At March 31, 2020 and December 31, 2019, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 78 and 100 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2020			December 31, 2019
Condensed Combined Balance Sheets
Land	$	556,291		$	895,427
Buildings		1,687,612			2,583,053
Fixtures and tenant improvements		154,278			233,303
		2,398,181			3,711,783
Less: Accumulated depreciation		(548,541	)		(949,879	)
		1,849,640			2,761,904
Construction in progress and land		52,603			58,855
Real estate, net		1,902,243			2,820,759
Cash and restricted cash		59,184			109,260
Receivables, net		22,442			37,191
Other assets, net		105,457			147,129
	$	2,089,326		$	3,114,339

Mortgage debt	$	1,434,981		$	1,640,146
Notes and accrued interest payable to the Company		4,896			4,975
Other liabilities		97,384			142,754
		1,537,261			1,787,875
Redeemable preferred equity – SITECenters^(A)		218,315			217,871
Accumulated equity		333,750			1,108,593
	$	2,089,326		$	3,114,339

Company's share of accumulated equity	$	74,165		$	186,247
Redeemable preferred equity, net ^(B)		93,909			112,589
Basis differentials		7,518			(6,864	)
Deferred development fees, net of portion related to the Company's interest		(1,505	)		(2,452	)
Amounts payable to the Company		4,896			4,975
Investments in and Advances to Joint Ventures, net	$	178,983		$	294,495

	Three Months
	Ended March 31,
	2020			2019
Condensed Combined Statements of Operations
Revenues from operations	$	85,621		$	109,103
Expenses from operations:
Operating expenses		24,415			30,061
Impairment charges		31,720			12,267
Depreciation and amortization		30,104			39,504
Interest expense		17,755			25,656
Preferred share expense		4,530			5,459
Other expense, net		4,657			5,456
		113,181			118,403
Loss before gain on disposition of real estate		(27,560	)		(9,300	)
Gain on disposition of real estate, net		8,906			15,966
Net (loss) income attributable to unconsolidated joint ventures	$	(18,654	)	$	6,666
Company's share of equity in net income of joint ventures	$	2,015		$	845
Basis differential adjustments^(A)		156			198
Equity in net income of joint ventures	$	2,171		$	1,043

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 Joint Ventures (as defined below) are as follows (in millions):

	Three Months
	Ended March 31,
	2020		2019
Revenue from contracts:
Asset and property management fees	$	4.5	$	5.2
Development fees, leasing commissions and other		2.6		1.4
		7.1		6.6
Other:
Interest income		3.5		4.2
Other		0.7		0.8
		4.2		5.0
	$	11.3	$	11.6

The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions.

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.

An affiliate of Blackstone is the managing member and effectively owns 95% of the common equity of each of the two BRE DDR Joint Ventures, and consolidated affiliates of SITE Centers effectively own the remaining 5%. The Company provides leasing and property management services to all of the joint venture properties. The Company cannot be removed as the property and leasing manager until the preferred equity, as discussed below, is redeemed in full (except for certain specified events).

The Company’s preferred interests are entitled to certain preferential cumulative distributions payable out of operating cash flows and certain capital proceeds pursuant to the terms and conditions of the preferred investments. The preferred investments have an annual distribution rate of 8.5% including any deferred and unpaid preferred distributions. Blackstone has the right to defer up to

2.0% of the 8.5% preferred fixed distributions as a payment in kind (“PIK”) distribution. Blackstone has made this PIK deferral election since the formation of both joint ventures. The preferred interest distributions are recognized as Interest Income within the Company’s consolidated statements of operations and are classified as a note receivable in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets. The cash portion of the preferred fixed distributions is generally payable first out of operating cash flows and is current for both BRE DDR Joint Ventures. The Company has no expectation that the cash portion of the accrued preferred fixed distribution will become impaired. As a result of the valuation allowances recorded, the Company no longer recognizes as interest income the 2.0% PIK. Although Blackstone has the right to change its payment election, the Company expects future preferred distributions to continue to include the PIK component. The recognition of the PIK interest income will be reevaluated based upon any future adjustments to the aggregate valuation allowance, as appropriate.

The Company reassesses the aggregate valuation allowance quarterly, based upon actual timing and values of recent property sales, as well as current market assumptions. The Company has a valuation allowance at March 31, 2020 recorded on each of the BRE DDR III and BRE DDR IV preferred investment interests on a net basis, as described below. The Company adjusted the aggregate valuation allowances by an increase of $18.1 million for the three months ended March 31, 2020. Adjustments to the valuation allowances are recorded as Reserve of Preferred Equity Interests on the Company’s consolidated statements of operations. The Company will continue to monitor the investments and related valuation allowance, which could be increased or decreased in future periods, as appropriate.

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

		Preferred Investment (Principal)
	Redemption Date	Initial		March 31, 2020		Valuation Allowance			Net of Reserve		Properties Owned at March 31, 2020
BRE DDR III	October 2021	$	300.0	$	132.4	$	(88.2	)	$	44.2		13
BRE DDR IV	December 2022		82.6		64.0		(17.8	)		46.2		5
		$	382.6	$	196.4	$	(106.0	)	$	90.4

In February 2020, the Company sold its 15% interest in the DDRTC joint venture to its partner, an affiliate of TIAA-CREF, which resulted in net proceeds to the Company of $140.5 million in the three months ended March 31, 2020 and prior to any working capital adjustments (which are expected to be finalized in the second quarter of 2020). The Company recorded a gain on sale of joint venture interest of $45.7 million in connection with this sale.

From January 1, 2020 to March 31, 2020, one shopping center was sold for $25.0 million, of which the Company’s share of the gain on sale was $1.7 million.