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 in 2017 and 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	March 31, 2017			December 31, 2016
Combined Condensed Balance Sheets
ASSETS
Property	$	1,198,271		$	1,196,770
Accumulated depreciation	(268,520		)	(261,392		)
Property, net	929,751			935,378
Other assets, net	114,829			114,554
Total Assets	$	1,044,580		$	1,049,932
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	300,251		$	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	12,293			12,585
Other liabilities, net	23,580			24,902
Total Liabilities	336,124			338,967
Equity	708,456			710,965
Total Liabilities and Equity	$	1,044,580		$	1,049,932



	Three Months Ended March 31,
	2017		2016
Combined Condensed Statements of Operations
Revenues, net	$	34,738	$	35,922
Expenses:
Depreciation and amortization	9,013		9,381
Interest, net	2,967		4,008
Operating	6,118		7,603
Real estate taxes, net	4,268		4,492
General and administrative	368		143
Provision for income taxes	7		59
Impairment loss	—		1,303
Total	22,741		26,989
Gain on sale of non-operating property	—		373
Net income	$	11,997	$	9,306

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 $2.5 million and $2.6 million at March 31, 2017 and December 31, 2016, 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. There was no impairment charge for the three months ended March 31, 2017. For the three months ended March 31, 2016, there was a $1.3 million impairment charge associated with a center that was marketed and sold during the period.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.5 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively.

During 2016, five centers and a land parcel were sold with aggregate gross sales proceeds of approximately $78.7 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $3.9 million. Additionally, one center with a gross purchase price of $73 million was acquired, of which our interest aggregated 69%.

In September 2016, we acquired our partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements. In October 2016, an unconsolidated joint venture distributed land to both us and our partner, totaling $4.4 million.

In December 2016, we entered into a new joint venture agreement for the development of a mixed-use project, of which we anticipate having an aggregated 90% interest upon the future purchase of land in 2017 (See Note 15 for additional information).

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.