Investments in and Advances to Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

Schedule Of Equity Method Investments [Line Items]

Service Fees and Income Earned by Company

Service fees and income earned by the Company through management, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests in the BRE DDR Retail Holdings joint ventures are as follows (in millions):

	Three Months
	Ended March 31,
	2018		2017
Revenue from contracts with customers:
Asset and property management fees	$	5.6	$	6.2
Development fees and leasing commissions		1.9		2.4
Total revenue from contracts with customers		7.5		8.6
Other:
Interest income		5.0		7.5
Other		0.5		0.7
Total fee and other income	$	13.0	$	16.8

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		March 31, 2018		Net of Reserve		Inception		March 31, 2018
BRE DDR III	Oct 2014	$	19.6	$	300.0	$	230.2	$	181.6		70		35
BRE DDR IV	Dec 2015		12.9		82.6		66.7		50.4		6		6
				$	382.6	$	296.9	$	232.0

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

At March 31, 2018 and December 31, 2017, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 125 and 136 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2018			December 31, 2017
Condensed Combined Balance Sheets
Land	$	1,066,607		$	1,126,703
Buildings		2,923,406			3,057,072
Fixtures and tenant improvements		211,327			213,989
		4,201,340			4,397,764
Less: Accumulated depreciation		(949,879	)		(962,038	)
		3,251,461			3,435,726
Construction in progress and land		52,417			53,928
Real estate, net		3,303,878			3,489,654
Cash and restricted cash		73,828			155,894
Receivables, net		43,289			51,396
Other assets, net		164,029			174,832
	$	3,585,024		$	3,871,776
Mortgage debt	$	2,357,965		$	2,501,163
Notes and accrued interest payable to the Company		2,526			1,365
Other liabilities		145,259			156,076
		2,505,750			2,658,604
Redeemable preferred equity – DDR		309,744			345,149
Accumulated equity		769,530			868,023
	$	3,585,024		$	3,871,776
Company's share of accumulated equity	$	122,593		$	132,710
Redeemable preferred equity, net(A)		236,925			277,776
Basis differentials		(25,422	)		(24,973	)
Deferred development fees, net of portion related to the Company's interest		(2,963	)		(3,065	)
Amounts payable to the Company		2,526			1,365
Investments in and Advances to Joint Ventures, net	$	333,659		$	383,813

(A) Includes PIK of $7.9 million and $6.3 million, which was fully reserved at March 31, 2018 and December 31, 2017, respectively.  

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months
	Ended March 31,
	2018			2017
Condensed Combined Statements of Operations
Revenues from operations(A)	$	114,525		$	127,048
Expenses from operations:
Operating expenses		34,381			36,668
Impairment charges		16,910			52,657
Depreciation and amortization		39,677			45,096
Interest expense		24,243			30,130
Preferred share expense		6,508			8,128
Other (income) expense, net		7,421			6,573
		129,140			179,252
Loss from continuing operations		(14,615	)		(52,204	)
Gain (loss) on disposition of real estate, net		38,020			(173	)
Net income (loss) attributable to unconsolidated joint ventures	$	23,405		$	(52,377	)
Company's share of equity in net income (loss) of joint ventures	$	8,473		$	(5,293	)
Basis differential adjustments(B)		313			3,628
Equity in net income (loss) of joint ventures	$	8,786		$	(1,665	)

(A) Revenue from operations is subject to leasing or other standards.

(B) The difference between the Company’s share of net income (loss), 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.