Investments in and Advances to Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2019

Schedule Of Equity Method Investments [Line Items]

Revenues Earned By the Company from Unconsolidated Joint Ventures

Revenues earned by the Company 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 (as defined below) are as follows (in millions):

	Three Months
	Ended March 31,
	2019		2018
Revenue from contracts:
Asset and property management fees	$	5.2	$	5.6
Development fees, leasing commissions and other		1.4		1.9
Total revenue from contracts with customers		6.6		7.5
Other:
Interest income		4.2		5.0
Other		0.8		0.5
Total fee and other income	$	11.6	$	13.0

Summary of Preferred investments

The Preferred investments are summarized as follows (in millions, except properties owned):

		Preferred Investment (Principal)									Properties Owned
	Formation	Initial		March 31, 2019		Valuation Allowance			Net of Reserve		Inception		March 31, 2019
BRE DDR III	2014	$	300.0	$	181.4		(65.6	)	$	115.8		70		14
BRE DDR IV	2015		82.6		64.1		(7.9	)		56.2		6		5
		$	382.6	$	245.5	$	(73.5	)	$	172.0

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, 2019 and December 31, 2018, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 103 and 106 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2019			December 31, 2018
Condensed Combined Balance Sheets
Land	$	973,154		$	1,004,289
Buildings		2,740,483			2,804,027
Fixtures and tenant improvements		216,739			221,412
		3,930,376			4,029,728
Less: Accumulated depreciation		(943,573	)		(935,921	)
		2,986,803			3,093,807
Construction in progress and land		59,302			56,498
Real estate, net		3,046,105			3,150,305
Cash and restricted cash		81,230			94,111
Receivables, net		36,871			44,702
Other assets, net		187,499			186,693
	$	3,351,705		$	3,475,811
Mortgage debt	$	2,183,450		$	2,212,503
Notes and accrued interest payable to the Company		6,501			5,182
Other liabilities		150,364			161,372
		2,340,315			2,379,057
Redeemable preferred equity – SITE Centers (A)		263,105			274,493
Accumulated equity		748,285			822,261
	$	3,351,705		$	3,475,811
Company's share of accumulated equity	$	132,270		$	145,786
Redeemable preferred equity, net (B)		176,120			189,891
Basis differentials		(9,638	)		(8,536	)
Deferred development fees, net of portion related to the Company's interest		(2,531	)		(2,700	)
Amounts payable to the Company		6,501			5,182
Investments in and Advances to Joint Ventures, net	$	302,722		$	329,623

(A) Includes PIK that has accrued since March 2017 of $13.5 million and $12.2 million, which was fully reserved by the Company at March 31, 2019 and December 31, 2018, respectively.  

(B) Amount is net of the valuation allowance of $73.5 million and $72.4 million and the fully reserved PIK of $13.5 million and $12.2 million at March 31, 2019 and December 31, 2018, respectively.  

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months
	Ended March 31,
	2019			2018
Condensed Combined Statements of Operations
Revenues from operations(A)	$	109,103		$	114,525
Expenses from operations:
Operating expenses		30,061			34,381
Impairment charges		12,267			16,910
Depreciation and amortization		39,504			39,677
Interest expense		25,656			24,243
Preferred share expense		5,459			6,508
Other (income) expense, net		5,456			7,421
		118,403			129,140
Loss before gain on disposition of real estate		(9,300	)		(14,615	)
Gain on disposition of real estate, net		15,966			38,020
Net income attributable to unconsolidated joint ventures	$	6,666		$	23,405
Company's share of equity in net income of joint ventures	$	845		$	8,473
Basis differential adjustments(B)		198			313
Equity in net income of joint ventures	$	1,043		$	8,786

(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.