Related Party Transactions

3 Months Ended

Mar. 31, 2017

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 March 31,
	2017		2016
Management fees	$	4,480	$	3,953
Development and leasing fees	5,270		2,961
	$	9,750	$	6,914

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,211 and $2,272 for the three months ended March 31, 2017 and 2016, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $732 and $736 at March 31, 2017 and December 31, 2016, respectively.

Due from (to) affiliates includes unreimbursed and/or prepaid costs and fees from unconsolidated joint ventures due to (from) the Management Companies. As of March 31, 2017 and December 31, 2016, the amounts due from (to) the unconsolidated joint ventures was $4,745 and $(6,809), respectively.

In addition, due from affiliates at March 31, 2017 and December 31, 2016 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $70 and $117 for the three months ended March 31, 2017 and 2016, respectively. The balance on this note was $5,397 and $5,593 at March 31, 2017 and December 31, 2016, 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 the development project.

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 $611 and $521 for the three months ended March 31, 2017 and 2016, respectively. The balance on this note was $70,053 and $69,443 at March 31, 2017 and December 31, 2016, respectively. Lennar Corporation is considered a related party because it is a joint venture partner in Fashion Outlets of San Francisco.