Equity Investments in Unconsolidated Joint Ventures

We have three joint venture agreements whereby we own 7%, 20% and 30%, respectively, of the equity in each joint venture. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting.

The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:



Balance Sheets	September 30, 2017		December 31, 2016
	(In thousands)
ASSETS
Investment in real estate, net	$	43,001	$	43,995
Other assets	3,234		3,712
Total Assets	$	46,235	$	47,707
LIABILITIES AND OWNERS' EQUITY
Other liabilities	$	488	$	219
Owners' equity	45,747		47,488
Total Liabilities and Owners' Equity	$	46,235	$	47,707

RPT's equity investments in unconsolidated joint ventures	$	2,734	$	3,150



	Three Months Ended September 30,				Nine Months Ended September 30,
Statements of Operations	2017		2016		2017		2016
	(In thousands)
Total revenue	$	1,192	$	1,279	$	3,485	$	4,588
Total expenses	745		915		2,250		3,017
Income before other income and expense	447		364		1,235		1,571
Gain on sale of real estate	—		—		—		371
Net income	$	447	$	364	$	1,235	$	1,942

RPT's share of earnings from unconsolidated joint ventures	$	81	$	119	$	223	$	337

Acquisitions

There was no acquisition activity in the nine months ended September 30, 2017 by any of our unconsolidated joint ventures.

Dispositions

There was no disposition activity in the nine months ended September 30, 2017 by any of our unconsolidated joint ventures.

Joint Venture Management and Other Fee Income

We are engaged by our joint ventures to provide asset management, property management, leasing and investing services for such ventures' respective properties. We receive fees for our services, including a property management fee calculated as a percentage of gross revenues received, and recognize these fees as the services are rendered.

The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(In thousands)
Management fees	$	69	$	65	$	206	$	251
Leasing fees	19		6		108		89
Construction fees	—		2		—		42
Disposition fees	—		—		—		47
Total	$	88	$	73	$	314	$	429