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Investment In Real Estate Joint Ventures And Partnerships
12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Investment In Real Estate Joint Ventures And Partnerships
 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 both 2018 and 2017. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):
 
December 31,
 
2018
 
2017
Combined Condensed Balance Sheets
 
 
 
 
 
 
 
ASSETS
 
 
 
Property
$
1,268,557

 
$
1,241,004

Accumulated depreciation
(305,327
)
 
(285,033
)
Property, net
963,230

 
955,971

Other assets, net
104,267

 
115,743

Total Assets
$
1,067,497

 
$
1,071,714

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Debt, net (primarily mortgages payable)
$
269,113

 
$
298,124

Amounts payable to Weingarten Realty Investors and Affiliates
11,732

 
12,017

Other liabilities, net
24,717

 
24,759

Total Liabilities
305,562

 
334,900

Equity
761,935

 
736,814

Total Liabilities and Equity
$
1,067,497

 
$
1,071,714


 
Year Ended December 31,
 
2018
 
2017
 
2016
Combined Condensed Statements of Operations
 
 
 
 
 
Revenues, net
$
133,975

 
$
137,419

 
$
138,316

Expenses:
 
 
 
 
 
Depreciation and amortization
32,005

 
34,818

 
38,242

Interest, net
11,905

 
11,836

 
16,076

Operating
24,112

 
23,876

 
26,126

Real estate taxes, net
18,839

 
18,865

 
17,408

General and administrative
696

 
623

 
816

Provision for income taxes
138

 
112

 
113

Impairment loss

 

 
1,303

Total
87,695

 
90,130

 
100,084

Gain on sale of non-operating property

 

 
373

Gain on dispositions
9,495

 
12,492

 
14,816

Net Income
$
55,775

 
$
59,781

 
$
53,421


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 $5.2 million and $2.2 million at December 31, 2018 and 2017, 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 charges for both the year ended December 31, 2018 and 2017. For the year ended December 31, 2016, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of 1.3 million, associated primarily with various centers that have been marketed and sold during the period.
During 2018, a center was sold through a series of partial sales with gross sales proceeds of approximately $33.9 million, of which our share of the gain, included in equity in earnings in real estate joint ventures and partnerships, totaled $6.3 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%.