Investment In Real Estate Joint Ventures And Partnerships

3 Months Ended

Mar. 31, 2012

Investment In Real Estate Joint Ventures And Partnerships [Abstract]

Investment In Real Estate Joint Ventures And Partnerships

Note 4. 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 range from 10% to 75% for the 2012 periods presented and 7.8% to 75% for the 2011 periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	March 31,			December 31,
	2012			2011
Combined Condensed Balance Sheets
Property	$	2,024,964		$	2,108,745
Accumulated depreciation		(297,029	)		(296,496	)
Property, net		1,727,935			1,812,249
Other assets, net		170,266			173,130
Total	$	1,898,201		$	1,985,379
Debt, net (primarily mortgages payable)	$	554,038		$	556,920
Amounts payable to Weingarten Realty Investors and affiliates		109,599			170,007
Other liabilities, net		41,253			41,907
Total		704,890			768,834
Accumulated equity		1,193,311			1,216,545
Total	$	1,898,201		$	1,985,379

	Three Months Ended
	March 31,
	2012		2011
Combined Condensed Statements of Operations
Revenues, net	$	49,847	$	51,326
Expenses:
Depreciation and amortization		16,136		17,631
Interest, net		9,086		9,264
Operating		8,625		8,894
Real estate taxes, net		6,238		6,478
General and administrative		361		1,092
Provision for income taxes		73		85
Impairment loss		-		2,058
Total		40,519		45,502
Loss on sale of property		-		(21	)
Net income	$	9,328	$	5,803

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 certain assets to the joint ventures. The net basis differences, which totaled $5.7 million and $7.5 million at March 31, 2012 and December 31, 2011, respectively, are generally amortized over the useful lives of the related assets.

At March 31, 2011, our real estate joint ventures and partnerships determined that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. For the three months ended March 31, 2011, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $2.1 million. There was no impairment recorded for the three months ended March 31, 2012.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.7 million and $1.6 million for the three months ended March 31, 2012 and 2011, respectively.

In February 2012, we sold a 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with gross sales proceeds totaling $29.1 million, which includes the assumption of our share of debt, generating a gain of $3.5 million.

In April 2011, we acquired a 50%-owned unconsolidated real estate joint venture interest in three shopping centers for approximately $11.6 million. We also acquired our partner's 50% unconsolidated joint venture interest in a Florida development property that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements.