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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2014
Beneficial Interests In Joint Ventures
The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, International Plaza, Stamford Town Center, Sunvalley, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below.
Shopping Center
 
Ownership as of
September 30, 2014 and
December 31, 2013
 
 
 
Arizona Mills (1)
 
0/50%
CityOn.Xi'an (under construction)
 
Note 2
CityOn.Zhengzhou (under construction)
 
Note 2
Fair Oaks
 
50
Hanam Union Square (under construction)
 
Note 2
International Plaza (2)
 
50.1/100
The Mall at Millenia
 
50
Stamford Town Center
 
50
Sunvalley
 
50
The Mall at University Town Center (under construction) (3)
 
Note 2
Waterside Shops
 
50
Westfarms
 
79


(1)
In January 2014, the Company disposed of its 50% interest in Arizona Mills (Note 2). Prior to the disposition, Arizona Mills was accounted for as an Unconsolidated Joint Venture.
(2)
In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza. The disposition decreased the Company's ownership in the center to a noncontrolling 50.1% interest (Note 2). Prior to the disposition, International Plaza was accounted for as a consolidated center.
Equity Method Investment Summarized Financial Information Text Block
Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of September 30, 2014 excluded the balances of Hanam Union Square, CityOn.Xi'an, and CityOn.Zhengzhou, which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.

 
September 30
2014
 
December 31
2013
Assets:
 
 
 
Properties
$
1,517,439

 
$
1,305,658

Accumulated depreciation and amortization
(539,451
)
 
(478,820
)
 
$
977,988

 
$
826,838

Cash and cash equivalents
28,763

 
28,782

Accounts and notes receivable, less allowance for doubtful accounts of $1,364 and $977 in 2014 and 2013
29,399

 
33,626

Deferred charges and other assets
31,740

 
28,095

 
$
1,067,890

 
$
917,341

 
 
 
 
Liabilities and accumulated deficiency in assets:
 

 
 

Notes payable
$
1,785,602

 
$
1,551,161

Accounts payable and other liabilities
73,889

 
70,226

TRG's accumulated deficiency in assets
(453,452
)
 
(412,204
)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets
(338,149
)
 
(291,842
)
 
$
1,067,890

 
$
917,341

 
 
 
 
TRG's accumulated deficiency in assets (above)
$
(453,452
)
 
$
(412,204
)
TRG's investment in properties under development (Note 2)
226,853

 
193,306

TRG basis adjustments, including elimination of intercompany profit
131,070

 
118,132

TCO's additional basis
55,449

 
56,909

Net investment in Unconsolidated Joint Ventures
$
(40,080
)
 
$
(43,857
)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
401,809

 
371,549

Investment in Unconsolidated Joint Ventures
$
361,729

 
$
327,692

 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2014
 
2013
 
2014
 
2013
Revenues
$
80,671

 
$
71,858

 
$
238,190

 
$
209,183

Maintenance, taxes, utilities, promotion, and other operating expenses
$
25,040

 
$
22,933

 
$
75,486

 
$
67,037

Interest expense
18,518

 
17,302

 
55,065

 
51,758

Depreciation and amortization
11,417

 
9,237

 
32,613

 
27,155

Total operating costs
$
54,975

 
$
49,472


$
163,164


$
145,950

Nonoperating income
(22
)
 
(1
)
 
(25
)
 
(1
)
Net income
$
25,674

 
$
22,385


$
75,001


$
63,232

 
 
 
 
 
 
 
 
Net income attributable to TRG
$
14,258

 
$
12,402

 
$
41,319

 
$
35,103

Realized intercompany profit, net of depreciation on TRG’s basis adjustments
707

 
306

 
1,363

 
405

Depreciation of TCO's additional basis
(486
)
 
(488
)
 
(1,460
)
 
(1,461
)
Equity in income of Unconsolidated Joint Ventures
$
14,479

 
$
12,220


$
41,222


$
34,047

 
 
 
 
 
 
 
 
Beneficial interest in Unconsolidated Joint Ventures’ operations:
 

 
 

 
 
 
 
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
$
31,762

 
$
28,000

 
$
92,336

 
$
80,777

Interest expense
(10,006
)
 
(9,415
)
 
(29,805
)
 
(28,192
)
Depreciation and amortization
(7,277
)
 
(6,365
)
 
(21,309
)
 
(18,538
)
Equity in income of Unconsolidated Joint Ventures
$
14,479

 
$
12,220


$
41,222


$
34,047