Investments in and Advances to Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2018

Schedule Of Equity Method Investments [Line Items]

Service Fees and Income Earned by Company

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 and interest income on its preferred interests in the BRE DDR Retail Holdings joint ventures are as follows (in millions):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2018		2017		2018		2017
Revenue from contracts with customers:
Asset and property management fees	$	4.9	$	6.0	$	10.5	$	12.2
Development fees and leasing commissions		1.6		1.9		3.5		4.4
Total revenue from contracts with customers		6.5		7.9		14.0		16.6
Other:
Interest income		4.8		6.3		9.8		13.8
Other		0.7		0.7		1.2		1.4
Total fee and other income	$	12.0	$	14.9	$	25.0	$	31.8

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		June 30, 2018		Net of Reserve		Inception		June 30, 2018
BRE DDR III	Oct 2014	$	19.6	$	300.0	$	219.9	$	171.2		70		28
BRE DDR IV	Dec 2015		12.9		82.6		66.7		52.0		6		5
				$	382.6	$	286.6	$	223.2

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

At June 30, 2018 and December 31, 2017, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 114 and 136 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	June 30, 2018			December 31, 2017
Condensed Combined Balance Sheets
Land	$	1,008,195		$	1,126,703
Buildings		2,748,883			3,057,072
Fixtures and tenant improvements		208,000			213,989
		3,965,078			4,397,764
Less: Accumulated depreciation		(947,136	)		(962,038	)
		3,017,942			3,435,726
Construction in progress and land		54,151			53,928
Real estate, net		3,072,093			3,489,654
Cash and restricted cash		96,207			155,894
Receivables, net		47,081			51,396
Other assets, net		138,678			174,832
	$	3,354,059		$	3,871,776

Mortgage debt	$	2,189,888		$	2,501,163
Notes and accrued interest payable to the Company		2,156			1,365
Other liabilities		136,926			156,076
		2,328,970			2,658,604
Redeemable preferred equity – DDR		300,757			345,149
Accumulated equity		724,332			868,023
	$	3,354,059		$	3,871,776

Company's share of accumulated equity	$	115,644		$	132,710
Redeemable preferred equity, net^(A)		228,077			277,776
Basis differentials		(21,882	)		(24,973	)
Deferred development fees, net of portion related to the Company's interest		(2,891	)		(3,065	)
Amounts payable to the Company		2,156			1,365
Investments in and Advances to Joint Ventures, net	$	321,104		$	383,813

(A)	Includes PIK that has accrued since March 2017 of $9.3 million and $6.3 million, which was fully reserved at June 30, 2018 and December 31, 2017, respectively.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2018		2017			2018			2017
Condensed Combined Statements of Operations
Revenues from operations^(A)	$	107,759	$	126,528		$	222,284		$	253,576
Expenses from operations:
Operating expenses		32,314		37,691			66,695			74,359
Impairment charges		—		27,850			16,910			80,507
Depreciation and amortization		37,299		47,589			76,976			92,685
Interest expense		24,946		29,004			49,189			59,134
Preferred share expense		6,317		8,239			12,825			16,367
Other (income) expense, net		6,616		9,054			14,037			15,627
		107,492		159,427			236,632			338,679
Income (loss) from continuing operations		267		(32,899	)		(14,348	)		(85,103	)
Gain (loss) on disposition of real estate, net		12,356		(803	)		50,376			(976	)
Net income (loss) attributable to unconsolidated joint ventures	$	12,623	$	(33,702	)	$	36,028		$	(86,079	)
Company's share of equity in net income (loss) of joint ventures	$	3,506	$	(1,090	)	$	11,979		$	(6,383	)
Basis differential adjustments^(B)		315		373			628			4,001
Equity in net income (loss) of joint ventures	$	3,821	$	(717	)	$	12,607		$	(2,382	)

(A)	Revenue from operations is subject to leasing or other standards.

(B)

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.