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):



	June 30, 2018			December 31, 2017
Combined Condensed Balance Sheets
ASSETS
Property	$	1,255,497		$	1,241,004
Accumulated depreciation	(295,922		)	(285,033		)
Property, net	959,575			955,971
Other assets, net	111,596			115,743
Total Assets	$	1,071,171		$	1,071,714
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	280,600		$	298,124
Amounts payable to Weingarten Realty Investors and Affiliates	11,422			12,017
Other liabilities, net	25,388			24,759
Total Liabilities	317,410			334,900
Equity	753,761			736,814
Total Liabilities and Equity	$	1,071,171		$	1,071,714



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Combined Condensed Statements of Operations
Revenues, net	$	32,810	$	36,061	$	66,696	$	70,799
Expenses:
Depreciation and amortization	8,196		8,791		16,239		17,804
Interest, net	2,980		3,110		6,504		6,077
Operating	5,645		5,810		12,073		11,928
Real estate taxes, net	5,191		5,451		10,133		9,719
General and administrative	95		294		320		662
Provision for income taxes	37		40		73		47
Total	22,144		23,496		45,342		46,237
Gain on dispositions	1,906		3,896		5,439		3,896
Net income	$	12,572	$	16,461	$	26,793	$	28,458

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 $3.8 million and $2.2 million at June 30, 2018 and December 31, 2017, respectively, are generally amortized over the useful lives of the related assets.

For the six months ended June 30, 2018, there were partial sales of a center for gross sales proceeds of approximately $17.4 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $3.6 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).