Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Schedule Of Equity Method Investments [Line Items]

Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances

The Company’s equity method joint ventures, which are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2018, are as follows:

Unconsolidated Real Estate Ventures	Partner	Effective Ownership Percentage		Operating Properties
DDRTC Core Retail Fund, LLC	TIAA – CREF	15.0%		23
DDRM Properties	Madison International Realty	20.0		35
BRE DDR Retail Holdings III	Blackstone Real Estate Partners		5.0	16
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0		10
BRE DDR Retail Holdings IV	Blackstone Real Estate Partners	5.0		5
DDR – SAU Retail Fund, LLC	State of Utah	20.0		12
Other Joint Venture Interests	Various	20.0–79.45		5

Revenues Earned by Company

Revenues earned by the Company 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):

	For the Year Ended December 31,
	2018		2017		2016
Revenue from contracts:
Asset and property management fees	$	18.8	$	21.4	$	25.7
Development fees and leasing commissions		6.9		9.1		7.5
Total revenue from contracts with customers		25.7		30.5		33.2
Other:
Interest income		19.0		25.9		33.4
Other		2.6		2.8		2.9
Total fee and other income	$	47.3	$	59.2	$	69.5

Summary of Preferred investments

The Preferred investments are summarized as follows (in millions, except properties owned):

		Preferred Investment (Principal)									Properties Owned
	Formation	Initial		December 31, 2018		Valuation Allowance			Net of Reserve		Inception		December 31, 2018
BRE DDR III	2014	$	300.0	$	191.2	$	(58.7	)	$	132.5		70		16
BRE DDR IV	2015		82.6		66.7		(13.7	)		53.0		6		5
		$	382.6	$	257.9	$	(72.4	)	$	185.5

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):

	December 31,
	2018			2017
Condensed Combined Balance Sheets
Land	$	1,004,289		$	1,126,703
Buildings		2,804,027			3,057,072
Fixtures and tenant improvements		221,412			213,989
		4,029,728			4,397,764
Less: Accumulated depreciation		(935,921	)		(962,038	)
		3,093,807			3,435,726
Construction in progress and land		56,498			53,928
Real estate, net		3,150,305			3,489,654
Cash and restricted cash		94,111			155,894
Receivables, net		44,702			51,396
Other assets, net		186,693			174,832
	$	3,475,811		$	3,871,776

Mortgage debt	$	2,212,503		$	2,501,163
Notes and accrued interest payable to the Company		5,182			1,365
Other liabilities		161,372			156,076
		2,379,057			2,658,604
Redeemable preferred equity – SITE Centers^(A)		274,493			345,149
Accumulated equity		822,261			868,023
	$	3,475,811		$	3,871,776

Company's share of accumulated equity	$	145,786		$	132,710
Redeemable preferred equity, net^(B)		189,891			277,776
Basis differentials		(8,536	)		(24,973	)
Deferred development fees, net of portion related to the Company's interest		(2,700	)		(3,065	)
Amounts payable to the Company		5,182			1,365
Investments in and Advances to Joint Ventures, net	$	329,623		$	383,813

(A)	Includes PIK that has accrued since March 2017 of $12.2 million and $6.3 million, which was fully reserved by the Company at December 31, 2018 and 2017, respectively.

(B)	Amount is net of the valuation allowance of $72.4 million and $61.0 million and the fully reserved PIK of $12.2 million and $6.3 million at December 31, 2018 and 2017, respectively.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	For the Year Ended December 31
	2018			2017			2016
Condensed Combined Statements of Operations
Revenues from operations^(A)	$	427,467		$	502,506		$	513,365
Expenses from operations:
Operating expenses		125,353			145,855			144,984
Impairment charges^(B)		177,522			90,597			13,598
Depreciation and amortization		145,849			180,337			195,198
Interest expense		96,312			107,330			132,943
Preferred share expense		24,875			32,251			33,418
Other (income) expense, net		24,891			25,986			23,513
		594,802			582,356			543,654
Loss before gain on disposition of real estate		(167,335	)		(79,850	)		(30,289	)
Gain on disposition of real estate, net		93,753			101,806			57,261
Net (loss) income attributable to unconsolidated joint ventures	$	(73,582	)	$	21,956		$	26,972
Company's share of equity in net (loss) income of joint ventures	$	(2,419	)	$	3,516		$	11,650
Basis differential adjustments^(C)		11,784			5,321			4,049
Equity in net income of joint ventures	$	9,365		$	8,837		$	15,699

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

(B)

For the years ended December 31, 2018, 2017 and 2016, the Company’s proportionate share was $13.1 million, $5.0 million and $2.7 million, respectively. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges recorded on these investments, as appropriate, as discussed below.

(C)

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.