Investments in and Advances to Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2017

Schedule Of Equity Method Investments [Line Items]

Service Fees and Income Earned by Company

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,
	2017		2016
Management and other fees	$	6.9	$	6.2
Interest income		7.5		8.3
Development fees and leasing commissions		2.5		1.9

Summary of Terms For Unconsolidated Joint Ventures Investments

The Company’s two unconsolidated investments with The Blackstone Group L.P. (“Blackstone”), BRE DDR Retail Holdings III (“BRE DDR III”) and BRE DDR Retail Holdings IV (“BRE DDR IV”) and, together (the “BRE DDR Joint Ventures”), have substantially similar terms and are summarized as follows (in millions, except properties owned):

		Common
		Equity		Preferred Investment						Properties Owned
	Formation	Initial		Initial		March 31, 2017		Net of Reserve		Inception		March 31, 2017
BRE DDR III	Oct 2014	$	19.6	$	300.0	$	314.6	$	244.6		70		49
BRE DDR IV	Dec 2015		12.9		82.6		74.5		68.5		6		6

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2017			December 31, 2016
Condensed Combined Balance Sheets
Land	$	1,268,425		$	1,287,675
Buildings		3,338,488			3,376,720
Fixtures and tenant improvements		205,412			203,824
		4,812,325			4,868,219
Less: Accumulated depreciation		(914,860	)		(884,356	)
		3,897,465			3,983,863
Construction in progress and land		58,932			56,983
Real estate, net		3,956,397			4,040,846
Cash and restricted cash		60,822			50,378
Receivables, net		43,931			50,685
Other assets, net		242,234			248,664
	$	4,303,384		$	4,390,573
Mortgage debt	$	2,898,615		$	3,034,399
Notes and accrued interest payable to the Company		3,028			1,584
Other liabilities		194,458			206,949
		3,096,101			3,242,932
Redeemable preferred equity – DDR		395,945			393,338
Accumulated equity		811,338			754,303
	$	4,303,384		$	4,390,573
Company's share of accumulated equity	$	106,819		$	97,977
Redeemable preferred equity, net		319,315			393,338
Basis differentials		(30,987	)		(36,117	)
Deferred development fees, net of portion related to the Company's interest		(2,813	)		(2,651	)
Amounts payable to the Company		3,028			1,584
Investments in and Advances to Joint Ventures, net	$	395,362		$	454,131

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months
	Ended March 31,
	2017			2016
Condensed Combined Statements of Operations
Revenues from operations	$	127,048		$	127,910
Expenses from operations:
Operating expenses		36,668			37,656
Impairment charges		52,657			—
Depreciation and amortization		45,096			49,035
Interest expense		30,130			33,322
Preferred share expense		8,128			8,264
Other (income) expense, net		6,573			5,811
		179,252			134,088
Loss from continuing operations		(52,204	)		(6,178	)
(Loss) gain on disposition of real estate, net		(173	)		53,483
Net (loss) income attributable to unconsolidated joint ventures	$	(52,377	)	$	47,305
Company's share of equity in net (loss) income of joint ventures	$	(5,293	)	$	11,274
Basis differential adjustments(A)		3,628			3,147
Equity in net (loss) income of joint ventures	$	(1,665	)	$	14,421

(A) The difference between the Company’s share of net income (loss), 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.