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 ranged for the periods presented from 20% to 90% during 2017 and from 20% to 75% during 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	June 30, 2017			December 31, 2016
Combined Condensed Balance Sheets
ASSETS
Property	$	1,229,280		$	1,196,770
Accumulated depreciation	(274,208		)	(261,392		)
Property, net	955,072			935,378
Other assets, net	113,716			114,554
Total Assets	$	1,068,788		$	1,049,932
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	300,759		$	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	11,432			12,585
Other liabilities, net	23,856			24,902
Total Liabilities	336,047			338,967
Equity	732,741			710,965
Total Liabilities and Equity	$	1,068,788		$	1,049,932



	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017		2016
Combined Condensed Statements of Operations
Revenues, net	$	36,061	$	34,146		$	70,799	$	70,068
Expenses:
Depreciation and amortization	8,791		10,605			17,804		19,986
Interest, net	3,110		5,622			6,077		9,630
Operating	5,810		6,358			11,928		13,961
Real estate taxes, net	5,451		4,494			9,719		8,986
General and administrative	294		312			662		455
Provision (benefit) for income taxes	40		(31		)	47		28
Impairment loss	—		—			—		1,303
Total	23,496		27,360			46,237		54,349
Gain on sale of non-operating property	—		—			—		373
Gain on dispositions	3,896		12,591			3,896		12,591
Net income	$	16,461	$	19,377		$	28,458	$	28,683

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 June 30, 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 six months ended June 30, 2017. For the six months ended June 30, 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 $1.1 million for the three months ended June 30, 2017 and 2016, respectively, and $3.0 million and $2.3 million for the six months ended June 30, 2017 and 2016, respectively.

For the six months ended June 30, 2017, a venture sold one center for gross sales proceeds of approximately $6.0 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $2.0 million.

In June 2017, a venture acquired land with a gross purchase price of $23.5 million for a mixed-use development project, and we simultaneously increased our ownership interest to 90% (See Note 15 for additional information).

During 2016, ventures sold five centers and a land parcel for 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, a venture acquired one center with a gross purchase price of $73 million, of which our aggregated interest was 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.

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.