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Investment in Unconsolidated Joint Ventures | 9 Months Ended
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Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments and Joint Ventures Disclosure |
6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
We co-invest with third parties in joint ventures that own multiple properties. As a result of the Merger in November 2018, we acquired a 20% interest in the NRP joint venture. In November 2018, we also entered into an agreement (the “Joint Venture Agreement”) with Northwestern Mutual to create the GRP I joint venture. Under the terms of the Joint Venture Agreement, we contributed or sold all of our ownership interests in 17 grocery-anchored shopping centers to the GRP I joint venture. The following table details our investment balances in these unconsolidated joint ventures, which are accounted for using the equity method of accounting and are considered to be related parties to us as of September 30, 2019 and December 31, 2018 (dollars in thousands):
| September 30, 2019 |  | December 31, 2018
| NRP |  | GRP I |  | NRP |  | GRP I
Ownership percentage | 20 | % |  | 15 | % |  | 20 | % |  | 15 | %
Number of properties | 11 |  |  | 17 |  |  | 13 |  |  | 17 |
Investment balance | $ | 15,428 |  |  | $ | 27,702 |  |  | $ | 16,198 |  |  | $ | 29,453 |
Unamortized basis adjustments(1) | 4,158 |  |  | — |  |  | 6,026 |  |  | — |
(1) | Our investment in NRP differs from our proportionate share of the entity’s underlying net assets due to basis differences initially recorded at $6.2 million arising from the Merger and recording the investment at fair value.
The following table summarizes the operating information of the unconsolidated joint ventures and their impact on our consolidated statements of operations and consolidated statements of equity. We did not have any investments in unconsolidated joint ventures during the three and nine months ended September 30, 2018 (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, 2019 |  | September 30, 2019
| NRP |  | GRP I |  | NRP |  | GRP I
Income (loss) from unconsolidated joint ventures, net | $ | 2,733 |  |  | $ | (22 | ) |  | $ | 2,531 |  |  | $ | (87 | )
Amortization and write-off of basis adjustments(1) | 1,159 |  |  | — |  |  | 1,868 |  |  | — |
Distributions | 600 |  |  | 241 |  |  | 1,433 |  |  | 1,665 |
(1) | These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the NRP joint venture in Other Expense, Net on our consolidated statements of operations. When a property is sold, the remaining basis difference related to that property is written off.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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