2.	Investments in and Advances to Joint Ventures

At March 31, 2016 and December 31, 2015, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 157 and 168 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2016			December 31, 2015
Condensed Combined Balance Sheets
Land	$	1,306,704		$	1,343,889
Buildings		3,446,655			3,551,227
Fixtures and tenant improvements		184,497			191,581
		4,937,856			5,086,697
Less: Accumulated depreciation		(807,415	)		(817,235	)
		4,130,441			4,269,462
Land held for development and construction in progress		54,846			52,390
Real estate, net		4,185,287			4,321,852
Cash and restricted cash		69,576			58,916
Receivables, net		45,077			52,768
Other assets		304,255			318,546
	$	4,604,195		$	4,752,082

Mortgage debt	$	3,119,992		$	3,177,603
Notes and accrued interest payable to the Company		2,577			1,556
Other liabilities		212,237			219,799
		3,334,806			3,398,958
Redeemable preferred equity		398,410			395,156
Accumulated equity		870,979			957,968
	$	4,604,195		$	4,752,082

Company's share of accumulated equity	$	108,531		$	115,871
Redeemable preferred equity		398,410			395,156
Basis differentials		(40,209	)		(42,402	)
Deferred development fees, net of portion related to the Company's interest		(2,477	)		(2,449	)
Amounts payable to the Company		2,577			1,556
Investments in and Advances to Joint Ventures	$	466,832		$	467,732

	Three Months
	Ended March 31,
	2016			2015
Condensed Combined Statements of Operations
Revenues from operations	$	127,910		$	137,600
Expenses from operations:
Operating expenses		37,656			38,966
Impairment charges		—			448
Depreciation and amortization		49,035			56,737
Interest expense		33,322			40,903
Preferred share expense		8,264			6,314
Other expense (income), net		5,811			6,069
		134,088			149,437
		(6,178	)		(11,837	)
Gain (loss) on disposition of real estate, net		53,483			(213	)
Net income (loss) attributable to unconsolidated joint ventures	$	47,305		$	(12,050	)
Company's share of equity in net income (loss) of joint ventures	$	11,274		$	(247	)
Basis differential adjustments^(A)		3,147			308
Equity in net income of joint ventures	$	14,421		$	61

(A)

The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.

Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

	Three Months
	Ended March 31,
	2016		2015
Management and other fees	$	6.2	$	6.3
Development fees and leasing commissions		1.9		1.6
Interest income		8.3		6.3

The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions.

Disposition of Shopping Centers

In the first quarter of 2016, one of the Company’s joint ventures sold 11 assets for an aggregate sales price of $170.5 million and recorded a gain on sale of $53.4 million, of which the Company’s share was $13.5 million.