Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the periods presented. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	June 30, 2014			December 31, 2013
Combined Condensed Balance Sheets
ASSETS
Property	$	1,388,611		$	1,401,982
Accumulated depreciation	(275,383		)	(261,454		)
Property, net	1,113,228			1,140,528
Other assets, net	129,982			142,638
Total Assets	$	1,243,210		$	1,283,166
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	418,100		$	453,390
Amounts payable to Weingarten Realty Investors and Affiliates	18,966			30,214
Other liabilities, net	27,978			29,711
Total Liabilities	465,044			513,315
Equity	778,166			769,851
Total Liabilities and Equity	$	1,243,210		$	1,283,166



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Combined Condensed Statements of Operations
Revenues, net	$	37,101	$	41,099	$	74,869	$	83,260
Expenses:
Depreciation and amortization	11,096		11,558		21,013		23,579
Interest, net	5,848		7,415		11,760		14,960
Operating	6,318		7,407		13,134		13,561
Real estate taxes, net	4,566		5,013		9,446		9,596
General and administrative	424		164		530		450
Provision for income taxes	216		86		283		148
Impairment loss	—		13		—		1,828
Total	28,468		31,656		56,166		64,122
Operating income	$	8,633	$	9,443	$	18,703	$	19,138

Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $6.0 million and $6.1 million at June 30, 2014 and December 31, 2013, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain properties was not recoverable and that the properties should be written down to fair value. There was no impairment charge for the three and the six months ended June 30, 2014. For the three and six months ended June 30, 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $13 thousand and $1.8 million, respectively.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.1 million and $1.4 million for the three months ended June 30, 2014 and 2013, respectively, and $2.4 million and $2.8 million for the six months ended June 30, 2014 and 2013, respectively.

During 2014, we had a partial disposition of a 50% interest at an unconsolidated real estate joint venture for approximately $5.1 million, resulting in a gain on our investment of $1.7 million.

During 2013, the final two industrial properties in an unconsolidated real estate joint venture were sold. This joint venture was liquidated resulting in an $11.5 million gain on our investment. Also, three shopping centers were sold, and our gross sales proceeds from the disposition of these five properties totaled $35.5 million, of which our share of the gain totaled $16.0 million. Furthermore, we sold our 10% interest in two unconsolidated tenancy-in-common arrangements and two unconsolidated real estate joint ventures that we previously accounted for under the equity method, for approximately $15.7 million, resulting in a gain of $1.9 million.

During 2013, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $41.2 million. We also acquired our partner’s 50% unconsolidated real estate joint venture interest in a California property that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements.