Investments in Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Condensed Balance Sheet

	December 31, 2013			December 31, 2012
ASSETS
Assets:
Net Investment in Real Estate	$	276,294		$	264,284
Note Receivable	119,364			142,982
Other Assets, Net	33,234			34,476
Total Assets	$	428,892		$	441,742
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	97,675		$	107,287
Other Liabilities, Net	13,795			11,570
Partners’ Capital	317,422			322,885
Total Liabilities and Partners’ Capital	$	428,892		$	441,742
Operating Partnership’s Share of Equity	$	316,188		$	321,663
Basis Differentials (1)	(119,865		)	(143,559		)
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	$	196,323		$	178,104

_____________________ 

(1) This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

The combined summarized financial information of the investments in Joint Ventures is as follows:

	December 31, 2013			December 31, 2012
Condensed Combined Balance Sheets:
Gross Investment in Real Estate	$	28,389		$	115,488
Less: Accumulated Depreciation	(4,253		)	(38,535		)
Net Investment in Real Estate	24,136			76,953
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $40,387 and $0	48,408			—
Other Assets	7,690			17,327
Total Assets	$	80,234		$	94,280
Indebtedness	$	24,656		$	81,764
Other Liabilities	1,615			4,817
Indebtedness, Accrued Interest Expense and Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $3,208 and $0	48,651			—
Equity	5,312			7,699
Total Liabilities and Equity	$	80,234		$	94,280
Company’s Share of Equity	$	896		$	1,252
Basis Differentials(1)	(200		)	(448		)
Carrying Value of the Company’s Investments in Joint Ventures	$	696		$	804

_______________

(1) This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded to reduce certain of our investments in the 2003 Net Lease Joint Venture to fair value and certain deferred fees which are not reflected at the joint venture level.

Condensed Income Statement

Condensed Combined Statements of Operations:

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Total Revenues	$	39,290		$	38,882		$	39,001
Property Expenses	(12,286		)	(11,302		)	(11,509		)
Impairment of Real Estate	—			172			582
Depreciation and Other Amortization	(12,207		)	(13,992		)	(12,759		)
Interest Income	4,999			7,776			11,697
Interest Expense	(4,701		)	(5,712		)	(5,024		)
Amortization of Deferred Financing Costs	(187		)	(208		)	(178		)
Loss from Retirement of Debt	(214		)	—			(160		)
Income from Continuing Operations	14,694			15,616			21,650
Discontinued Operations:
Income Attributable to Discontinued Operations	276			118			462
Gain (Loss) on Sale of Real Estate	1,687			(93		)	1,605
Income from Discontinued Operations	1,963			25			2,067
Gain on Sale of Real Estate	70			—			—
Net Income	$	16,727		$	15,641		$	23,717

	Year Ended December 31,
	2013			2012			2011
Condensed Combined Statements of Operations:
Total Revenues	$	3,433		$	3,371		$	3,411
Expenses:
Property Expenses and Other	1,070			1,096			1,226
Depreciation and Other Amortization	931			764			836
Interest Expense	1,532			1,633			1,643
Total Expenses	3,533			3,493			3,705
Discontinued Operations:
Loss Attributable to Discontinued Operations	(1,300		)	(1,607		)	(1,587		)
Gain on Sale of Real Estate	513			4,974			3,137
(Loss) Income from Discontinued Operations	(787		)	3,367			1,550
Net (Loss) Income	$	(887	)	$	3,245		$	1,256
Equity in Income of Joint Ventures	$	136		$	1,559		$	980