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 2018 and 2017. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	March 31, 2018			December 31, 2017
Combined Condensed Balance Sheets
ASSETS
Property	$	1,244,419		$	1,241,004
Accumulated depreciation	(290,227		)	(285,033		)
Property, net	954,192			955,971
Other assets, net	112,772			115,743
Total Assets	$	1,066,964		$	1,071,714
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	286,259		$	298,124
Amounts payable to Weingarten Realty Investors and Affiliates	12,005			12,017
Other liabilities, net	23,320			24,759
Total Liabilities	321,584			334,900
Equity	745,380			736,814
Total Liabilities and Equity	$	1,066,964		$	1,071,714



	Three Months Ended March 31,
	2018		2017
Combined Condensed Statements of Operations
Revenues, net	$	33,886	$	34,738
Expenses:
Depreciation and amortization	8,043		9,013
Interest, net	3,524		2,967
Operating	6,428		6,118
Real estate taxes, net	4,942		4,268
General and administrative	225		368
Provision for income taxes	36		7
Total	23,198		22,741
Gain on dispositions	3,533		—
Net income	$	14,221	$	11,997

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 $3.4 million and $2.2 million at March 31, 2018 and December 31, 2017, respectively, are generally amortized over the useful lives of the related assets.

Fees earned by us for the management of these real estate joint ventures and partnerships included in Other Revenue totaled $1.5 million for both the three months ended March 31, 2018 and 2017.

For the three months ended March 31, 2018, there was a partial sale of a center for gross sales proceeds of approximately $11.7 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $2.4 million.

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 15 for additional information).