Investments in Unconsolidated Companies

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

As of December 31, 2014, we had equity interests in 17 unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated companies at December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, are as follows (in thousands):



	2014		2013		2012
Rental revenue	$	230,093	$	240,064	$	291,534
Gain on sale of properties	$	121,713	$	121,404	$	6,792
Net income	$	143,857	$	116,832	$	3,125

Equity in earnings of unconsolidated companies	$	94,317	$	54,116	$	4,674

Land, buildings and tenant improvements, net	$	1,251,470	$	1,656,231
Construction in progress	34,680		12,338
Undeveloped land	115,252		126,556
Other assets	168,653		206,414
	$	1,570,055	$	2,001,539

Indebtedness	$	639,810	$	890,513
Other liabilities	71,818		93,291
	711,628		983,804
Owners' equity	858,427		1,017,735
	$	1,570,055	$	2,001,539

Investments in and advances to unconsolidated companies (1)	$	293,650	$	342,947

(1) Differences between the net investment in our unconsolidated joint ventures and our underlying equity in the net assets of the ventures are primarily a result of previous impairments related to our investment in the unconsolidated joint ventures, basis differences associated with the sales of properties to joint ventures in which we retained an ownership interest and loans we have made to the joint ventures. These adjustments have resulted in an aggregate difference reducing our investments in unconsolidated joint ventures by $1.0 million and $4.2 million as of December 31, 2014 and 2013, respectively. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans and impairments) are typically depreciated over the life of the related asset.

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, 2014 are as follows (in thousands):



Year	Future Repayments
2015	$	55,740
2016	54,033
2017	337,228
2018	86,981
2019	15,747
Thereafter	89,747
	$	639,476

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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