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Investments in and Advances to Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2014
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):
| September 30, 2014 |  |  | December 31, 2013 |
Company's share of accumulated equity | $ | 116.7 |  |  | $ | 365.3 |
Redeemable preferred equity and other(A) |  | 39.1 |  |  |  | 72.2 |
Basis differentials |  | 4.2 |  |  |  | 10.6 |
Deferred development fees, net of portion related to the Company's interest |  | (2.7 | ) |  |  | (2.8 | )
Amounts payable to DDR |  | 4.4 |  |  |  | 2.7 |
Investments in and Advances to Joint Ventures | $ | 161.7 |  |  | $ | 448.0 |
(A) | Primarily related to $38.6 million and $71.8 million in preferred equity investments in joint ventures with affiliates of The Blackstone Group L.P. (collectively, “Blackstone”) at September 30, 2014 and December 31, 2013, respectively.
Unconsolidated Joint Ventures [Member] |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | At September 30, 2014 and December 31, 2013, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 147 and 170 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| September 30, 2014 |  |  | December 31, 2013 |
Condensed Combined Balance Sheets |  |  |  |  |  |  |
Land | $ | 1,080,086 |  |  | $ | 1,275,232 |
Buildings |  | 2,917,565 |  |  |  | 3,940,806 |
Fixtures and tenant improvements |  | 168,575 |  |  |  | 266,851 |
|  | 4,166,226 |  |  |  | 5,482,889 |
Less: Accumulated depreciation |  | (814,365 | ) |  |  | (839,867 | )
|  | 3,351,861 |  |  |  | 4,643,022 |
Land held for development and construction in progress |  | 56,713 |  |  |  | 116,088 |
Real estate, net |  | 3,408,574 |  |  |  | 4,759,110 |
Cash and restricted cash |  | 95,768 |  |  |  | 282,866 |
Receivables, net |  | 68,951 |  |  |  | 101,003 |
Other assets |  | 97,959 |  |  |  | 196,615 |
| $ | 3,671,252 |  |  | $ | 5,339,594 |
Mortgage debt | $ | 2,572,521 |  |  | $ | 3,282,643 |
Notes and accrued interest payable to DDR(A) |  | 142,502 |  |  |  | 127,679 |
Other liabilities |  | 142,521 |  |  |  | 245,368 |
|  | 2,857,544 |  |  |  | 3,655,690 |
Redeemable preferred equity |  | 38,635 |  |  |  | 71,771 |
Accumulated equity |  | 775,073 |  |  |  | 1,612,133 |
| $ | 3,671,252 |  |  | $ | 5,339,594 |
Company's share of Accumulated Equity | $ | 116,711 |  |  | $ | 365,297 |
(A) | The Company had net amounts receivable from several joint ventures aggregating $4.4 million and $2.7 million at September 30, 2014 and December 31, 2013, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining receivables on the joint ventures’ books were fully reserved by the Company in prior years.
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments |
| Three-Month Periods Ended September 30, |  |  | Nine-Month Periods Ended September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 119,973 |  |  | $ | 176,001 |  |  | $ | 392,523 |  |  | $ | 527,799 |
Operating expenses |  | 40,024 |  |  |  | 61,099 |  |  |  | 137,787 |  |  |  | 182,130 |
Impairment charges |  | 11,093 |  |  |  | 13,390 |  |  |  | 11,693 |  |  |  | 51,713 |
Depreciation and amortization |  | 35,579 |  |  |  | 56,502 |  |  |  | 119,641 |  |  |  | 173,333 |
Interest expense |  | 41,764 |  |  |  | 56,453 |  |  |  | 141,776 |  |  |  | 169,935 |
Other expense, net |  | 188 |  |  |  | 1,916 |  |  |  | 3,024 |  |  |  | 2,229 |
|  | 128,648 |  |  |  | 189,360 |  |  |  | 413,921 |  |  |  | 579,340 |
Loss before tax expense and discontinued operations |  | (8,675 | ) |  |  | (13,359 | ) |  |  | (21,398 | ) |  |  | (51,541 | )
Income tax expense (primarily SSB), net |  | — |  |  |  | (6,446 | ) |  |  | (6,565 | ) |  |  | (20,299 | )
Loss from continuing operations |  | (8,675 | ) |  |  | (19,805 | ) |  |  | (27,963 | ) |  |  | (71,840 | )
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations |  | (55 | ) |  |  | (11,196 | ) |  |  | (844 | ) |  |  | (22,604 | )
Gain (loss) on disposition of real estate, net of tax |  | 4,713 |  |  |  | (21,228 | ) |  |  | 28,224 |  |  |  | (27,133 | )
Loss before gain on disposition of real estate, net |  | (4,017 | ) |  |  | (52,229 | ) |  |  | (583 | ) |  |  | (121,577 | )
Gain on disposition of real estate, net |  | 3,833 |  |  |  | 151 |  |  |  | 3,833 |  |  |  | 794 |
Net (loss) income | $ | (184 | ) |  | $ | (52,078 | ) |  | $ | 3,250 |  |  | $ | (120,783 | )
Non-controlling interests |  | — |  |  |  | (5,800 | ) |  |  | (2,023 | ) |  |  | (19,715 | )
Net (loss) income attributable to unconsolidated joint ventures | $ | (184 | ) |  | $ | (57,878 | ) |  | $ | 1,227 |  |  | $ | (140,498 | )
Company's share of equity in net income of joint ventures | $ | 3,316 |  |  | $ | 2,800 |  |  | $ | 9,483 |  |  | $ | 4,328 |
Amortization of basis differentials(A) |  | 304 |  |  |  | 980 |  |  |  | 758 |  |  |  | 1,215 |
Equity in net income of joint ventures(B) | $ | 3,620 |  |  | $ | 3,780 |  |  | $ | 10,241 |  |  | $ | 5,543 |
(A) | Related to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.
(A) | The Company is not recording income or loss from those investments in which its investment basis is zero, as the Company does not have the obligation or intent to fund any additional capital in the joint ventures.
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 September 30, |  |  | Nine-Month Periods Ended September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Management and other fees | $ | 5.9 |  |  | $ | 7.4 |  |  | $ | 18.2 |  |  | $ | 22.6 |
Development fees and leasing commissions |  | 1.4 |  |  |  | 2.7 |  |  |  | 4.9 |  |  |  | 7.9 |
Interest income |  | 1.7 |  |  |  | 5.3 |  |  |  | 5.0 |  |  |  | 14.4 |

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