Investment In Real Estate Joint Ventures And Partnerships

9 Months Ended

Sep. 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):

	September 30, 2019			December 31, 2018
Combined Condensed Balance Sheets
ASSETS
Property	$	1,374,095		$	1,268,557
Accumulated depreciation	(325,426		)	(305,327		)
Property, net	1,048,669			963,230
Other assets, net	105,161			104,267
Total Assets	$	1,153,830		$	1,067,497
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	265,455		$	269,113
Amounts payable to Weingarten Realty Investors and Affiliates	12,057			11,732
Other liabilities, net	28,162			24,717
Total Liabilities	305,674			305,562
Equity	848,156			761,935
Total Liabilities and Equity	$	1,153,830		$	1,067,497

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Combined Condensed Statements of Operations
Revenues, net	$	33,853	$	33,626	$	99,245	$	100,322
Expenses:
Depreciation and amortization	7,914		7,925		23,409		24,164
Interest, net	2,336		2,974		7,286		9,478
Operating	6,035		6,001		17,820		18,074
Real estate taxes, net	4,891		4,728		13,948		14,861
General and administrative	110		253		422		573
Provision for income taxes	34		33		103		106
Total	21,320		21,914		62,988		67,256
Gain on dispositions	—		4,052		2,009		9,491
Net income	$	12,533	$	15,764	$	38,266	$	42,557

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 $7.8 million and $5.2 million at September 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. In July 2019, a 51% owned unconsolidated real estate joint venture acquired a center with a gross purchase price of $52.6 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.