Related Party Transactions

6 Months Ended

Jun. 30, 2016

Related Party Transactions:

Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.

The following are fees charged to unconsolidated joint ventures:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016		2015		2016		2015
Management fees	$	5,016	$	2,460	$	8,969	$	4,671
Development and leasing fees	4,236		1,588		7,197		3,480
	$	9,252	$	4,048	$	16,166	$	8,151

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,256 and $2,709 for the three months ended June 30, 2016 and 2015, respectively, and $4,528 and $5,438 for the six months ended June 30, 2016 and 2015, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $747 and $756 at June 30, 2016 and December 31, 2015, respectively.

Due from affiliates includes prepaid and/or unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies. As of June 30, 2016 and December 31, 2015, the amounts due (from) to the unconsolidated joint ventures was $(3,648) and $7,467, respectively.

In addition, due from affiliates at June 30, 2016 and December 31, 2015 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and was to mature on May 30, 2016. The maturity date of the note has been extended to May 30, 2021. Interest income earned on this note was $97 and $131 for the three months ended June 30, 2016 and 2015, respectively, and $214 and $269 for the six months ended June 30, 2016 and 2015, respectively. The balance on this note was $6,008 and $9,252 at June 30, 2016 and December 31, 2015, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement.

Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco. Interest income earned on this note was $525 and $450 for the three months ended June 30, 2016 and 2015, respectively, and $1,046 and $883 for the six months ended June 30, 2016 and 2015, respectively. The balance on this note was $68,255 and $67,209 at June 30, 2016 and December 31, 2015, respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco.