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):



	December 31,
	2015			2014
Combined Condensed Balance Sheets

ASSETS
Property	$	1,290,784		$	1,331,445
Accumulated depreciation	(293,474		)	(279,067		)
Property, net	997,310			1,052,378
Other assets, net ⁽¹⁾	130,251			125,332
Total Assets	$	1,127,561		$	1,177,710

LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable) ⁽¹⁾	$	345,186		$	379,258
Amounts payable to Weingarten Realty Investors and Affiliates	12,285			13,749
Other liabilities, net	29,509			26,226
Total Liabilities	386,980			419,233
Equity	740,581			758,477
Total Liabilities and Equity	$	1,127,561		$	1,177,710

___________________


(1)	Effective December 31, 2015, ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" was adopted. Reclassification of prior year's amounts was made to conform to the current year presentation. See Note 2 for additional information.



	Year Ended December 31,
	2015		2014		2013
Combined Condensed Statements of Operations
Revenues, net	$	148,875	$	153,301	$	165,365
Expenses:
Depreciation and amortization	37,771		40,235		45,701
Interest, net	17,053		22,657		28,787
Operating	26,797		27,365		28,929
Real estate taxes, net	18,525		18,159		18,929
General and administrative	839		916		934
Provision for income taxes	197		417		278
Impairment loss	7,487		1,526		1,887
Total	108,669		111,275		125,445
Operating income	$	40,206	$	42,026	$	39,920

Our investment in real estate joint ventures and partnerships, as reported in our 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 $4.9 million and $5.2 million at December 31, 2015 and 2014, 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 centers was not recoverable and that the centers should be written down to fair value. For the year ended December 31, 2015, 2014 and 2013, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $7.5 million, $1.5 million and $1.9 million, respectively, associated primarily on various centers that have been marketed and sold during the period.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $4.5 million in 2015, $4.6 million in 2014 and $5.0 million in 2013.

During 2015, we sold one center held in a 50% owned unconsolidated real estate joint venture for approximately $1.1 million, of which our share of the gain totaled $.6 million. Associated with this transaction, a gain of $.9 million on our investment of this real estate venture was realized. Additionally, we sold three centers and other property held in unconsolidated joint ventures for approximately $17.6 million, of which our share of the gain totaled $1.0 million. Also, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $54.1 million.

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. Also, we sold four centers and other property held in unconsolidated real estate joint ventures, for approximately $19.9 million, of which our share of the gain totaled $4.9 million.