involvement, as well as how its involvement with VIEs impacts the enterprise’s financial statements. Finally, an enterprise will be  required to disclose significant judgments and assumptions used to determine whether or not to consolidate a VIE. The adoption  of this amendment did not have a significant impact on our financial position, results of operations, or cash flows. Determination of the primary beneficiary of a VIE is based on whether an entity (1) has the power to direct activities that  most significantly impact the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive  benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers  all relationships between us and the VIE, including management agreements and other contractual arrangements. There have  been no changes during 2011 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary  beneficiary of any previously identified VIE. During 2011, we did not provide financial or other support to a previously identified VIE  that we were not previously contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for  these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust  for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture  agreement, and cash contributions and distributions. The allocation provisions in the partnership or joint venture agreements  are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee  primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have  exceeded investments in and our share of net income of the joint ventures within cash distributions and losses in partnerships  and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because  of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for  depreciation and amortization. As of December 31, 2011, we consolidated 219 wholly-owned properties and 20 additional properties that are less than  wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 144 properties, or  the joint venture properties, using the equity method of accounting. We manage the day-to-day operations of 85 of the 144 joint  venture properties, but have determined that our partner or partners have substantive participating rights with respect to the  assets and operations of these joint venture properties. Our investments in joint ventures in Italy, Japan, South Korea, Malaysia,  and Mexico comprise 57 of the remaining 59 properties. The international properties are managed by joint ventures in which we  share oversight responsibility with our partner. Additionally, we account for our investment in SPG-FCM Ventures, LLC, or SPG-FCM,  which holds our interest in The Mills Limited Partnership, or Mills, using the equity method of accounting. We have determined  that SPG-FCM is not a VIE and that our joint venture partner has substantive participating rights with respect to the assets and  operations of SPG-FCM pursuant to the applicable partnership agreements. We allocate net operating results of the Operating Partnership after preferred distributions to third parties and to us based on  the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating  Partnership attributable to third parties are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was as follows: As of December 31, 2011 and 2010, our ownership interest in the Operating Partnership was 82.8% and 82.9%, respectively.  We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the Operating Partnership. We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2011  presentation. These reclassifications had no impact on previously reported net income attributable to common stockholders or  earnings per share. Reclassifications 2011 Annual Report 37 For the Year Ended December 31, 2011 2010 2009 Weighted average ownership interest  82.9% 83.2% 82.4%