning in August 2023. As the Company retained its controlling interest, these additional investments were accounted for as equity transactions (Note 10).
d)
During August 2020, a recallable distribution of $15.7 million was made by Mervyn’s II to its investors, of which $4.5 million was the Company’s share. During 2021 and 2022, Mervyn’s II recalled $11.9 million and $3.8 million, respectively, of the $15.7 million, of which the Company's share is $3.4 million and $1.2 million, respectively.
e)
As of August 23, 2022, Fund V's investment period was extended to August 25, 2023.