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Consolidated Real Estate Joint Ventures
12 Months Ended
Dec. 31, 2013
Consolidated Real Estate Joint Ventures [Abstract]  
Consolidated Real Estate Joint Ventures
Consolidated Real Estate Joint Ventures

The Company owns 96% of the membership interests of VinREIT, LLC (VinREIT) and accordingly, the financial statements of VinREIT have been consolidated into the Company’s financial statements. VinREIT owns one winery located in Washington and one vineyard located in California. The Company’s partner in VinREIT is Global Wine Partners (U.S.), LLC (GWP). GWP provides consulting services to VinREIT in connection with the vineyard and winery properties.

As detailed in the operating agreement, GWP is entitled to receive a 1% origination fee on winery and vineyard investments and 4% of the annual cash flow of VinREIT after a charge for debt service. GWP may receive additional amounts upon certain events and after certain hurdle rates of return are achieved by us.  There was no net income attributable to noncontrolling interest related to VinREIT for the year ended December 31, 2013. Net income attributable to noncontrolling interest related to VinREIT was $108 thousand and $38 thousand for the years ended December 31, 2012 and 2011, respectively, representing GWP’s portion of the annual cash flow. The Company’s consolidated statements of income include net income related to VinREIT of $6.2 million for the year ended December 31, 2013 and net losses related to VinREIT of $21.2 million and $39.9 million for the years ended December 31, 2012 and 2011, respectively. The Company received operating distributions from VinREIT of $3.5 million, $11.3 million and $9.7 million during 2013, 2012 and 2011, respectively. In addition, during 2013, 2012 and 2011, respectively, the Company received distributions of $45.4 million, $40.6 million and $19.5 million related to property sales. During 2011, the Company contributed $90.9 million to VinREIT for financing activities. During 2013 and 2012, there were no contributions related to financing activities.

Prior to December 22, 2011, the Company held a 50% ownership interest in Suffolk. Suffolk completed three phases of development of an entertainment retail center adjacent to one of the Company’s megaplex theatres in Suffolk, Virginia for a total development cost of $20.2 million. On December 22, 2011, the Company acquired all of the shares from the noncontrolling interest. As of December 31, 2011, Suffolk is a wholly owned subsidiary and is no longer a VIE. The Company’s consolidated statements of income include net income related to Suffolk of $645 thousand for the year ended December 31, 2011.