Investment In Real Estate Joint Ventures And Partnerships

6 Months Ended

Jun. 30, 2019

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 2019 and 2018. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	June 30, 2019			December 31, 2018
Combined Condensed Balance Sheets
ASSETS
Property	$	1,305,687		$	1,268,557
Accumulated depreciation	(318,421		)	(305,327		)
Property, net	987,266			963,230
Other assets, net	100,815			104,267
Total Assets	$	1,088,081		$	1,067,497
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	264,965		$	269,113
Amounts payable to Weingarten Realty Investors and Affiliates	11,626			11,732
Other liabilities, net	30,108			24,717
Total Liabilities	306,699			305,562
Equity	781,382			761,935
Total Liabilities and Equity	$	1,088,081		$	1,067,497

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Combined Condensed Statements of Operations
Revenues, net	$	32,877	$	32,810	$	65,392	$	66,696
Expenses:
Depreciation and amortization	7,646		8,196		15,495		16,239
Interest, net	2,491		2,980		4,950		6,504
Operating	5,685		5,645		11,785		12,073
Real estate taxes, net	4,522		5,191		9,057		10,133
General and administrative	243		95		312		320
Provision for income taxes	36		37		69		73
Total	20,623		22,144		41,668		45,342
Gain on dispositions	1,474		1,906		2,009		5,439
Net income	$	13,728	$	12,572	$	25,733	$	26,793

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 $6.8 million and $5.2 million at June 30, 2019 and December 31, 2018, respectively, are generally amortized over the useful lives of the related assets.

During 2019, a parcel of land was sold with gross sales proceeds of approximately $2.3 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $1.1 million.

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 earnings in real estate joint ventures and partnerships, totaled $6.3 million.