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Related Parties
12 Months Ended
Dec. 31, 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 $2.2 million and $1.2 million outstanding as of December 31, 2016 and 2015, respectively. We also had accounts payable and accrued expenses of $.3 million and $5.2 million outstanding as of December 31, 2016 and 2015, respectively. For the year ended December 31, 2016, 2015 and 2014, we recorded joint venture fee income of $5.1 million, $4.5 million and $4.6 million, 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 23 for additional information).
In October 2016, an unconsolidated joint venture distributed land to both us and our partner, and we recognized a gain of $1.9 million associated with the remeasurement of a land parcel. Also, we paid a payable totaling $4.8 million due to the unconsolidated joint venture (See Note 4 for additional information). In November 2016, we acquired our partner’s interest in two consolidated joint ventures for an aggregate amount of $3.3 million (See Note 10 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 23 for additional information).