Investments in Unconsolidated Companies

Summarized Financial Information

As of December 31, 2016, we had equity interests in 13 unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated companies at December 31, 2016 and 2015, and for the years ended December 31, 2016, 2015 and 2014, are as follows (in thousands):



	2016		2015			2014
Rental revenue	$	122,019	$	160,543		$	230,093
Gain on sale of properties	$	100,806	$	23,696		$	121,713
Net income	$	122,727	$	60,772		$	143,857

Equity in earnings (loss) of unconsolidated companies	$	47,403	$	(3,304	)	$	94,317

Land, buildings and tenant improvements, net	$	529,926	$	1,029,803
Construction in progress	31,838		64,646
Undeveloped land	90,560		115,773
Other assets	91,045		144,337
	$	743,369	$	1,354,559

Indebtedness	$	172,811	$	413,651
Other liabilities	32,633		91,836
	205,444		505,487
Owners' equity	537,925		849,072
	$	743,369	$	1,354,559

Investments in and advances to unconsolidated companies (1)	$	197,807	$	268,390

(1) Differences between the net investment in our unconsolidated joint ventures and our underlying equity in the net assets of the ventures are primarily a result of previous impairments related to our investment in the unconsolidated joint ventures, basis differences associated with the sales of properties to joint ventures in which we retained an ownership interest and loans we have made to the joint ventures. These adjustments have resulted in an aggregate difference reducing our investments in unconsolidated joint ventures by $22.2 million and $33.7 million as of December 31, 2016 and 2015, respectively. The substantial majority of the basis differences are related to other than temporary impairments on joint venture investments recognized during 2015, as described hereafter. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans and impairments) are typically depreciated over the life of the related asset.

The scheduled principal payments of long term debt for the unconsolidated joint ventures, at our ratable ownership percentage, for each of the next five years and thereafter as of December 31, 2016 are as follows (in thousands):



Year	Future Repayments
2017	$	129
2018	26,184
2019	4,118
2020	9,533
2021	10
Thereafter	37,115
	$	77,089

Other Than Temporary Impairment of Investments in Unconsolidated Joint Ventures

During 2015, we recognized $30.0 million of charges through equity in earnings related to investments in three of our unconsolidated joint ventures that we determined had experienced declines in fair value that were other than temporary.

The most significant of these impairment charges pertain to our investment in the Linden joint venture, whose sole asset is undeveloped retail land. The Linden joint venture has not been able to proceed with development of its land as the result of a series of zoning and use-related legal challenges. During the three months ended December 31, 2015, we changed our strategy such that we now intend to monetize our investment in the joint venture rather than holding for development and continuing to attempt to resolve the legal challenges. As the result of this change in strategy, we determined that an other-than-temporary decline in the value of our investment in the joint venture had taken place. During the three months ended December 31, 2015, we recognized a $19.5 million impairment charge to write our investment in the Linden joint venture to its fair value. The fair value of our investment in the joint venture was primarily based on offers received for the site. The joint venture had no outstanding debt as of December 31, 2015.

We believe that all of the fair value estimates used in recording the above-mentioned charges were based on level 3 inputs, as previously defined.