Investments in and Advances to Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2019

Schedule Of Equity Method Investments [Line Items]

Revenues Earned By the Company from Unconsolidated Joint Ventures

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 (as defined below) are as follows (in millions):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2019		2018		2019		2018
Revenue from contracts:
Asset and property management fees	$	4.8	$	4.9	$	10.1	$	10.5
Development fees, leasing commissions and other		1.1		1.6		2.5		3.5
Total revenue from contracts with customers		5.9		6.5		12.6		14.0
Other:
Interest income		4.2		4.8		8.4		9.8
Other		0.8		0.7		1.5		1.2
Total fee and other income	$	10.9	$	12.0	$	22.5	$	25.0

Summary of Preferred investments

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

		Preferred Investment (Principal)									Properties Owned
	Formation	Initial		June 30, 2019		Valuation Allowance			Net of Reserve		Inception		June 30, 2019
BRE DDR III	2014	$	300.0	$	180.2	$	(71.5	)	$	108.7		70		14
BRE DDR IV	2015		82.6		64.1		(6.7	)		57.4		6		5
		$	382.6	$	244.3	$	(78.2	)	$	166.1

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, 2019 and December 31, 2018, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 102 and 106 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	June 30, 2019			December 31, 2018
Condensed Combined Balance Sheets
Land	$	958,904		$	1,004,289
Buildings		2,705,984			2,804,027
Fixtures and tenant improvements		227,616			221,412
		3,892,504			4,029,728
Less: Accumulated depreciation		(943,915	)		(935,921	)
		2,948,589			3,093,807
Construction in progress and land		52,375			56,498
Real estate, net		3,000,964			3,150,305
Cash and restricted cash		84,623			94,111
Receivables, net		38,091			44,702
Other assets, net		175,882			186,693
	$	3,299,560		$	3,475,811

Mortgage debt	$	1,844,589		$	2,212,503
Notes and accrued interest payable to the Company		6,216			5,182
Other liabilities		152,840			161,372
		2,003,645			2,379,057
Redeemable preferred equity – SITECenters^(A)		263,222			274,493
Accumulated equity		1,032,693			822,261
	$	3,299,560		$	3,475,811

Company's share of accumulated equity	$	176,261		$	145,786
Redeemable preferred equity, net ^(B)		170,313			189,891
Basis differentials		(9,484	)		(8,536	)
Deferred development fees, net of portion related to the Company's interest		(2,425	)		(2,700	)
Amounts payable to the Company		6,216			5,182
Investments in and Advances to Joint Ventures, net	$	340,881		$	329,623

(A)	Includes PIK that has accrued since March 2017 of $14.8 million and $12.2 million, which was fully reserved by the Company at June 30, 2019 and December 31, 2018, respectively.

(B)	Amount is net of the valuation allowance of $78.2 million and $72.4 million and the fully reserved PIK of $14.8 million and $12.2 million at June 30, 2019 and December 31, 2018, respectively.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2019			2018		2019			2018
Condensed Combined Statements of Operations
Revenues from operations^(A)	$	105,580		$	107,759	$	214,683		$	222,284
Expenses from operations:
Operating expenses		30,482			32,314		60,543			66,695
Impairment charges		—			—		12,267			16,910
Depreciation and amortization		36,969			37,299		76,473			76,976
Interest expense		25,286			24,946		50,942			49,189
Preferred share expense		5,484			6,317		10,943			12,825
Other (income) expense, net		5,885			6,616		11,341			14,037
		104,106			107,492		222,509			236,632
Income (loss) before gain on disposition of real estate		1,474			267		(7,826	)		(14,348	)
(Loss) gain on disposition of real estate, net		(321	)		12,356		15,645			50,376
Net income attributable to unconsolidated joint ventures	$	1,153		$	12,623	$	7,819		$	36,028
Company's share of equity in net income of joint ventures	$	1,602		$	3,506	$	2,447		$	11,979
Basis differential adjustments^(B)		189			315		387			628
Equity in net income of joint ventures	$	1,791		$	3,821	$	2,834		$	12,607

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

(B)

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, 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.