Investments in Unconsolidated Companies

Summarized Financial Information

As of December 31, 2015, we had equity interests in 16 unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated companies at December 31, 2015 and 2014, and for the years ended December 31, 2015, 2014 and 2013, are as follows (in thousands):



	2015			2014		2013
Rental revenue	$	160,543		$	230,093	$	240,064
Gain on sale of properties	$	23,696		$	121,713	$	121,404
Net income	$	60,772		$	143,857	$	116,832

Equity in earnings (loss) of unconsolidated companies	$	(3,304	)	$	94,317	$	54,116

Land, buildings and tenant improvements, net	$	1,029,803		$	1,251,470
Construction in progress	64,646			34,680
Undeveloped land	115,773			115,252
Other assets	144,337			168,653
	$	1,354,559		$	1,570,055

Indebtedness	$	413,651		$	639,810
Other liabilities	91,836			71,818
	505,487			711,628
Owners' equity	849,072			858,427
	$	1,354,559		$	1,570,055

Investments in and advances to unconsolidated companies (1)	$	268,390		$	293,650

(1) Differences between the net investment in our unconsolidated joint ventures and our underlying equity in the net assets of the ventures are primarily a result of previous impairments related to our investment in the unconsolidated joint ventures, basis differences associated with the sales of properties to joint ventures in which we retained an ownership interest and loans we have made to the joint ventures. These adjustments have resulted in an aggregate difference reducing our investments in unconsolidated joint ventures by $33.7 million and $1.0 million as of December 31, 2015 and 2014, respectively. The substantial majority of the basis difference at December 31, 2015 related to other than temporary impairments on joint venture investments recognized during 2015, as described hereafter. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans and impairments) are typically depreciated over the life of the related asset.

The scheduled principal payments of long term debt for the unconsolidated joint ventures for each of the next five years and thereafter as of December 31, 2015 are as follows (in thousands):



Year	Future Repayments
2016	$	53,835
2017	133,770
2018	68,836
2019	15,516
2020	30,504
Thereafter	111,071
	$	413,532

Other Than Temporary Impairment of Investments in Unconsolidated Joint Ventures

During 2015, we recognized $30.0 million of charges through equity in earnings related to investments in three of our unconsolidated joint ventures that we determined had experienced declines in fair value that were other than temporary.

The most significant of these impairment charges pertain to our investment in an unconsolidated joint venture (the "Linden joint venture") whose sole asset is undeveloped retail land. The Linden joint venture has not been able to proceed with development of its land as the result of a series of zoning and use-related legal challenges. During the three months ended December 31, 2015, we changed our strategy such that we now intend to monetize our investment in the joint venture rather than holding for development and continuing to attempt to resolve the legal challenges. As the result of this change in strategy, we determined that an other-than-temporary decline in the value of our investment in the joint venture had taken place. During the three months ended December 31, 2015, we recognized a $19.5 million impairment charge to write our investment in the Linden joint venture to its fair value. The fair value of our investment in the joint venture was primarily based on offers received for the site. The joint venture had no outstanding debt as of December 31, 2015.

We believe that all of the fair value estimates used in recording the above-mentioned charges were based on level 3 inputs, as previously defined.