NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. INVESTMENTS IN UNCONSOLIDATED ENTITIES Loans to SPG-FCM International Joint Venture Investments 50 Simon Property Group, Inc. On July 15, 2010, we and our partner in Simon Ivanhoe S.à.r.l., or Simon Ivanhoe, sold our collective interests in Simon Ivanhoe  which owned seven shopping centers located in France and Poland to Unibail-Rodamco. The joint venture partners received net  consideration of €422.5 million for their interests after the repayment of all joint venture debt, subject to certain post-closing  adjustments. Our share of the gain on sale of our interests in Simon Ivanhoe was approximately $281 million. European Joint Ventures.  At December 31, 2011, we had a 49.0% ownership interest in GCI, a joint venture with Auchan S.A.,  which owned 45 properties located in Italy. The carrying amount of our investment in GCI was $331.9 million and $330.1 million  as of December 31, 2011 and 2010, respectively, including all related components of accumulated other comprehensive income  (loss). As discussed in Note 14, we sold our entire interest in GCI to our venture partner on January 9, 2012. We conduct our international operations through joint venture arrangements and account for all of our international joint  venture investments using the equity method of accounting. The Operating Partnership has a loan to SPG-FCM with an outstanding balance of $651.0 million as of December 31, 2011 and  2010. The loan bears interest at a rate of LIBOR plus 275 basis points and matures on June 7, 2012. During 2011, 2010 and  2009, we recorded approximately $9.8 million, $9.9 million and $9.3 million in interest income (net of inter-entity eliminations)  related to this loan, respectively. We also recorded fee income, including fee income amortization related to up-front fees on loans  made to SPG-FCM and Mills, during 2011, 2010 and 2009, of approximately $1.0 million, $0.9 million and $3.7 million (net of  inter-entity eliminations), respectively, for providing refinancing services to Mills’ properties and SPG-FCM. On December 31, 2011, as further discussed in Note 4, we and our joint venture partner dissolved a venture in which we  had a 50% interest and distributed a portfolio of properties previously held within the venture to us and our joint venture partner.  The results of operations of these properties are now presented as income from discontinued joint venture interests and the  non-cash gain recorded upon distribution to the partners is presented within gain on sale or disposal of assets and interests in  unconsolidated entities in the “Summary Financial Information” below. In May 2010, Opry Mills, a property in which we have a 50% interest through our SPG-FCM joint venture, sustained significant  flood damage and substantially all of the property remains closed. Insurance proceeds of $50 million have been funded by the  insurers and remediation work has been completed. The excess insurance carriers (those providing coverage above $50 million)  have denied the joint venture’s claim under the policy for additional proceeds (of up to $150 million) to pay further amounts  for restoration costs and business interruption losses. We have obtained additional financing of $120 million from the existing  mortgage lenders and, in April 2011, commenced rebuilding the center with an expected opening in March of 2012. We and our  lenders are continuing our efforts through pending litigation to recover our losses under the excess insurance policies for Opry Mills  and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. Substantially all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale or marketing  rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint  ventures may initiate these provisions at any time (subject to any applicable lock up or similar restrictions), which could result in  either the sale of our interest or the use of available cash or borrowings to acquire the joint venture interest from our partner. Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties,  and diversify our risk in a particular property or portfolio of properties. We held joint venture ownership interests in 87 properties  in the United States as of December 31, 2011 and 101 properties as of December 31, 2010. As discussed in Note 14, on January  9, 2012, we sold our interest in GCI which owned 45 shopping centers in Italy. As of December 31, 2011, we also held interests in  eight joint venture properties in Japan, two joint venture properties in South Korea, one joint venture property in Mexico, and one  joint venture property in Malaysia. We account for these joint venture properties using the equity method of accounting. (Dollars in thousands, except share and per share amounts and where indicated as in millions or billions)