Investments in and Advances to Joint Ventures (Tables)

9 Months Ended

Sep. 30, 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		September 30, 2020		Valuation Allowance			Net of Reserve		Properties Owned at September 30, 2020
BRE DDR III	October 2021	$	300.0	$	132.4	$	(95.8	)	$	36.6		13
BRE DDR IV	December 2022		82.6		64.1		(11.6	)		52.5		5
		$	382.6	$	196.5	$	(107.4	)	$	89.1

Unconsolidated Joint Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

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

At September 30, 2020 and December 31, 2019, the Company had ownership interests in various unconsolidated joint ventures that had investments in 77 and 100 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	September 30, 2020			December 31, 2019
Condensed Combined Balance Sheets
Land	$	555,215		$	895,427
Buildings		1,684,807			2,583,053
Fixtures and tenant improvements		160,175			233,303
		2,400,197			3,711,783
Less: Accumulated depreciation		(580,360	)		(949,879	)
		1,819,837			2,761,904
Construction in progress and land		56,392			58,855
Real estate, net		1,876,229			2,820,759
Cash and restricted cash		71,807			109,260
Receivables, net		32,720			37,191
Other assets, net		92,085			147,129
	$	2,072,841		$	3,114,339

Mortgage debt	$	1,433,168		$	1,640,146
Notes and accrued interest payable to the Company		4,863			4,975
Other liabilities		100,254			142,754
		1,538,285			1,787,875
Redeemable preferred equity – SITECenters^(A)		224,029			217,871
Accumulated equity		310,527			1,108,593
	$	2,072,841		$	3,114,339

Company's share of accumulated equity	$	71,304		$	186,247
Redeemable preferred equity, net ^(B)		96,128			112,589
Basis differentials		4,349			(6,864	)
Deferred development fees, net of portion related to the Company's interest		(1,397	)		(2,452	)
Amounts payable to the Company		4,863			4,975
Investments in and Advances to Joint Ventures, net	$	175,247		$	294,495

(A)	Includes PIK that the Company has accrued since March 2017 of $20.5 million and $17.3 million at September 30, 2020 and December 31, 2019, respectively, which, in each case, was fully reserved.

(B)	Amount is net of the valuation allowance of $107.4 million and $87.9 million at September 30, 2020 and December 31, 2019, respectively, and the fully reserved PIK.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2020			2019			2020			2019
Condensed Combined Statements of Operations
Revenues from operations	$	60,019		$	105,223		$	198,906		$	319,906
Expenses from operations:
Operating expenses		18,613			28,798			61,661			89,341
Impairment charges		—			—			33,240			12,267
Depreciation and amortization		23,901			36,867			77,580			113,340
Interest expense		14,700			22,530			47,555			73,472
Preferred share expense		4,626			5,544			13,710			16,487
Other expense, net		3,246			5,017			10,844			16,358
		65,086			98,756			244,590			321,265
(Loss) income before gain (loss) on disposition of real estate		(5,067	)		6,467			(45,684	)		(1,359	)
Gain (loss) on disposition of real estate, net		319			(440	)		9,229			15,205
Net (loss) income attributable to unconsolidated joint ventures	$	(4,748	)	$	6,027		$	(36,455	)	$	13,846
Company's share of equity in net income of joint ventures	$	134		$	2,404		$	571		$	4,851
Basis differential adjustments^(A)		116			208			337			595
Equity in net income of joint ventures	$	250		$	2,612		$	908		$	5,446

(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				Nine Months
	Ended September 30,				Ended September 30,
	2020		2019		2020		2019
Revenue from contracts:
Asset and property management fees	$	3.0	$	4.7	$	10.1	$	14.8
Development fees, leasing commissions and other		0.6		1.2		3.6		3.7
		3.6		5.9		13.7		18.5
Other:
Interest income		3.5		4.2		10.5		12.6
Other		0.5		0.8		1.7		2.3
		4.0		5.0		12.2		14.9
	$	7.6	$	10.9	$	25.9	$	33.4