Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Beneficial Interests In Joint Ventures

We own beneficial interests in joint ventures that own shopping centers. TRG is the sole direct or indirect managing general partner or managing member of Fair Oaks Mall, International Plaza, Stamford Town Center, Sunvalley, The Mall at University Town Center, and Westfarms; however, these joint ventures are accounted for under the equity method due to the substantive participation rights of the outside partners. TRG also provides certain management, leasing, and/or development services to the other shopping centers noted below.

Shopping Center	Ownership as of March 31, 2020 and December 31, 2019
CityOn.Xi'an (1)	25% / 50%
CityOn.Zhengzhou	24.5
Country Club Plaza	50
Fair Oaks Mall	50
The Gardens Mall	48.5
International Plaza	50.1
The Mall at Millenia	50
Stamford Town Center	50
Starfield Anseong (under development)	Note 2
Starfield Hanam	17.15
Sunvalley	50
The Mall at University Town Center	50
Waterside Shops	50
Westfarms	79

(1)

In February 2020, we completed the sale of 50% of our interest in CityOn.Xian (Note 2).

Equity Method Investment Summarized Financial Information Text Block

Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for our UJVs, followed by TRG's beneficial interest in the combined operations information. The combined financial information of the UJVs as of March 31, 2020 and December 31, 2019 excludes the balances of Starfield Anseong, which is currently under development (Note 2). Beneficial interest is calculated based on TRG's ownership interest in each of the UJVs.

	March 31, 2020			December 31, 2019
Assets:
Properties	$	3,754,320		$	3,816,923
Accumulated depreciation and amortization	(955,165		)	(942,840		)
	$	2,799,155		$	2,874,083
Cash and cash equivalents	185,127			201,501
Accounts and notes receivable	96,385			122,569
Operating lease right-of-use assets	12,540			11,521
Deferred charges and other assets	176,266			178,708
	$	3,269,473		$	3,388,382
Liabilities and accumulated equity (deficiency) in assets:
Notes payable, net  (1)	$	3,016,036		$	3,049,737
Accounts payable and other liabilities	293,143			341,263
Operating lease liabilities	14,292			13,274
TRG's accumulated deficiency in assets	(254,202		)	(212,380		)
UJV Partners' accumulated equity in assets	200,204			196,488
	$	3,269,473		$	3,388,382
TRG's accumulated deficiency in assets (above)	$	(254,202	)	$	(212,380	)
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou	197,414			209,024
TRG basis adjustments, including elimination of intercompany profit	341,976			329,673
TCO's additional basis	32,274			32,625
Net investment in UJVs	$	317,462		$	358,942
Distributions in excess of investments in and net income of UJVs	471,382			473,053
Investment in UJVs	$	788,844		$	831,995

(1) The Notes Payable, Net amount excludes the construction financing outstanding for Starfield Anseong of $44.0 million ($21.6 million at TRG's share) as of March 31, 2020.

	Three Months Ended March 31
	2020			2019
Revenues	$	147,983		$	142,641
Maintenance, taxes, utilities, promotion, and other operating expenses	$	54,362		$	47,875
Interest expense	35,185			32,498
Depreciation and amortization	31,260			32,971
Total operating costs	$	120,807		$	113,344
Nonoperating income, net	542			401
Income tax expense	(2,100		)	(1,679		)
Net income	$	25,618		$	28,019
Net income attributable to TRG	$	12,411		$	14,293
Realized intercompany profit, net of depreciation on TRG’s basis adjustments	(776		)	866
Depreciation of TCO's additional basis	(351		)	(487		)
Equity in income of UJVs	$	11,284		$	14,672
Beneficial interest in UJVs’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses	$	44,393		$	49,417
Interest expense	(16,415		)	(16,776		)
Depreciation and amortization	(16,397		)	(17,192		)
Income tax expense	(297		)	(777		)
Equity in income of UJVs	$	11,284		$	14,672