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% in 2017 and from 20% to 75% in 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	December 31,
	2017			2016
Combined Condensed Balance Sheets

ASSETS
Property	$	1,241,004		$	1,196,770
Accumulated depreciation	(285,033		)	(261,392		)
Property, net	955,971			935,378
Other assets, net	115,743			114,554
Total Assets	$	1,071,714		$	1,049,932

LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	298,124		$	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	12,017			12,585
Other liabilities, net	24,759			24,902
Total Liabilities	334,900			338,967
Equity	736,814			710,965
Total Liabilities and Equity	$	1,071,714		$	1,049,932



	Year Ended December 31,
	2017		2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	137,419	$	138,316	$	148,875
Expenses:
Depreciation and amortization	34,818		38,242		37,771
Interest, net	11,836		16,076		17,053
Operating	23,876		26,126		26,797
Real estate taxes, net	18,865		17,408		18,525
General and administrative	623		816		839
Provision for income taxes	112		113		197
Impairment loss	—		1,303		7,487
Total	90,130		100,084		108,669
Gain on sale of non-operating property	—		373		—
Gain on dispositions	12,492		14,816		5,171
Net Income	$	59,781	$	53,421	$	45,377

Our investment in real estate joint ventures and partnerships, as reported in our 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 $2.2 million and $2.6 million at December 31, 2017 and 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 year ended December 31, 2017. For the year ended December 31, 2016 and 2015, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million and $7.5 million, respectively, associated primarily with various centers that have been marketed and sold during the period.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $6.2 million in 2017, $5.1 million in 2016 and $4.5 million in 2015.

During 2017, two centers were sold with aggregate gross sales proceeds of approximately $19.6 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships totaled $6.2 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 20 for additional information).

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, 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 (See Note 22 for additional information).