Related-Party Transactions

12 Months Ended

Dec. 31, 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 years ended December 31:



	2016		2015		2014
Management fees	$	17,937	$	10,064	$	16,751
Development and leasing fees	13,907		9,615		10,528
	$	31,844	$	19,679	$	27,279

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $8,973, $10,515 and $15,134 for the years ended December 31, 2016, 2015 and 2014, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $736 and $756 at December 31, 2016 and 2015, respectively.

During the year ended December 31, 2014, the Company had loans to unconsolidated joint ventures to fund development stage projects prior to construction loan funding. Correspondingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures. Interest income associated with these notes was $164 for the year ended December 31, 2014.

Due (to) from affiliates includes $(6,809) and $7,467 of (prepaid) unreimbursed costs and fees due (to) from unconsolidated joint ventures under management agreements at December 31, 2016 and 2015, respectively.

Due from affiliates at December 31, 2013 also included two notes receivable from principals of AWE/Talisman ("Talisman Notes") that bore interest at 5.0% and were to mature based on the refinancing or sale of Fashion Outlets of Chicago, a 538,000 square foot outlet center in Rosemont, Illinois, or certain other specified events. AWE/Talisman was considered a related party because it had a 40% noncontrolling ownership interest in Fashion Outlets of Chicago. On October 31, 2014, in connection with the Company's acquisition of AWE/Talisman's ownership interest in Fashion Outlets of Chicago, the balance of the Talisman Notes were settled (See Note 13—Acquisitions). Interest income earned on these notes was $516 for the year ended December 31, 2014.

In addition, due from affiliates at December 31, 2016 and 2015 includes 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 was extended to May 30, 2021. Interest income earned on this note was $366, $520 and $614 for the years ended December 31, 2016, 2015 and 2014, respectively. The balance on this note receivable was $5,593 and $9,252 at December 31, 2016 and 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 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 (See Note 4—Investments in Unconsolidated Joint Ventures). Interest income earned on this note was $2,234, $1,872 and $206 for the years ended December 31, 2016, 2015 and 2014, respectively. The balance on this note was $69,443 and $67,209 at December 31, 2016 and 2015, respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco.