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, 2016			December 31, 2015
Combined Condensed Balance Sheets
ASSETS
Property	$	1,262,257		$	1,290,784
Accumulated depreciation	(257,046		)	(293,474		)
Property, net	1,005,211			997,310
Other assets, net	116,308			130,251
Total Assets	$	1,121,519		$	1,127,561
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	347,847		$	345,186
Amounts payable to Weingarten Realty Investors and Affiliates	12,298			12,285
Other liabilities, net	25,795			29,509
Total Liabilities	385,940			386,980
Equity	735,579			740,581
Total Liabilities and Equity	$	1,121,519		$	1,127,561



	Three Months Ended March 31,
	2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	35,922	$	37,118
Expenses:
Depreciation and amortization	9,381		9,380
Interest, net	4,008		4,417
Operating	7,603		6,465
Real estate taxes, net	4,492		4,532
General and administrative	143		202
Provision for income taxes	59		68
Impairment loss	1,303		—
Total	26,989		25,064
Gain on sale of non-operating property	373		—
Gain on dispositions	—		1,128
Net income	$	9,306	$	13,182

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 $2.7 million and $4.9 million at March 31, 2016 and December 31, 2015, 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 centers was not recoverable and that the centers should be written down to fair value. For the three months ended March 31, 2016, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million associated with a center that had been marketed and sold during the period. There was no impairment charge for the three months ended March 31, 2015.

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, 2016 and 2015.

For the three months ended March 31, 2016, one center and a land parcel was sold for approximately $13.1 million, of which our share of the gain totaled $.2 million. Additionally, one center with a gross purchase price of $65 million was acquired, of which our net interest, of both our direct and indirect investments, aggregates 66%.

As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value (See Note 17 for additional information).

During 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 $.6 million. Associated with this transaction, a gain of $.9 million on our investment of this real estate joint venture was realized. Additionally, we sold three centers and other property held in unconsolidated joint ventures for approximately $17.6 million, of which our share of the gain totaled $1.0 million. Also, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $54.1 million.