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, 2021, are as follows:

Unconsolidated Real Estate Ventures	Partner	Effective Ownership Percentage	Operating Properties
DDRM Properties	Madison International Realty	20.0%	24
Dividend Trust Portfolio JV LP	Chinese Institutional Investors	20.0	10
DDR – SAU Retail Fund, LLC	State of Utah	20.0	11
Other Joint Venture Interests	Various	25.75–50.0	2

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	December 31,
	2021			2020
Condensed Combined Balance Sheets
Land	$	378,442		$	441,412
Buildings		1,092,245			1,258,879
Fixtures and tenant improvements		123,313			137,663
		1,594,000			1,837,954
Less: Accumulated depreciation		(441,215	)		(492,288	)
		1,152,785			1,345,666
Construction in progress and land		5,778			58,201
Real estate, net		1,158,563			1,403,867
Cash and restricted cash		37,535			35,212
Receivables, net		16,854			25,719
Other assets, net		49,029			61,381
	$	1,261,981		$	1,526,179

Mortgage debt	$	873,336		$	1,029,579
Notes and accrued interest payable to the Company		3,331			4,375
Other liabilities		51,473			57,349
		928,140			1,091,303
Accumulated equity		333,841			434,876
	$	1,261,981		$	1,526,179

Company's share of accumulated equity	$	59,286		$	72,555
Basis differentials		2,946			1,644
Deferred development fees, net of portion related to the Company's interest		(937	)		(1,277	)
Amounts payable to the Company		3,331			4,375
Investments in and Advances to Joint Ventures, net	$	64,626		$	77,297

	For the Year Ended December 31,
	2021			2020			2019
Condensed Combined Statements of Operations
Revenues from operations	$	195,559		$	252,946		$	428,281
Expenses from operations:
Operating expenses		53,391			77,040			118,412
Impairment charges^(A)		—			33,240			13,807
Depreciation and amortization		66,618			99,779			149,749
Interest expense		43,379			60,010			93,887
Preferred share expense		—			15,708			21,832
Other expense, net		12,074			13,796			20,563
		175,462			299,573			418,250
Income (loss) before gain on disposition of real estate		20,097			(46,627	)		10,031
Gain on disposition of real estate, net		89,935			9,257			67,011
Net income (loss) attributable to unconsolidated joint ventures	$	110,032		$	(37,370	)	$	77,042
Company's share of equity in net income of joint ventures	$	49,417		$	1,109		$	10,743
Basis differential adjustments^(B)		(2,120	)		407			776
Equity in net income of joint ventures	$	47,297		$	1,516		$	11,519

The impact of the COVID-19 pandemic on revenues and receivables for the Company’s joint ventures is more fully described in Note 2.

Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests are as follows (in millions):

	For the Year Ended December 31,
	2021		2020		2019
Revenue from contracts:
Asset and property management fees	$	10.6	$	12.8	$	19.7
Development fees, leasing commissions and other		2.2		4.2		5.2
		12.8		17.0		24.9
Other:
Interest income^(A)		—		12.0		16.7
Other		1.7		2.1		3.2
		1.7		14.1		19.9
	$	14.5	$	31.1	$	44.8

The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions.

In 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, which was a parcel of undeveloped land (approximating 70 acres) in Richmond Hill, Ontario. The Company’s share of net proceeds totaled $22.1 million, after accounting for customary closing costs and foreign currency translation but before income tax. The net proceeds include $6.1 million that are held in escrow, of which $2.1 million is expected to be released to the Company in 2022 after the receipt of certain tax clearance certificates from the Canadian taxing authorities, and the remaining $4.0 million is considered contingent and should be released upon final dissolution of the partnership. The Company recorded an aggregate gain on the transaction of $14.9 million, which included its $2.8 million share of the gain reported by the joint venture, as well as $12.1 million related to the Company’s promoted interest on the disposition of the investment net of the write-off of the accumulated foreign currency translation and contingent estimated income taxes. Subsequent to the transaction, the Company has no other investments outside the United States.

In December 2021, the Company acquired the 80% equity interest in six assets owned by the DDRM Properties Joint Venture (Village Square at Golf, Boynton Beach, Florida; Shoppes at Paradise Point, Fort Walton Beach, Florida; Midway Plaza, Tamarac, Florida; North Point Plaza, Tampa, Florida; The Shoppes at New Tampa, Wesley Chapel, Florida and Paradise Shoppes of Ellenwood, Ellenwood, Georgia) for $107.2 million, and stepped up the previous 20% interest due to change in control, with $73.9 million of mortgage debt related to the properties repaid at closing. The transaction resulted in a Gain on Sale and Change in Control of Interests of $7.2 million (Note 5).

In connection with estimating the fair value of the net assets acquired from the DDRM assets, the fair value of each property was estimated, and the aggregate gross fair value of the properties acquired was estimated to be $134.0 million ( at 100%). The valuation technique used to value the properties was a discounted cash flow analysis for each property. The discounted cash flow analyses used to estimate the fair value of properties acquired involves significant estimates and assumptions, including discount rates, exit capitalization rates and certain market leasing assumptions.

Excluding the Richmond Hill and DDRM Properties Joint Venture transactions noted above, the Company’s joint ventures sold six, two and six shopping centers and land parcels for an aggregate sales price of $135.5 million, $27.7 million and $356.3 million, respectively, of which the Company’s share of the gain on sale was $36.6 million, $1.8 million and $4.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

In 2020, the Company sold its 15% interest in the DDRTC Joint Venture to its partner, an affiliate of TIAA-CREF, which resulted in net proceeds to the Company of $140.4 million. The Company recorded a Gain on Sale of Joint Venture Interests of $45.6 million in connection with this sale. In addition, in the fourth quarter of 2020, the Company transferred and redeemed its common and preferred equity interests in the BRE DDR Joint Ventures in exchange for the acquisition of certain of the underlying assets resulting in a Loss on Sale of Joint Venture Interests of $0.2 million.