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Investments in Unconsolidated Real Estate Joint Ventures
 6 Months Ended
Jun. 30, 2024
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Joint Ventures Investments in Unconsolidated Real Estate Joint Ventures
The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
As of June 30, 2024
Joint VentureCenter LocationOwnership %Square Feet
(in 000’s)		Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan CanadaOntario, Canada50.0 %665 $72.1 — 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 (21.5)98.4 
National Harbor(2)
National Harbor, MD50.0 %341 (12.4)92.6 
Galveston/Houston (2)
Texas City, TX50.0 %353 (12.8)57.2 
Columbus(2)
Columbus, OH50.0 %355 (4.2)70.4 
50.0 %1,448$(50.9)$318.6 
As of December 31, 2023
Joint VentureCenter LocationOwnership %Square Feet
(in 000’s)		Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan CanadaOntario, Canada50.0 %665 71.9 — 
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 $(20.8)$99.2 
National Harbor(2)
National Harbor, MD50.0 %341 (13.7)93.3 
Galveston/Houston(2)
Texas City, TX50.0 %353 (13.0)57.1 
Columbus(2)
Columbus, OH50.0 %355 (3.4)70.4 
50.0 %1,448$(50.9)$320.0 
(1)Net of debt origination costs of $1.9 million as of June 30, 2024 and $2.1 million as of December 31, 2023.
(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
Three months ended
Six months ended
June 30,June 30,
 2024202320242023
Fee:
Management and marketing$571 $565 $1,128 $1,109 
Leasing and other fees107 53 212 98 
Expense reimbursements from unconsolidated joint ventures1,189 1,109 2,308 2,185 
Total Fees$1,867 $1,727 $3,648 $3,392 
Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $2.7 million and $2.8 million as of June 30, 2024 and December 31, 2023, respectively) are amortized over the various useful lives of the related assets.

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
June 30, 2024December 31, 2023
Assets  
Land$81,008 $82,962 
Buildings, improvements and fixtures463,869 466,496 
Construction in progress255 223 
545,132 549,681 
Accumulated depreciation(209,842)(203,395)
Total rental property, net335,290 346,286 
Cash and cash equivalents17,810 14,040 
Deferred lease costs and other intangibles, net2,404 2,637 
Prepaids and other assets9,241 11,616 
Total assets$364,745 $374,579 
Liabilities and Owners’ Equity  
Mortgages payable, net $318,531 $319,957 
Accounts payable and other liabilities13,292 16,013 
Total liabilities331,823 335,970 
Owners’ equity32,922 38,609 
Total liabilities and owners’ equity$364,745 $374,579 
 Three months ended
Six months ended
Condensed Combined Statements of Operations - Unconsolidated Joint VenturesJune 30,June 30,
2024202320242023
Revenues $23,206 $21,804 $45,702 $43,933 
Expenses: 
Property operating8,876 8,783 16,868 17,255 
General and administrative14 47 130 189 
Depreciation and amortization3,941 5,156 9,021 10,395 
Total expenses12,831 13,986 26,019 27,839 
Other income (expense):
Interest expense(4,548)(4,519)(9,088)(8,920)
Other income118 129 382 268 
Total other expense(4,430)(4,390)(8,706)(8,652)
Net income$5,945 $3,428 $10,977 $7,442 
The Company and Operating Partnership’s share of:  
Net income$2,975 $1,706 $5,491 $3,641 
Depreciation and amortization (real estate related)$2,060 $2,615 $4,600 $5,285