Investments in and Advances to Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2020

Schedule Of Equity Method Investments [Line Items]

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

		Preferred Investment (Principal)
	Redemption Date	Initial		June 30, 2020		Valuation Allowance			Net of Reserve		Properties Owned at June 30, 2020
BRE DDR III	October 2021	$	300.0	$	132.4	$	(96.2	)	$	36.2		13
BRE DDR IV	December 2022		82.6		64.1		(14.7	)		49.4		5
		$	382.6	$	196.5	$	(110.9	)	$	85.6

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

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

At June 30, 2020 and December 31, 2019, the Company had ownership interests in various unconsolidated joint ventures that had investments 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):

	June 30, 2020			December 31, 2019
Condensed Combined Balance Sheets
Land	$	555,891		$	895,427
Buildings		1,686,833			2,583,053
Fixtures and tenant improvements		158,526			233,303
		2,401,250			3,711,783
Less: Accumulated depreciation		(565,623	)		(949,879	)
		1,835,627			2,761,904
Construction in progress and land		53,344			58,855
Real estate, net		1,888,971			2,820,759
Cash and restricted cash		62,395			109,260
Receivables, net		31,390			37,191
Other assets, net		98,627			147,129
	$	2,081,383		$	3,114,339

Mortgage debt	$	1,435,666		$	1,640,146
Notes and accrued interest payable to the Company		4,979			4,975
Other liabilities		99,936			142,754
		1,540,581			1,787,875
Redeemable preferred equity – SITECenters^(A)		219,403			217,871
Accumulated equity		321,399			1,108,593
	$	2,081,383		$	3,114,339

Company's share of accumulated equity	$	72,499		$	186,247
Redeemable preferred equity, net ^(B)		89,049			112,589
Basis differentials		8,232			(6,864	)
Deferred development fees, net of portion related to the Company's interest		(1,453	)		(2,452	)
Amounts payable to the Company		4,979			4,975
Investments in and Advances to Joint Ventures, net	$	173,306		$	294,495

(A)	Includes PIK that the Company has accrued since March 2017 of $19.5 million and $17.3 million at June 30, 2020 and December 31, 2019, respectively, which, in each case, was fully reserved.

(B)	Amount is net of the valuation allowance of $110.9 million and $87.9 million at June 30, 2020 and December 31, 2019, respectively, and the fully reserved PIK.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2020			2019			2020			2019
Condensed Combined Statements of Operations
Revenues from operations	$	53,266		$	105,580		$	138,887		$	214,683
Expenses from operations:
Operating expenses		18,633			30,482			43,048			60,543
Impairment charges		1,520			—			33,240			12,267
Depreciation and amortization		23,575			36,969			53,679			76,473
Interest expense		15,100			25,286			32,855			50,942
Preferred share expense		4,554			5,484			9,084			10,943
Other expense, net		2,941			5,885			7,598			11,341
		66,323			104,106			179,504			222,509
(Loss) income before gain (loss) on disposition of real estate		(13,057	)		1,474			(40,617	)		(7,826	)
Gain (loss) on disposition of real estate, net		4			(321	)		8,910			15,645
Net (loss) income attributable to unconsolidated joint ventures	$	(13,053	)	$	1,153		$	(31,707	)	$	7,819
Company's share of equity in net (loss) income of joint ventures	$	(1,578	)	$	1,602		$	437		$	2,447
Basis differential adjustments^(A)		65			189			221			387
Equity in net (loss) income of joint ventures	$	(1,513	)	$	1,791		$	658		$	2,834

(A)

The difference between the Company’s share of net 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.

Schedule of Fee and Other Income

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				Six Months
	Ended June 30,				Ended June 30,
	2020		2019		2020		2019
Revenue from contracts:
Asset and property management fees	$	2.7	$	4.8	$	7.2	$	10.1
Development fees, leasing commissions and other		0.4		1.1		3.0		2.5
		3.1		5.9		10.2		12.6
Other:
Interest income		3.5		4.2		6.9		8.4
Other		0.4		0.8		1.2		1.5
		3.9		5.0		8.1		9.9
	$	7.0	$	10.9	$	18.3	$	22.5