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Related Parties
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Parties
Related Parties
Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.6 million and $1.2 million outstanding as of September 30, 2016 and December 31, 2015, respectively. We also had accounts payable and accrued expenses of $4.5 million and $5.2 million outstanding as of September 30, 2016 and December 31, 2015, respectively. We recorded joint venture fee income for the three months ended September 30, 2016 and 2015 of $1.2 million and $1.1 million, respectively, and $3.5 million and $3.4 million for the nine months ended September 30, 2016 and 2015, respectively.
In September 2016, we acquired a 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, and we recognized a gain of $9.0 million on the fair value remeasurement of our equity method investment. (See Note 17 for additional information).
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, and recognized a gain of $37.4 million (See Note 17 for additional information).