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Investments in and Advances to Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2017
Schedule Of Equity Method Investments [Line Items]  
Service Fees and Income Earned by Company

Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

 

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Management and other fees

$

6.7

 

 

$

9.6

 

 

$

13.6

 

 

$

15.8

 

Interest income

 

6.3

 

 

 

8.3

 

 

 

13.8

 

 

 

16.6

 

Development fees and leasing commissions

 

1.9

 

 

 

1.8

 

 

 

4.4

 

 

 

3.7

 

 
Summary of Terms For Unconsolidated Joint Ventures Investments

The Company’s two unconsolidated investments with The Blackstone Group L.P. (“Blackstone”), BRE DDR Retail Holdings III (“BRE DDR III”) and BRE DDR Retail Holdings IV (“BRE DDR IV” and, together with BRE DDR III, the “BRE DDR Joint Ventures”), have substantially similar terms and are summarized as follows (in millions, except properties owned):

 

 

 

 

Common

Equity

 

 

Preferred Investment (Principal)

 

 

Properties Owned

 

 

Formation

 

Initial

 

 

Initial

 

 

June 30, 2017

 

 

Net of Reserve

 

 

Inception

 

 

June 30, 2017

 

BRE DDR III

Oct 2014

 

$

19.6

 

 

$

300.0

 

 

$

314.5

 

 

$

244.5

 

 

 

70

 

 

 

48

 

BRE DDR IV

Dec 2015

 

 

12.9

 

 

 

82.6

 

 

 

73.4

 

 

 

67.4

 

 

 

6

 

 

 

6

 

 

 

 

 

 

 

 

$

382.6

 

 

$

387.9

 

 

$

311.9

 

 

 

 

 

 

 

 

 

 
Unconsolidated Joint Ventures [Member]  
Schedule Of Equity Method Investments [Line Items]  
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

 

 

June 30, 2017

 

 

December 31, 2016

 

Condensed Combined Balance Sheets

 

 

 

 

 

 

 

Land

$

1,260,115

 

 

$

1,287,675

 

Buildings

 

3,309,410

 

 

 

3,376,720

 

Fixtures and tenant improvements

 

211,308

 

 

 

203,824

 

 

 

4,780,833

 

 

 

4,868,219

 

Less: Accumulated depreciation

 

(943,437

)

 

 

(884,356

)

 

 

3,837,396

 

 

 

3,983,863

 

Construction in progress and land

 

53,832

 

 

 

56,983

 

Real estate, net

 

3,891,228

 

 

 

4,040,846

 

Cash and restricted cash

 

83,764

 

 

 

50,378

 

Receivables, net

 

47,449

 

 

 

50,685

 

Other assets, net

 

231,461

 

 

 

248,664

 

 

$

4,253,902

 

 

$

4,390,573

 

 

 

 

 

 

 

 

 

Mortgage debt

$

2,690,667

 

 

$

3,034,399

 

Notes and accrued interest payable to the Company

 

2,938

 

 

 

1,584

 

Other liabilities

 

197,492

 

 

 

206,949

 

 

 

2,891,097

 

 

 

3,242,932

 

Redeemable preferred equity – DDR

 

396,779

 

 

 

393,338

 

Accumulated equity

 

966,026

 

 

 

754,303

 

 

$

4,253,902

 

 

$

4,390,573

 

 

 

 

 

 

 

 

 

Company's share of accumulated equity

$

147,474

 

 

$

97,977

 

Redeemable preferred equity, net

 

318,181

 

 

 

393,338

 

Basis differentials

 

(30,233

)

 

 

(36,117

)

Deferred development fees, net of portion related to the Company's interest

 

(2,875

)

 

 

(2,651

)

Amounts payable to the Company

 

2,938

 

 

 

1,584

 

Investments in and Advances to Joint Ventures, net

$

435,485

 

 

$

454,131

 

 
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Condensed Combined Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from operations

$

126,528

 

 

$

128,890

 

 

$

253,576

 

 

$

256,800

 

Expenses from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

37,691

 

 

 

36,973

 

 

 

74,359

 

 

 

74,629

 

Impairment charges

 

27,850

 

 

 

—

 

 

 

80,507

 

 

 

—

 

Depreciation and amortization

 

47,589

 

 

 

49,021

 

 

 

92,685

 

 

 

98,056

 

Interest expense

 

29,004

 

 

 

33,319

 

 

 

59,134

 

 

 

66,641

 

Preferred share expense

 

8,239

 

 

 

8,305

 

 

 

16,367

 

 

 

16,569

 

Other (income) expense, net

 

9,054

 

 

 

6,319

 

 

 

15,627

 

 

 

12,130

 

 

 

159,427

 

 

 

133,937

 

 

 

338,679

 

 

 

268,025

 

Loss from continuing operations

 

(32,899

)

 

 

(5,047

)

 

 

(85,103

)

 

 

(11,225

)

(Loss) gain on disposition of real estate, net

 

(803

)

 

 

114

 

 

 

(976

)

 

 

53,597

 

Net (loss) income attributable to unconsolidated joint ventures

$

(33,702

)

 

$

(4,933

)

 

$

(86,079

)

 

$

42,372

 

Company's share of equity in net (loss) income of joint ventures

$

(1,090

)

 

$

817

 

 

$

(6,383

)

 

$

12,091

 

Basis differential adjustments(A)

 

373

 

 

 

300

 

 

 

4,001

 

 

 

3,447

 

Equity in net (loss) income of joint ventures

$

(717

)

 

$

1,117

 

 

$

(2,382

)

 

$

15,538

 

(A)

The difference between the Company’s share of net (loss) income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.