Investments in Unconsolidated Companies

12 Months Ended

Dec. 31, 2011

Investment in Unconsolidated Investments [Abstract]

Equity Method Investments Disclosure [Text Block]

Investments in Unconsolidated Companies

As of December 31, 2011, 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, 2011 and 2010, and for the years ended December 31, 2011, 2010 and 2009, are as follows (in thousands):

	2011		2010		2009
Rental revenue	$	272,937	$	228,378	$	254,787
Net income	$	10,709	$	19,202	$	9,760
Land, buildings and tenant improvements, net	$	2,051,412	$	1,687,228
Construction in progress	12,208		120,834
Undeveloped land	177,742		177,473
Other assets	309,409		242,461
	$	2,550,771	$	2,227,996
Indebtedness	$	1,317,554	$	1,082,823
Other liabilities	71,241		66,471
	1,388,795		1,149,294
Owners’ equity	1,161,976		1,078,702
	$	2,550,771	$	2,227,996

Dugan 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. Dugan generated $85.7 million of revenues and $12.5 million of net income during 2009.

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, 2011 are as follows (in thousands):

Year	Future Repayments
2012	$	30,285
2013	97,601
2014	44,871
2015	64,319
2016	14,948
Thereafter	156,484
	$	408,508