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):



	June 30, 2015			December 31, 2014
Combined Condensed Balance Sheets
ASSETS
Property	$	1,303,843		$	1,331,445
Accumulated depreciation	(281,393		)	(279,067		)
Property, net	1,022,450			1,052,378
Other assets, net	129,300			126,890
Total Assets	$	1,151,750		$	1,179,268
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	361,492		$	380,816
Amounts payable to Weingarten Realty Investors and Affiliates	13,252			13,749
Other liabilities, net	30,145			26,226
Total Liabilities	404,889			420,791
Equity	746,861			758,477
Total Liabilities and Equity	$	1,151,750		$	1,179,268



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Combined Condensed Statements of Operations
Revenues, net	$	36,587	$	37,101	$	73,705	$	74,869
Expenses:
Depreciation and amortization	9,203		11,096		18,583		21,013
Interest, net	4,235		5,848		8,652		11,760
Operating	6,771		6,318		13,236		13,134
Real estate taxes, net	4,725		4,566		9,257		9,446
General and administrative	333		424		535		530
Provision for income taxes	43		216		111		283
Impairment loss	7,487		—		7,487		—
Total	32,797		28,468		57,861		56,166
Operating income	$	3,790	$	8,633	$	15,844	$	18,703

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 $5.0 million and $5.2 million at June 30, 2015 and December 31, 2014, 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. For the both the three and the six months ended June 30, 2015, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $7.5 million on various centers that have been marketed and sold during the three months ended June 30, 2015. There was no impairment charge for the three and six months ended June 30, 2014.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million for both the three months ended June 30, 2015 and 2014, respectively, and $2.3 million and $2.4 million for the six months ended June 30, 2015 and 2014, respectively.

During the first six 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. Additionally, we sold two centers and other property held in a 20% owned unconsolidated joint venture for approximately $12.8 million, and a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $54.1 million.

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.