Investments in and Advances to Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2017

Schedule Of Equity Method Investments [Line Items]

Service Fees and Income Earned by Company

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 Months				Nine Months
	Ended September 30,				Ended September 30,
	2017		2016		2017		2016
Management and other fees	$	5.3	$	6.3	$	18.9	$	22.2
Interest income		6.3		8.4		20.1		25.0
Development fees and leasing commissions		1.8		2.2		6.2		5.9

Summary of Terms For Unconsolidated Joint Ventures Investments

The Company’s two unconsolidated investments with The Blackstone Group L.P. (“Blackstone”), BRE DDR Retail Holdings III (“BRE DDR III”) and BRE DDR Retail Holdings IV (“BRE DDR IV” and, together with BRE DDR III, the “BRE DDR Joint Ventures”), have substantially similar terms and are summarized as follows (in millions, except properties owned):

		Common Equity		Preferred Investment (Principal)						Properties Owned
	Formation	Initial		Initial		September 30, 2017		Net of Reserve		Inception		September 30, 2017
BRE DDR III	Oct 2014	$	19.6	$	300.0	$	314.5	$	262.7		70		42
BRE DDR IV	Dec 2015		12.9		82.6		67.1		58.3		6		6
				$	382.6	$	381.6	$	321.0

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

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):

	September 30, 2017			December 31, 2016
Condensed Combined Balance Sheets
Land	$	1,250,276		$	1,287,675
Buildings		3,238,956			3,376,720
Fixtures and tenant improvements		212,529			203,824
		4,701,761			4,868,219
Less: Accumulated depreciation		(957,207	)		(884,356	)
		3,744,554			3,983,863
Construction in progress and land		56,381			56,983
Real estate, net		3,800,935			4,040,846
Cash and restricted cash		117,211			50,378
Receivables, net		53,199			50,685
Other assets, net		205,436			248,664
	$	4,176,781		$	4,390,573

Mortgage debt	$	2,698,105		$	3,034,399
Notes and accrued interest payable to the Company		2,626			1,584
Other liabilities		195,817			206,949
		2,896,548			3,242,932
Redeemable preferred equity – DDR		392,479			393,338
Accumulated equity		887,754			754,303
	$	4,176,781		$	4,390,573

Company's share of accumulated equity	$	134,001		$	97,977
Redeemable preferred equity, net		327,309			393,338
Basis differentials		(26,103	)		(36,117	)
Deferred development fees, net of portion related to the Company's interest		(2,881	)		(2,651	)
Amounts payable to the Company		2,626			1,584
Investments in and Advances to Joint Ventures, net	$	434,952		$	454,131

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months					Nine Months
	Ended September 30,					Ended September 30,
	2017		2016			2017			2016
Condensed Combined Statements of Operations
Revenues from operations	$	126,992	$	127,676		$	380,568		$	384,476
Expenses from operations:
Operating expenses		36,041		35,547			110,400			110,176
Impairment charges		2,160		13,598			82,667			13,598
Depreciation and amortization		45,291		47,955			137,976			146,011
Interest expense		24,276		33,567			83,410			100,208
Preferred share expense		8,307		8,438			24,674			25,007
Other (income) expense, net		6,577		5,829			22,204			17,959
		122,652		144,934			461,331			412,959
Income (loss) from continuing operations		4,340		(17,258	)		(80,763	)		(28,483	)
Gain on disposition of real estate, net		31,740		658			30,764			54,255
Net income (loss) attributable to unconsolidated joint ventures	$	36,080	$	(16,600	)	$	(49,999	)	$	25,772
Company's share of equity in net income (loss) of joint ventures	$	3,819	$	(1,755	)	$	(2,570	)	$	10,336
Basis differential adjustments^(A)		992		298			4,999			3,745
Equity in net income (loss) of joint ventures	$	4,811	$	(1,457	)	$	2,429		$	14,081

(A)

The difference between the Company’s share of net income (loss), as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.