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Investments in and Advances to Other Real Estate Partnerships

12 Months Ended

Dec. 31, 2011

Investments in and Advances to Other Real Estate Partnerships [Abstract]

Investments in and Advances to Other Real Estate Partnerships

5. Investments in and Advances to Other Real Estate Partnerships

The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements.

Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:

Condensed Combined Balance Sheets:


		December 31, 2011				December 31, 2010
ASSETS
Assets:
Investment in Real Estate, Net		$	249,984			$	221,450
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,970 and $16,804			12,804				47,938
Note Receivable			131,908				239,453
Other Assets, Net			41,605				51,875

Total Assets		$	436,301			$	560,716

LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable		$	105,968			$	54,771
Other Liabilities			8,577				8,547
Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $0 and $26			—				7
Partners’ Capital			321,756				497,391

Total Liabilities and Partners’ Capital		$	436,301			$	560,716

Condensed Combined Statements of Operations:


		Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009
Total Revenues		$	38,300			$	38,781			$	39,736
Property Expenses			(11,176	)			(10,755	)			(10,537	)
Interest Income			11,697				14,939				10,006
Interest Expense			(5,024	)			(3,213	)			(635	)
Amortization of Deferred Financing Costs			(178	)			(131	)			(24	)
Impairment of Real Estate			668				(6,349	)			—
Loss on Retirement of Debt			(160	)			—				—
Depreciation and Other Amortization			(12,980	)			(13,794	)			(13,680	)

Income from Continuing Operations			21,147				19,478				24,866
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations			965				(1,555	)			546
Gain on Sale of Real Estate			1,605				563				3,192

Total Discontinued Operations			2,570				(992	)			3,738
Gain on Sale of Real Estate			—				—				61

Net Income		$	23,717			$	18,486			$	28,665

The entire disclosure for other equity investments, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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