Investment In Real Estate Joint Ventures And Partnerships

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment In Real Estate Joint Ventures And Partnerships

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):

	March 31, 2015			December 31, 2014
Combined Condensed Balance Sheets
ASSETS
Property	$	1,331,214		$	1,331,445
Accumulated depreciation	(286,376		)	(279,067		)
Property, net	1,044,838			1,052,378
Other assets, net	127,130			126,890
Total Assets	$	1,171,968		$	1,179,268
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	376,927		$	380,816
Amounts payable to Weingarten Realty Investors and Affiliates	12,871			13,749
Other liabilities, net	26,119			26,226
Total Liabilities	415,917			420,791
Equity	756,051			758,477
Total Liabilities and Equity	$	1,171,968		$	1,179,268

	Three Months Ended   March 31,
	2015		2014
Combined Condensed Statements of Operations
Revenues, net	$	37,118	$	37,768
Expenses:
Depreciation and amortization	9,380		9,917
Interest, net	4,417		5,912
Operating	6,465		6,816
Real estate taxes, net	4,532		4,880
General and administrative	202		106
Provision for income taxes	68		67
Total	25,064		27,698
Operating income	$	12,054	$	10,070

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 $5.1 million and $5.2 million at March 31, 2015 and December 31, 2014, respectively, are generally amortized over the useful lives of the related assets.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.2 million for both the three months ended March 31, 2015 and 2014.

During the first three months of 2015, we sold one center held in a 50% owned unconsolidated real estate joint venture for approximately $1.1 million, of which our share of the gain totaled $0.6 million. Also, associated with this transaction, we realized a gain of $0.9 million on our investment.

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 four centers and other property held in unconsolidated real estate joint ventures, for approximately $19.9 million, of which our share of the gain totaled $4.9 million.