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, 2015			December 31, 2014
Combined Condensed Balance Sheets
ASSETS
Property	$	1,307,278		$	1,331,445
Accumulated depreciation	(289,393		)	(279,067		)
Property, net	1,017,885			1,052,378
Other assets, net	127,795			126,890
Total Assets	$	1,145,680		$	1,179,268
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	359,770		$	380,816
Amounts payable to Weingarten Realty Investors and Affiliates	12,615			13,749
Other liabilities, net	33,040			26,226
Total Liabilities	405,425			420,791
Equity	740,255			758,477
Total Liabilities and Equity	$	1,145,680		$	1,179,268



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Combined Condensed Statements of Operations
Revenues, net	$	37,549	$	41,561	$	111,254	$	116,430
Expenses:
Depreciation and amortization	9,369		9,823		27,952		30,836
Interest, net	4,199		5,932		12,851		17,692
Operating	6,338		6,939		19,574		20,073
Real estate taxes, net	4,678		4,378		13,935		13,824
General and administrative	124		191		659		721
Provision for income taxes	34		60		145		343
Impairment loss	—		—		7,487		—
Total	24,742		27,323		82,603		83,489
Operating income	$	12,807	$	14,238	$	28,651	$	32,941

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 September 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 nine months ended September 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 period. There was no impairment charge for both the three months ended September 30, 2015 and 2014 and for the nine months ended September 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 September 30, 2015 and 2014, and $3.4 million and $3.5 million for the nine months ended September 30, 2015 and 2014, respectively.

During the first nine 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, a gain of $0.9 million on our investment of this real estate joint venture was realized. 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.