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Investments in and Advances to Joint Ventures (Tables) | 3 Months Ended
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Mar. 31, 2020
Schedule Of Equity Method Investments [Line Items] |
Summary of Preferred investments | The preferred investments are summarized as follows (in millions, except properties owned):
|  |  | Preferred Investment (Principal) |  |  |  |  |
| Redemption Date |  | Initial |  |  | March 31, 2020 |  |  | Valuation Allowance |  |  | Net of Reserve |  |  | Properties Owned at March 31, 2020 |
BRE DDR III | October 2021 |  | $ | 300.0 |  |  | $ | 132.4 |  |  | $ | (88.2 | ) |  | $ | 44.2 |  |  |  | 13 |
BRE DDR IV | December 2022 |  |  | 82.6 |  |  |  | 64.0 |  |  |  | (17.8 | ) |  |  | 46.2 |  |  |  | 5 |
|  |  | $ | 382.6 |  |  | $ | 196.4 |  |  | $ | (106.0 | ) |  | $ | 90.4 |  |  |  |  |
Unconsolidated Joint Ventures [Member] |
Schedule Of Equity Method Investments [Line Items] |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | At March 31, 2020 and December 31, 2019, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 78 and 100 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):
| March 31, 2020 |  |  | December 31, 2019 |
Condensed Combined Balance Sheets |  |  |  |  |  |  |
Land | $ | 556,291 |  |  | $ | 895,427 |
Buildings |  | 1,687,612 |  |  |  | 2,583,053 |
Fixtures and tenant improvements |  | 154,278 |  |  |  | 233,303 |
|  | 2,398,181 |  |  |  | 3,711,783 |
Less: Accumulated depreciation |  | (548,541 | ) |  |  | (949,879 | )
|  | 1,849,640 |  |  |  | 2,761,904 |
Construction in progress and land |  | 52,603 |  |  |  | 58,855 |
Real estate, net |  | 1,902,243 |  |  |  | 2,820,759 |
Cash and restricted cash |  | 59,184 |  |  |  | 109,260 |
Receivables, net |  | 22,442 |  |  |  | 37,191 |
Other assets, net |  | 105,457 |  |  |  | 147,129 |
| $ | 2,089,326 |  |  | $ | 3,114,339 |
Mortgage debt | $ | 1,434,981 |  |  | $ | 1,640,146 |
Notes and accrued interest payable to the Company |  | 4,896 |  |  |  | 4,975 |
Other liabilities |  | 97,384 |  |  |  | 142,754 |
|  | 1,537,261 |  |  |  | 1,787,875 |
Redeemable preferred equity – SITE Centers (A) |  | 218,315 |  |  |  | 217,871 |
Accumulated equity |  | 333,750 |  |  |  | 1,108,593 |
| $ | 2,089,326 |  |  | $ | 3,114,339 |
Company's share of accumulated equity | $ | 74,165 |  |  | $ | 186,247 |
Redeemable preferred equity, net (B) |  | 93,909 |  |  |  | 112,589 |
Basis differentials |  | 7,518 |  |  |  | (6,864 | )
Deferred development fees, net of portion related to the Company's interest |  | (1,505 | ) |  |  | (2,452 | )
Amounts payable to the Company |  | 4,896 |  |  |  | 4,975 |
Investments in and Advances to Joint Ventures, net | $ | 178,983 |  |  | $ | 294,495 |
(A) | Includes PIK that the Company has accrued since March 2017 of $18.4 million and $17.3 million at March 31, 2020 and December 31, 2019, respectively, which, in each case, was fully reserved.
(B) | Amount is net of the valuation allowance of $106.0 million and $87.9 million at March 31, 2020 and December 31, 2019, respectively, and the fully reserved PIK.
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments |
| Three Months |
| Ended March 31, |
| 2020 |  |  | 2019 |
Condensed Combined Statements of Operations |  |  |  |  |  |  |
Revenues from operations | $ | 85,621 |  |  | $ | 109,103 |
Expenses from operations: |  |  |  |  |  |  |
Operating expenses |  | 24,415 |  |  |  | 30,061 |
Impairment charges |  | 31,720 |  |  |  | 12,267 |
Depreciation and amortization |  | 30,104 |  |  |  | 39,504 |
Interest expense |  | 17,755 |  |  |  | 25,656 |
Preferred share expense |  | 4,530 |  |  |  | 5,459 |
Other expense, net |  | 4,657 |  |  |  | 5,456 |
|  | 113,181 |  |  |  | 118,403 |
Loss before gain on disposition of real estate |  | (27,560 | ) |  |  | (9,300 | )
Gain on disposition of real estate, net |  | 8,906 |  |  |  | 15,966 |
Net (loss) income attributable to unconsolidated joint ventures | $ | (18,654 | ) |  | $ | 6,666 |
Company's share of equity in net income of joint ventures | $ | 2,015 |  |  | $ | 845 |
Basis differential adjustments(A) |  | 156 |  |  |  | 198 |
Equity in net income of joint ventures | $ | 2,171 |  |  | $ | 1,043 |
(A) | 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):
| Three Months |
| Ended March 31, |
| 2020 |  |  | 2019 |
Revenue from contracts: |  |  |  |  |  |  |
Asset and property management fees | $ | 4.5 |  |  | $ | 5.2 |
Development fees, leasing commissions and other |  | 2.6 |  |  |  | 1.4 |
|  | 7.1 |  |  |  | 6.6 |
Other: |  |  |  |  |  |  |
Interest income |  | 3.5 |  |  |  | 4.2 |
Other |  | 0.7 |  |  |  | 0.8 |
|  | 4.2 |  |  |  | 5.0 |
| $ | 11.3 |  |  | $ | 11.6 |

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