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Investments in and Advances to Joint Ventures | 6 Months Ended
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Jun. 30, 2016
Equity Method Investments And Joint Ventures [Abstract] |
Investments in and Advances to Joint Ventures |
2. | Investments in and Advances to Joint Ventures
At June 30, 2016 and December 31, 2015, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 157 and 168 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| June 30, 2016 |  |  | December 31, 2015 |
Condensed Combined Balance Sheets |  |  |  |  |  |  |
Land | $ | 1,306,704 |  |  | $ | 1,343,889 |
Buildings |  | 3,449,494 |  |  |  | 3,551,227 |
Fixtures and tenant improvements |  | 192,647 |  |  |  | 191,581 |
|  | 4,948,845 |  |  |  | 5,086,697 |
Less: Accumulated depreciation |  | (840,227 | ) |  |  | (817,235 | )
|  | 4,108,618 |  |  |  | 4,269,462 |
Land held for development and construction in progress |  | 58,654 |  |  |  | 52,390 |
Real estate, net |  | 4,167,272 |  |  |  | 4,321,852 |
Cash and restricted cash |  | 69,815 |  |  |  | 58,916 |
Receivables, net |  | 48,568 |  |  |  | 52,768 |
Other assets |  | 286,501 |  |  |  | 318,546 |
| $ | 4,572,156 |  |  | $ | 4,752,082 |
Mortgage debt | $ | 3,118,908 |  |  | $ | 3,177,603 |
Notes and accrued interest payable to the Company |  | 2,555 |  |  |  | 1,556 |
Other liabilities |  | 223,109 |  |  |  | 219,799 |
|  | 3,344,572 |  |  |  | 3,398,958 |
Redeemable preferred equity – DDR |  | 400,203 |  |  |  | 395,156 |
Accumulated equity |  | 827,381 |  |  |  | 957,968 |
| $ | 4,572,156 |  |  | $ | 4,752,082 |
Company's share of accumulated equity | $ | 104,500 |  |  | $ | 115,871 |
Redeemable preferred equity |  | 400,203 |  |  |  | 395,156 |
Basis differentials |  | (39,325 | ) |  |  | (42,402 | )
Deferred development fees, net of portion related to the Company's interest |  | (2,531 | ) |  |  | (2,449 | )
Amounts payable to the Company |  | 2,542 |  |  |  | 1,556 |
Investments in and Advances to Joint Ventures | $ | 465,389 |  |  | $ | 467,732 |
| Three Months |  |  | Six Months |
| Ended June 30, |  |  | Ended June 30, |
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from operations | $ | 128,890 |  |  | $ | 133,066 |  |  | $ | 256,800 |  |  | $ | 270,666 |
Expenses from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 36,973 |  |  |  | 36,090 |  |  |  | 74,629 |  |  |  | 75,056 |
Impairment charges |  | — |  |  |  | — |  |  |  | — |  |  |  | 448 |
Depreciation and amortization |  | 49,021 |  |  |  | 51,482 |  |  |  | 98,056 |  |  |  | 108,219 |
Interest expense |  | 33,319 |  |  |  | 33,593 |  |  |  | 66,641 |  |  |  | 74,496 |
Preferred share expense |  | 8,305 |  |  |  | 6,415 |  |  |  | 16,569 |  |  |  | 12,729 |
Other expense (income), net |  | 6,319 |  |  |  | 6,126 |  |  |  | 12,130 |  |  |  | 12,195 |
|  | 133,937 |  |  |  | 133,706 |  |  |  | 268,025 |  |  |  | 283,143 |
|  | (5,047 | ) |  |  | (640 | ) |  |  | (11,225 | ) |  |  | (12,477 | )
Gain (loss) on disposition of real estate, net |  | 114 |  |  |  | (1,358 | ) |  |  | 53,597 |  |  |  | (1,571 | )
Net (loss) income attributable to unconsolidated joint ventures | $ | (4,933 | ) |  | $ | (1,998 | ) |  | $ | 42,372 |  |  | $ | (14,048 | )
Company's share of equity in net income of joint ventures | $ | 817 |  |  | $ | 1,317 |  |  | $ | 12,091 |  |  | $ | 1,070 |
Basis differential adjustments(A) |  | 300 |  |  |  | 325 |  |  |  | 3,447 |  |  |  | 633 |
Equity in net income of joint ventures | $ | 1,117 |  |  | $ | 1,642 |  |  | $ | 15,538 |  |  | $ | 1,703 |
(A) | The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable 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.
Service fees and income earned by the Company through management, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):
| Three Months |  |  | Six Months |
| Ended June 30, |  |  | Ended June 30, |
| 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Management and other fees | $ | 9.6 |  |  | $ | 6.5 |  |  | $ | 15.8 |  |  | $ | 12.8 |
Development fees and leasing commissions |  | 1.8 |  |  |  | 1.6 |  |  |  | 3.7 |  |  |  | 3.2 |
Interest income |  | 8.3 |  |  |  | 6.4 |  |  |  | 16.6 |  |  |  | 12.7 |
The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions. Disposition of Shopping Centers In the first quarter of 2016, one of the Company’s joint ventures sold 11 assets for an aggregate sale price of $170.5 million and recorded a gain on sale of $53.4 million, of which the Company’s share was $13.5 million.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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