Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, are as follows:

Unconsolidated Real Estate Ventures	Partner	Effective Ownership Percentage	Operating Properties
DDRTC Core Retail Fund, LLC^(A)	TIAA – CREF	15.0%	21
DDRM Properties	Madison International Realty	20.0	35
BRE DDR Retail Holdings III	Blackstone Real Estate Partners	5.0	13
BRE DDR Retail Holdings IV	Blackstone Real Estate Partners	5.0	5
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0	10
DDR – SAU Retail Fund, LLC	State of Utah	20.0	12
Other Joint Venture Interests	Various	20.0–79.45	4

(A)	In February 2020, the Company sold its interest to its joint venture partner (Note 19).

Summary of Preferred investments

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

		Preferred Investment (Principal)
	Redemption Date	Initial		December 31, 2019		Valuation Allowance			Net of Reserve		Properties Owned at December 31, 2019
BRE DDR III	2021	$	300.0	$	132.4	$	(78.2	)	$	54.2		13
BRE DDR IV	2022		82.6		64.0		(9.7	)		54.3		5
		$	382.6	$	196.4	$	(87.9	)	$	108.5

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,
	2019			2018
Condensed Combined Balance Sheets
Land	$	895,427		$	1,004,289
Buildings		2,583,053			2,804,027
Fixtures and tenant improvements		233,303			221,412
		3,711,783			4,029,728
Less: Accumulated depreciation		(949,879	)		(935,921	)
		2,761,904			3,093,807
Construction in progress and land		58,855			56,498
Real estate, net		2,820,759			3,150,305
Cash and restricted cash		109,260			94,111
Receivables, net		37,191			44,702
Other assets, net		147,129			186,693
	$	3,114,339		$	3,475,811

Mortgage debt	$	1,640,146		$	2,212,503
Notes and accrued interest payable to the Company		4,975			5,182
Other liabilities		142,754			161,372
		1,787,875			2,379,057
Redeemable preferred equity – SITE Centers^(A)		217,871			274,493
Accumulated equity		1,108,593			822,261
	$	3,114,339		$	3,475,811

Company's share of accumulated equity	$	186,247		$	145,786
Redeemable preferred equity, net^(B)		112,589			189,891
Basis differentials		(6,864	)		(8,536	)
Deferred development fees, net of portion related to the Company's interest		(2,452	)		(2,700	)
Amounts payable to the Company		4,975			5,182
Investments in and Advances to Joint Ventures, net	$	294,495		$	329,623

(A)	Includes PIK that the Company has accrued since March 2017 of $17.3 million and $12.2 million at December 31, 2019 and 2018, respectively, which, in each case, was fully reserved.

(B)	Amount is net of the valuation allowance of $87.9 million and $72.4 million at December 31, 2019 and 2018, respectively, and the fully reserved PIK.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	For the Year Ended December 31
	2019		2018			2017
Condensed Combined Statements of Operations
Revenues from operations^(A)	$	428,281	$	427,467		$	502,506
Expenses from operations:
Operating expenses		118,412		125,353			145,855
Impairment charges^(B)		13,807		177,522			90,597
Depreciation and amortization		149,749		145,849			180,337
Interest expense		93,887		96,312			107,330
Preferred share expense		21,832		24,875			32,251
Other expense, net		20,563		24,891			25,986
		418,250		594,802			582,356
Income (loss) before gain on disposition of real estate		10,031		(167,335	)		(79,850	)
Gain on disposition of real estate, net		67,011		93,753			101,806
Net income (loss) attributable to unconsolidated joint ventures	$	77,042	$	(73,582	)	$	21,956
Company's share of equity in net income (loss) of joint ventures	$	10,743	$	(2,419	)	$	3,516
Basis differential adjustments^(C)		776		11,784			5,321
Equity in net income of joint ventures	$	11,519	$	9,365		$	8,837

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

(B)

For the years ended December 31, 2019, 2018 and 2017, the Company’s proportionate share was $2.5 million, $13.1 million and $5.0 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, 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.

Schedule of Fee and Other Income

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

	For the Year Ended December 31,
	2019		2018		2017
Revenue from contracts:
Asset and property management fees	$	19.7	$	18.8	$	21.4
Development fees, leasing commissions and other		5.2		6.9		9.1
		24.9		25.7		30.5
Other:
Interest income		16.7		19.0		25.9
Other		3.2		2.6		2.8
		19.9		21.6		28.7
	$	44.8	$	47.3	$	59.2