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Investments in and Advances to Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2013
Equity Method Investments And Joint Ventures [Abstract] |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
|  | June 30, 2013 |  |  | December 31, 2012 |
Condensed Combined Balance Sheets |  |  |  |  |  |  |  |
Land |  | $ | 1,529,795 |  |  | $ | 1,569,548 |
Buildings |  |  | 4,632,324 |  |  |  | 4,681,462 |
Fixtures and tenant improvements |  |  | 266,917 |  |  |  | 244,293 |
|  |  | 6,429,036 |  |  |  | 6,495,303 |
Less: Accumulated depreciation |  |  | (881,857 | ) |  |  | (833,816 | )
|  |  | 5,547,179 |  |  |  | 5,661,487 |
Land held for development and construction in progress |  |  | 277,314 |  |  |  | 348,822 |
Real estate, net |  |  | 5,824,493 |  |  |  | 6,010,309 |
Cash and restricted cash |  |  | 368,948 |  |  |  | 467,200 |
Receivables, net |  |  | 101,938 |  |  |  | 99,098 |
Other assets |  |  | 380,154 |  |  |  | 427,014 |
|  | $ | 6,675,533 |  |  | $ | 7,003,621 |
Mortgage debt |  | $ | 4,141,601 |  |  | $ | 4,246,407 |
Notes and accrued interest payable to DDR(A) |  |  | 153,042 |  |  |  | 143,338 |
Other liabilities |  |  | 295,990 |  |  |  | 342,614 |
|  |  | 4,590,633 |  |  |  | 4,732,359 |
Redeemable preferred equity |  |  | 167,060 |  |  |  | 154,556 |
Accumulated equity |  |  | 1,917,840 |  |  |  | 2,116,706 |
|  | $ | 6,675,533 |  |  | $ | 7,003,621 |
Company’s share of Accumulated Equity |  | $ | 399,551 |  |  | $ | 432,500 |
(A) | The Company has amounts receivable from several joint ventures aggregating $36.3 million and $34.3 million at June 30, 2013 and December 31, 2012, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining amounts were fully reserved by the Company in prior years.
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments |
|  | Three-Month Periods Ended June 30, |  |  | Six-Month Periods Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from operations |  | $ | 184,820 |  |  | $ | 163,694 |  |  | $ | 371,547 |  |  | $ | 322,908 |
Operating expenses(A) |  |  | 65,022 |  |  |  | 64,433 |  |  |  | 129,909 |  |  |  | 115,495 |
Impairment charges |  |  | 44,563 |  |  |  | — |  |  |  | 44,563 |  |  |  | 840 |
Depreciation and amortization |  |  | 59,045 |  |  |  | 41,863 |  |  |  | 124,345 |  |  |  | 81,550 |
Interest expense |  |  | 60,059 |  |  |  | 58,860 |  |  |  | 122,258 |  |  |  | 113,978 |
|  |  | 228,689 |  |  |  | 165,156 |  |  |  | 421,075 |  |  |  | 311,863 |
(Loss) income before tax expense and discontinued operations |  |  | (43,869 | ) |  |  | (1,462 | ) |  |  | (49,528 | ) |  |  | 11,045 |
Income tax expense (primarily Sonae Sierra Brasil), net |  |  | (7,238 | ) |  |  | (6,200 | ) |  |  | (13,853 | ) |  |  | (12,190 | )
Loss from continuing operations |  |  | (51,107 | ) |  |  | (7,662 | ) |  |  | (63,381 | ) |  |  | (1,145 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations |  |  | (87 | ) |  |  | (8,287 | ) |  |  | (62 | ) |  |  | (10,534 | )
(Loss) gain on disposition of real estate, net of tax |  |  | (369 | ) |  |  | 247 |  |  |  | (5,906 | ) |  |  | 107 |
Loss before gain (loss) on disposition of real estate, net |  |  | (51,563 | ) |  |  | (15,702 | ) |  |  | (69,349 | ) |  |  | (11,572 | )
Gain (loss) on disposition of real estate, net |  |  | 164 |  |  |  | (750 | ) |  |  | 643 |  |  |  | 13,102 |
Net (loss) income |  | $ | (51,399 | ) |  | $ | (16,452 | ) |  | $ | (68,706 | ) |  | $ | 1,530 |
Non-controlling interests |  |  | (6,695 | ) |  |  | (4,600 | ) |  |  | (13,914 | ) |  |  | (13,534 | )
Net loss attributable to unconsolidated joint ventures |  | $ | (58,094 | ) |  | $ | (21,052 | ) |  | $ | (82,620 | ) |  | $ | (12,004 | )
Company’s share of equity in net (loss) income of joint ventures |  | $ | (1,522 | ) |  | $ | 3,171 |  |  | $ | 1,528 |  |  | $ | 13,351 |
Amortization of basis differentials(B) |  |  | 331 |  |  |  | 61 |  |  |  | 235 |  |  |  | (1,871 | )
Equity in net (loss) income of joint ventures |  | $ | (1,191 | ) |  | $ | 3,232 |  |  | $ | 1,763 |  |  | $ | 11,480 |
(A) | Operating expenses for the three- and six-month periods ended June 30, 2012, include transaction costs associated with the formation of the unconsolidated joint venture BRE DDR Retail Holdings, LLC.
(B) | The difference between the Company’s share of net (loss) income, as reported above, and the amounts included in the condensed consolidated statements of operations is attributable to the amortization of basis differentials, deferred gains and differences in gain (loss) on sale of certain assets due to the basis differentials and other than temporary impairment charges. The Company is not recording income or loss from those investments in which its investment basis is zero and the Company does not have the obligation or intent to fund any additional capital.
Investments in and Advances to Joint Ventures | Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment basis and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions):
|  | June 30, 2013 |  |  | December 31, 2012 |
Company’s share of accumulated equity |  | $ | 399.6 |  |  | $ | 432.5 |
Redeemable preferred equity and notes receivable from investments(A) |  |  | 167.5 | (B) |  |  | 155.0 |
Basis differentials |  |  | (3.3 | ) |  |  | (5.9 | )
Deferred development fees, net of portion related to the Company’s interest |  |  | (2.9 | ) |  |  | (2.9 | )
Notes and accrued interest payable to DDR |  |  | 36.3 | (B) |  |  | 34.3 |
Investments in and Advances to Joint Ventures |  | $ | 597.2 |  |  | $ | 613.0 |
(A) | Primarily relates to $167.1 million and $154.6 million preferred equity investment in BRE DDR Retail Holdings, LLC at June 30, 2013 and December 31, 2012, respectively.
(B) | As discussed below, in conjunction with the Company’s pending acquisition of 30 assets, approximately $146 million is expected to be repaid upon closing.
Service Fees and Income Earned by Company's Unconsolidated Joint Ventures | Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):
|  | Three-Month Periods Ended June 30, |  |  | Six-Month Periods Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Management and other fees |  | $ | 7.8 |  |  | $ | 6.5 |  |  | $ | 15.3 |  |  | $ | 13.4 |
Development fees and leasing commissions |  |  | 2.3 |  |  |  | 1.9 |  |  |  | 5.2 |  |  |  | 3.9 |
Interest income |  |  | 4.6 |  |  |  | 0.5 |  |  |  | 9.1 |  |  |  | 0.5 |

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