Investments in and Advances to Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Schedule Of Equity Method Investments [Line Items]

The preferred investments are summarized as follows (in millions, except properties owned):

		Preferred Investment (Principal)
	Redemption Date	Initial		March 31, 2020		Valuation Allowance			Net of Reserve		Properties Owned at March 31, 2020
BRE DDR III	October 2021	$	300.0	$	132.4	$	(88.2	)	$	44.2		13
BRE DDR IV	December 2022		82.6		64.0		(17.8	)		46.2		5
		$	382.6	$	196.4	$	(106.0	)	$	90.4

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

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

At March 31, 2020 and December 31, 2019, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 78 and 100 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	March 31, 2020			December 31, 2019
Condensed Combined Balance Sheets
Land	$	556,291		$	895,427
Buildings		1,687,612			2,583,053
Fixtures and tenant improvements		154,278			233,303
		2,398,181			3,711,783
Less: Accumulated depreciation		(548,541	)		(949,879	)
		1,849,640			2,761,904
Construction in progress and land		52,603			58,855
Real estate, net		1,902,243			2,820,759
Cash and restricted cash		59,184			109,260
Receivables, net		22,442			37,191
Other assets, net		105,457			147,129
	$	2,089,326		$	3,114,339

Mortgage debt	$	1,434,981		$	1,640,146
Notes and accrued interest payable to the Company		4,896			4,975
Other liabilities		97,384			142,754
		1,537,261			1,787,875
Redeemable preferred equity – SITECenters^(A)		218,315			217,871
Accumulated equity		333,750			1,108,593
	$	2,089,326		$	3,114,339

Company's share of accumulated equity	$	74,165		$	186,247
Redeemable preferred equity, net ^(B)		93,909			112,589
Basis differentials		7,518			(6,864	)
Deferred development fees, net of portion related to the Company's interest		(1,505	)		(2,452	)
Amounts payable to the Company		4,896			4,975
Investments in and Advances to Joint Ventures, net	$	178,983		$	294,495

(A)	Includes PIK that the Company has accrued since March 2017 of $18.4 million and $17.3 million at March 31, 2020 and December 31, 2019, respectively, which, in each case, was fully reserved.

(B)	Amount is net of the valuation allowance of $106.0 million and $87.9 million at March 31, 2020 and December 31, 2019, respectively, and the fully reserved PIK.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months
	Ended March 31,
	2020			2019
Condensed Combined Statements of Operations
Revenues from operations	$	85,621		$	109,103
Expenses from operations:
Operating expenses		24,415			30,061
Impairment charges		31,720			12,267
Depreciation and amortization		30,104			39,504
Interest expense		17,755			25,656
Preferred share expense		4,530			5,459
Other expense, net		4,657			5,456
		113,181			118,403
Loss before gain on disposition of real estate		(27,560	)		(9,300	)
Gain on disposition of real estate, net		8,906			15,966
Net (loss) income attributable to unconsolidated joint ventures	$	(18,654	)	$	6,666
Company's share of equity in net income of joint ventures	$	2,015		$	845
Basis differential adjustments^(A)		156			198
Equity in net income of joint ventures	$	2,171		$	1,043

(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, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges.

Schedule of Fee and Other Income

Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests in the BRE DDR Joint Ventures (as defined below) are as follows (in millions):

	Three Months
	Ended March 31,
	2020		2019
Revenue from contracts:
Asset and property management fees	$	4.5	$	5.2
Development fees, leasing commissions and other		2.6		1.4
		7.1		6.6
Other:
Interest income		3.5		4.2
Other		0.7		0.8
		4.2		5.0
	$	11.3	$	11.6