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 both 2019 and 2018. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):



	March 31, 2019			December 31, 2018
Combined Condensed Balance Sheets
ASSETS
Property	$	1,285,877		$	1,268,557
Accumulated depreciation	(312,192		)	(305,327		)
Property, net	973,685			963,230
Other assets, net	104,048			104,267
Total Assets	$	1,077,733		$	1,067,497
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	267,766		$	269,113
Amounts payable to Weingarten Realty Investors and Affiliates	11,694			11,732
Other liabilities, net	25,949			24,717
Total Liabilities	305,409			305,562
Equity	772,324			761,935
Total Liabilities and Equity	$	1,077,733		$	1,067,497



	Three Months Ended March 31,
	2019		2018
Combined Condensed Statements of Operations
Revenues, net	$	32,515	$	33,886
Expenses:
Depreciation and amortization	7,849		8,043
Interest, net	2,459		3,524
Operating	6,100		6,428
Real estate taxes, net	4,535		4,942
General and administrative	69		225
Provision for income taxes	33		36
Total	21,045		23,198
Gain on dispositions	535		3,533
Net income	$	12,005	$	14,221

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 $6.2 million and $5.2 million at March 31, 2019 and December 31, 2018, respectively, are generally amortized over the useful lives of the related assets.

During 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.