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Investments in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 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 June 30, 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.
 
June 30,
2020
 
December 31,
2019
Assets:
 
 
 
Properties
$
3,791,076

 
$
3,816,923

Accumulated depreciation and amortization
(985,484
)
 
(942,840
)
 
$
2,805,592

 
$
2,874,083

Cash and cash equivalents
174,421

 
201,501

Accounts and notes receivable
150,095

 
122,569

Operating lease right-of-use assets
12,537

 
11,521

Deferred charges and other assets
159,056

 
178,708

 
$
3,301,701

 
$
3,388,382

 
 
 
 
Liabilities and accumulated equity (deficiency) in assets:
 

 
 

Notes payable, net  (1)
$
3,093,353

 
$
3,049,737

Accounts payable and other liabilities
241,325

 
341,263

Operating lease liabilities
14,286

 
13,274

TRG's accumulated deficiency in assets
(250,658
)
 
(212,380
)
UJV Partners' accumulated equity in assets
203,395

 
196,488

 
$
3,301,701

 
$
3,388,382

 
 
 
 
TRG's accumulated deficiency in assets (above)
$
(250,658
)
 
$
(212,380
)
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou
204,177

 
209,024

TRG basis adjustments, including elimination of intercompany profit
334,527

 
329,673

TCO's additional basis
31,924

 
32,625

Net investment in UJVs
$
319,970

 
$
358,942

Distributions in excess of investments in and net income of UJVs
470,166

 
473,053

Investment in UJVs
$
790,136

 
$
831,995


(1) The Notes Payable, Net amount excludes the construction financing outstanding for Starfield Anseong of $127.2 million ($62.3 million at TRG's share) as of June 30, 2020.

 
Three Months Ended June 30
 
Six Months Ended June 30
 
2020
 
2019
 
2020
 
2019
Revenues
$
120,436

 
$
154,385

 
$
268,419

 
$
297,026

Maintenance, taxes, utilities, promotion, and other operating expenses
$
51,162

 
$
56,535

 
$
105,524

 
$
104,410

Interest expense
35,045

 
36,213

 
70,230

 
68,711

Depreciation and amortization
30,470

 
33,669

 
61,730

 
66,640

Total operating costs
$
116,677

 
$
126,417

 
$
237,484

 
$
239,761

Nonoperating income, net
600

 
923

 
1,142

 
1,324

Income tax expense
(2,167
)
 
(1,967
)
 
(4,267
)
 
(3,646
)
Net income
$
2,192

 
$
26,924

 
$
27,810

 
$
54,943

 
 
 
 
 
 
 
 
Net income attributable to TRG
$
1,221

 
$
14,155

 
$
13,632

 
$
28,448

Realized intercompany profit, net of depreciation on TRG’s basis adjustments
(1,583
)
 
1,152

 
(2,359
)
 
2,018

Depreciation of TCO's additional basis
(350
)
 
(485
)
 
(701
)
 
(972
)
Equity in income (loss) of UJVs
$
(712
)
 
$
14,822

 
$
10,572

 
$
29,494

 
 
 
 
 
 
 
 
Beneficial interest in UJVs’ operations:
 

 
 

 
 

 
 

Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
$
31,001

 
$
52,693

 
$
75,394

 
$
102,110

Interest expense
(15,945
)
 
(18,005
)
 
(32,360
)
 
(34,781
)
Depreciation and amortization
(15,636
)
 
(18,954
)
 
(32,033
)
 
(36,146
)
Income tax expense
(132
)
 
(912
)
 
(429
)
 
(1,689
)
Equity in income (loss) of UJVs
$
(712
)
 
$
14,822

 
$
10,572

 
$
29,494