Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

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 Mall, 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 March 31, 2018 and December 31, 2017
CityOn.Xi'an	50%
CityOn.Zhengzhou	49
Country Club Plaza	50
Fair Oaks Mall	50
International Plaza	50.1
The Mall at Millenia	50
Stamford Town Center	50
Starfield Hanam	34.3
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. Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.

	March 31, 2018			December 31, 2017
Assets:
Properties	$	3,762,220		$	3,756,890
Accumulated depreciation and amortization	(789,714		)	(767,678		)
	$	2,972,506		$	2,989,212
Cash and cash equivalents	140,243			147,102
Accounts and notes receivable, less allowance for doubtful accounts of $5,967 and $4,706 in 2018 and 2017	125,570			121,173
Deferred charges and other assets	121,356			136,837
	$	3,359,675		$	3,394,324
Liabilities and accumulated equity (deficiency) in assets:
Notes payable, net	$	2,854,469		$	2,860,384
Accounts payable and other liabilities	441,808			471,948
TRG's accumulated deficiency in assets	(45,562		)	(48,338		)
Unconsolidated Joint Venture Partners' accumulated equity in assets	108,960			110,330
	$	3,359,675		$	3,394,324
TRG's accumulated deficiency in assets (above)	$	(45,562	)	$	(48,338	)
TRG's advances to CityOn.Zhengzhou	47,359			46,106
TRG basis adjustments, including elimination of intercompany profit	62,929			63,886
TCO's additional basis	48,637			49,124
Net investment in Unconsolidated Joint Ventures	$	113,363		$	110,778
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures	490,485			494,851
Investment in Unconsolidated Joint Ventures	$	603,848		$	605,629

	Three Months Ended March 31
	2018			2017
Revenues	$	155,288		$	140,600
Maintenance, taxes, utilities, promotion, and other operating expenses	$	52,790		$	48,380
Interest expense	32,467			30,369
Depreciation and amortization	32,784			29,767
Total operating costs	$	118,041		$	108,516
Nonoperating income, net	347			1,851
Income tax expense	(1,416		)	(2,943		)
Gain on disposition, net of tax (1)	—			3,713
Net income	$	36,178		$	34,705
Net income attributable to TRG	$	18,706		$	18,422
Realized intercompany profit, net of depreciation on TRG’s basis adjustments	1,509			2,183
Depreciation of TCO's additional basis	(487		)	(487		)
Equity in income of Unconsolidated Joint Ventures	$	19,728		$	20,118
Beneficial interest in Unconsolidated Joint Ventures’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses	$	54,244		$	51,101
Interest expense	(16,751		)	(15,781		)
Depreciation and amortization	(17,055		)	(15,652		)
Income tax expense	(710		)	(1,633		)
Gain on disposition, net of tax (1)	—			2,083
Equity in income of Unconsolidated Joint Ventures	$	19,728		$	20,118

(1)Amount represents the gain related to the sale of the Valencia Place office tower at Country Club Plaza in March 2017 (Note 2).