Investments in Unconsolidated Companies

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Companies

Investments in Unconsolidated Companies

As of December 31, 2012, we had equity interests in 20 unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated companies as of December 31, 2012 and 2011, and for the years ended December 31, 2012, 2011 and 2010, are as follows (in thousands):

	2012		2011		2010
Rental revenue	$	291,534	$	272,937	$	228,378
Net income	$	3,125	$	10,709	$	19,202
Land, buildings and tenant improvements, net	$	1,991,823	$	2,051,412
Construction in progress	61,663		12,208
Undeveloped land	175,143		177,742
Other assets	289,173		309,409
	$	2,517,802	$	2,550,771
Indebtedness	$	1,314,502	$	1,317,554
Other liabilities	70,519		71,241
	1,385,021		1,388,795
Owners' equity	1,132,781		1,161,976
	$	2,517,802	$	2,550,771

Dugan (Note 3) generated $42.5 million in revenues and $6.4 million of net income in the six months of 2010 prior to its July 1 consolidation.

Our share of the scheduled principal payments of long term debt for the unconsolidated joint ventures for each of the next five years and thereafter as of December 31, 2012 are as follows (in thousands):

Year	Future Repayments
2013	$	119,387
2014	51,757
2015	69,834
2016	14,948
2017	101,922
Thereafter	54,562
	$	412,410