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):



	September 30, 2016			December 31, 2015
Combined Condensed Balance Sheets
ASSETS
Property	$	1,211,468		$	1,290,784
Accumulated depreciation	(255,352		)	(293,474		)
Property, net	956,116			997,310
Other assets, net	109,647			130,251
Total Assets	$	1,065,763		$	1,127,561
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	314,251		$	345,186
Amounts payable to Weingarten Realty Investors and Affiliates	8,544			12,285
Other liabilities, net	30,675			29,509
Total Liabilities	353,470			386,980
Equity	712,293			740,581
Total Liabilities and Equity	$	1,065,763		$	1,127,561



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	33,875	$	37,549	$	103,943	$	111,254
Expenses:
Depreciation and amortization	9,079		9,369		29,065		27,952
Interest, net	3,300		4,199		12,930		12,851
Operating	5,922		6,338		19,883		19,574
Real estate taxes, net	4,223		4,678		13,209		13,935
General and administrative	233		124		688		659
Provision for income taxes	42		34		70		145
Impairment loss	—		—		1,303		7,487
Total	22,799		24,742		77,148		82,603
Gain on sale of non-operating property	—		—		373		—
Gain on dispositions	71		—		12,662		1,393
Net income	$	11,147	$	12,807	$	39,830	$	30,044

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 $2.6 million and $4.9 million at September 30, 2016 and December 31, 2015, 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 nine months ended September 30, 2016, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million associated with a center that had been marketed and sold during the period. For the nine months ended September 30, 2015, there was a $7.5 million impairment charge realized on various centers that were marketed and sold during the period. There was no impairment charge for both the three months ended September 30, 2016 and 2015.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.2 million and $1.1 million for the three months ended September 30, 2016 and 2015, respectively, and $3.5 million and $3.4 million for the nine months ended September 30, 2016 and 2015, respectively.

For the nine months ended September 30, 2016, four centers and a land parcel were sold with aggregate gross sales proceeds of approximately $63.7 million, of which our share of the gain totaled $3.4 million. Additionally, one center with a gross purchase price of $73 million was acquired, of which our interest aggregated 69%. In September 2016, we acquired our partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements.

As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value (See Note 17 for additional information).

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 joint 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.