Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	September 30, 2014			December 31, 2013
Combined Condensed Balance Sheets
ASSETS
Property	$	1,339,823		$	1,401,982
Accumulated depreciation	(272,196		)	(261,454		)
Property, net	1,067,627			1,140,528
Other assets, net	138,797			142,638
Total Assets	$	1,206,424		$	1,283,166
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	383,295		$	453,390
Amounts payable to Weingarten Realty Investors and Affiliates	15,011			30,214
Other liabilities, net	31,686			29,711
Total Liabilities	429,992			513,315
Equity	776,432			769,851
Total Liabilities and Equity	$	1,206,424		$	1,283,166



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Combined Condensed Statements of Operations
Revenues, net	$	41,561	$	40,804	$	116,430	$	124,064
Expenses:
Depreciation and amortization	9,823		11,343		30,836		34,922
Interest, net	5,932		7,131		17,692		22,091
Operating	6,939		7,298		20,073		20,859
Real estate taxes, net	4,378		4,739		13,824		14,335
General and administrative	191		187		721		637
Provision for income taxes	60		63		343		211
Impairment loss	—		59		—		1,887
Total	27,323		30,820		83,489		94,942
Operating income	$	14,238	$	9,984	$	32,941	$	29,122

Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $5.4 million and $6.1 million at September 30, 2014 and December 31, 2013, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. There was no impairment charge for the three and the nine months ended September 30, 2014. For the three and nine months ended September 30, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $.1 million and $1.9 million, respectively.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million and $1.2 million for the three months ended September 30, 2014 and 2013, respectively, and $3.5 million and $3.8 million for the nine months ended September 30, 2014 and 2013, respectively.

During 2014, we had a partial disposition of a 50% interest at an unconsolidated real estate joint venture for approximately $5.1 million, resulting in a gain on our investment of $1.7 million. Also, we sold three properties and other property held in unconsolidated real estate joint ventures, for approximately $14.0 million, of which our share of the gain totaled $3.0 million.

During 2013, the final two industrial properties in an unconsolidated real estate joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, three shopping centers were sold, and our gross sales proceeds from the disposition of these five properties totaled $35.5 million, of which our share of the gain totaled $16.0 million. Furthermore, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements and two unconsolidated real estate joint ventures that we previously accounted for under the equity method, for approximately $15.7 million, resulting in a gain of $1.9 million.

During 2013, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $41.2 million. We also acquired our partner’s 50% unconsolidated real estate joint venture interest in a California property that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements.