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, 2016			December 31, 2015
Combined Condensed Balance Sheets
ASSETS
Property	$	1,216,844		$	1,290,784
Accumulated depreciation	(254,672		)	(293,474		)
Property, net	962,172			997,310
Other assets, net	116,765			130,251
Total Assets	$	1,078,937		$	1,127,561
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	315,193		$	345,186
Amounts payable to Weingarten Realty Investors and Affiliates	12,608			12,285
Other liabilities, net	29,350			29,509
Total Liabilities	357,151			386,980
Equity	721,786			740,581
Total Liabilities and Equity	$	1,078,937		$	1,127,561



	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	34,146		$	36,587	$	70,068	$	73,705
Expenses:
Depreciation and amortization	10,605			9,203		19,986		18,583
Interest, net	5,622			4,235		9,630		8,652
Operating	6,358			6,771		13,961		13,236
Real estate taxes, net	4,494			4,725		8,986		9,257
General and administrative	312			333		455		535
(Benefit) provision for income taxes	(31		)	43		28		111
Impairment loss	—			7,487		1,303		7,487
Total	27,360			32,797		54,349		57,861
Gain on sale of non-operating property	—			—		373		—
Gain on dispositions	12,591			265		12,591		1,393
Net income	$	19,377		$	4,055	$	28,683	$	17,237

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 $2.6 million and $4.9 million at June 30, 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 six months ended June 30, 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. For both the three and six months ended June 30, 2015, there was a $7.5 million impairment charge realized on various centers that were marketed and sold during the three months ended June 30, 2015.

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, 2016 and 2015, and $2.3 million for both the six months ended June 30, 2016 and 2015.

For the six months ended June 30, 2016, four centers and a land parcel were sold for an aggregate of approximately $63.7 million, of which our share of the gain totaled $3.4 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, aggregated 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.