Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

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	December 31,			December 31,
Portfolio	Property	December 31, 2019	2019			2018
Core:
	840 N. Michigan (a)	88.43%	$	61,260		$	65,013
	Renaissance Portfolio	20%		31,815			32,458
	Gotham Plaza	49%		29,466			29,550
	Town Center (a, b)	75.22%		97,674			99,758
	Georgetown Portfolio	50%		4,498			4,653
	1238 Wisconsin Avenue	80%		1,194			—
				225,907			231,432
Mervyns I & II:	KLA/Mervyn's, LLC (c)	10.5%		—			—
Fund III:
	Fund III Other Portfolio	94.23%		17			21
	Self Storage Management (d)	95%		207			206
				224			227
Fund IV:
	Broughton Street Portfolio (e)	50%		12,702			3,236
	Fund IV Other Portfolio	98.57%		14,733			14,540
	650 Bald Hill Road	90%		12,450			12,880
				39,885			30,656
Fund V:	Family Center at Riverdale (a)	89.42%		13,329			—
	Tri-City Plaza	90%		10,250			—
	Frederick County Acquisitions	90%		15,070			—
				38,649			—
Various:	Due to Related Parties			(1,902	)		(461	)
	Other (f)			2,334			556
	Investments in and advances to unconsolidated affiliates		$	305,097		$	262,410
Core:
	Crossroads (g)	49%	$	15,362		$	15,623
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,362		$	15,623

(a) Represents a tenancy-in-common interest.

(b) During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center.

(c) Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.

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

(e) Also referred to as “BSP II” as discussed further below. The Company is entitled to a 15% return on its cumulative capital contribution which was $5.9 million and $3.0 million at December 31, 2019 and 2018, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $9.4 million and $2.8 million at December 31, 2019 and 2018, respectively.

(f) Includes cost-method investments in Albertson’s (Note 8), Storage Post, Fifth Wall (discussed below) and other investments.

(g) 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 Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands):

	December 31, 2019			December 31, 2018
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	656,265		$	487,846
Real estate under development		1,341			—
Other assets		85,540			89,890
Total assets	$	743,146		$	577,736
Liabilities and partners’ equity:
Mortgage notes payable	$	502,036		$	408,967
Other liabilities		77,785			54,585
Partners’ equity		163,325			114,184
Total liabilities and partners’ equity	$	743,146		$	577,736
Company's share of accumulated equity	$	186,864		$	139,028
Basis differential		100,962			103,812
Deferred fees, net of portion related to the Company's interest		1,270			3,646
Amounts payable by the Company		(1,902	)		(461	)
Investments in and advances to unconsolidated affiliates, net of Company's    share of distributions in excess of income from and investments in    unconsolidated affiliates		287,194			246,025
Cost method investments		2,541			762
Company's share of distributions in excess of income from and    investments in unconsolidated affiliates		15,362			15,623
Investments in and advances to unconsolidated affiliates	$	305,097		$	262,410

Schedule of Condensed Income Statement

	Year Ended December 31,
	2019			2018			2017
Combined and Condensed Statements of Income
Total revenues	$	88,585		$	80,184		$	83,222
Operating and other expenses		(24,624	)		(23,586	)		(24,711	)
Interest expense		(21,874	)		(19,954	)		(18,733	)
Depreciation and amortization		(25,358	)		(22,228	)		(24,192	)
Loss on debt extinguishment		—			—			(154	)
(Loss) gain on disposition of properties		—			(1,673	)		18,957
Net income attributable to unconsolidated affiliates	$	16,729		$	12,743		$	34,389
Company’s share of equity in net income of unconsolidated affiliates	$	11,772		$	12,345		$	26,039
Basis differential amortization		(2,850	)		(3,043	)		(2,668	)
Company’s equity in earnings of unconsolidated affiliates	$	8,922		$	9,302		$	23,371