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 ranged for the periods presented from 20% to 90% in 2018 and 2017. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	September 30, 2018			December 31, 2017
Combined Condensed Balance Sheets
ASSETS
Property	$	1,254,846		$	1,241,004
Accumulated depreciation	(300,201		)	(285,033		)
Property, net	954,645			955,971
Other assets, net	123,247			115,743
Total Assets	$	1,077,892		$	1,071,714
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	270,443		$	298,124
Amounts payable to Weingarten Realty Investors and Affiliates	11,740			12,017
Other liabilities, net	29,597			24,759
Total Liabilities	311,780			334,900
Equity	766,112			736,814
Total Liabilities and Equity	$	1,077,892		$	1,071,714



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
Combined Condensed Statements of Operations
Revenues, net	$	33,626	$	33,383		$	100,322	$	104,182
Expenses:
Depreciation and amortization	7,925		8,595			24,164		26,399
Interest, net	2,974		2,851			9,478		8,928
Operating	6,001		5,727			18,074		17,655
Real estate taxes, net	4,728		4,775			14,861		14,494
General and administrative	253		(139		)	573		523
Provision for income taxes	33		30			106		77
Total	21,914		21,839			67,256		68,076
Gain on dispositions	4,052		67			9,491		3,963
Net income	$	15,764	$	11,611		$	42,557	$	40,069

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 $4.4 million and $2.2 million at September 30, 2018 and December 31, 2017, respectively, are generally amortized over the useful lives of the related assets.

For the nine months ended September 30, 2018, a center was sold through a series of partial sales with gross sales proceeds of approximately $33.9 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $6.3 million.

During 2017, two centers were sold with aggregate gross sales proceeds of approximately $19.6 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $6.2 million. In June 2017, a venture acquired land with a gross purchase price of $23.5 million for a mixed-use development project, and we simultaneously increased our ownership interest to 90% (See Note 15 for additional information).