Related Party Transactions

9 Months Ended

Sep. 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 September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015
Management fees	$	4,271	$	2,321	$	13,240	$	6,993
Development and leasing fees	2,952		1,721		10,149		5,201
	$	7,223	$	4,042	$	23,389	$	12,194

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,224 and $2,690 for the three months ended September 30, 2016 and 2015, respectively, and $6,752 and $8,128 for the nine months ended September 30, 2016 and 2015, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $742 and $756 at September 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 September 30, 2016 and December 31, 2015, the amounts due (from) to the unconsolidated joint ventures was $(5,179) and $7,467, respectively.

In addition, due from affiliates at September 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 $81 and $128 for the three months ended September 30, 2016 and 2015, respectively, and $294 and $397 for the nine months ended September 30, 2016 and 2015, respectively. The balance on this note was $5,822 and $9,252 at September 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 $583 and $468 for the three months ended September 30, 2016 and 2015, respectively, and $1,629 and $1,351 for the nine months ended September 30, 2016 and 2015, respectively. The balance on this note was $68,838 and $67,209 at September 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.