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Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2015
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, The Mall at University Town Center, 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, 2015 and
December 31, 2014
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
 
50.1
The Mall at Millenia
 
50
Stamford Town Center
 
50
Sunvalley
 
50
The Mall at University Town Center
 
50
Waterside Shops
 
50
Westfarms
 
79
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, 2015 and December 31, 2014 excluded the balances of CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square 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
2015
 
December 31
2014
Assets:
 
 
 
Properties
$
1,619,256

 
$
1,580,926

Accumulated depreciation and amortization
(581,144
)
 
(548,646
)
 
$
1,038,112

 
$
1,032,280

Cash and cash equivalents
33,738

 
49,765

Accounts and notes receivable, less allowance for doubtful accounts of $2,528 and $1,590 in 2015 and 2014
33,616

 
38,788

Deferred charges and other assets
38,462

 
33,200

 
$
1,143,928

 
$
1,154,033

 
 
 
 
Liabilities and accumulated deficiency in assets:
 

 
 

Notes payable (1)
$
2,004,712

 
$
1,989,546

Accounts payable and other liabilities
73,789

 
103,161

TRG's accumulated deficiency in assets
(522,627
)
 
(525,759
)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets
(411,946
)
 
(412,915
)
 
$
1,143,928

 
$
1,154,033

 
 
 
 
TRG's accumulated deficiency in assets (above)
$
(522,627
)
 
$
(525,759
)
TRG's investment in properties under construction (Note 2)
289,372

 
232,091

TRG basis adjustments, including elimination of intercompany profit
129,511

 
132,058

TCO's additional basis
53,504

 
54,963

Net investment in Unconsolidated Joint Ventures
$
(50,240
)
 
$
(106,647
)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
471,129

 
476,651

Investment in Unconsolidated Joint Ventures
$
420,889

 
$
370,004


(1)
As the balances presented exclude those of centers under development, the Notes Payable amount excludes the construction loan outstanding for Hanam Union Square of $52.1 million ($17.9 million at TRG's share) at September 30, 2015. See Note 5 regarding this loan.
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2015
 
2014
 
2015
 
2014
Revenues
$
91,000

 
$
80,671

 
$
271,332

 
$
238,190

Maintenance, taxes, utilities, promotion, and other operating expenses
$
28,922

 
$
25,040

 
$
85,203

 
$
75,486

Interest expense
21,390

 
18,518

 
63,937

 
55,065

Depreciation and amortization
13,899

 
11,417

 
40,305

 
32,613

Total operating costs
$
64,211

 
$
54,975

 
$
189,445

 
$
163,164

Nonoperating income (expense)
(1
)
 
(22
)
 
4

 
(25
)
Net income
$
26,788

 
$
25,674

 
$
81,891

 
$
75,001

 
 
 
 
 
 
 
 
Net income attributable to TRG
$
14,636

 
$
14,258

 
$
45,124

 
$
41,319

Realized intercompany profit, net of depreciation on TRG’s basis adjustments
1,071

 
707

 
2,634

 
1,363

Depreciation of TCO's additional basis
(488
)
 
(486
)
 
(1,460
)
 
(1,460
)
Equity in income of Unconsolidated Joint Ventures
$
15,219

 
$
14,479

 
$
46,298

 
$
41,222

 
 
 
 
 
 
 
 
Beneficial interest in Unconsolidated Joint Ventures’ operations:
 

 
 

 
 

 
 

Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
$
35,308

 
$
31,762

 
$
105,725

 
$
92,336

Interest expense
(11,431
)
 
(10,006
)
 
(34,199
)
 
(29,805
)
Depreciation and amortization
(8,658
)
 
(7,277
)
 
(25,228
)
 
(21,309
)
Equity in income of Unconsolidated Joint Ventures
$
15,219

 
$
14,479

 
$
46,298

 
$
41,222