Investment In Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2011

Investment In Unconsolidated Joint Ventures [Abstract]

Investment In Unconsolidated Joint Ventures

4. Investment in Unconsolidated Joint Ventures

As of December 31, 2011, our investment in unconsolidated joint ventures consists of effective 50% interests in joint ventures that own a datacenter property at 2001 Sixth Avenue in Seattle, Washington, two office buildings at 700 / 750 Central Expressway in Santa Clara, California and a redevelopment property at 2020 Fifth Avenue in Seattle, Washington. The following tables present summarized financial information for the joint ventures for the years ended December 31, 2011, 2010, and 2009 (in thousands):

2011	% Ownership			Net Investment in Properties		Total Assets		Mortgage Loans		Total Liabilities		Equity (Deficit)			Revenues		Property Operating Expense			Net Operating Income		Net Income (Loss)
Unconsolidated Joint Ventures
2001 Sixth Avenue		50.00	%	$	35,001	$	42,497	$	108,532	$	114,030	$	(71,533	)	$	32,704	$	(9,553	)	$	23,151	$	10,477
700/750 Central Expressway		50.00	%		43,086		52,352		25,000		38,830		13,522			4,776		(1,053	)		3,723		(677	)
2020 Fifth Avenue		16.40	%		27,844		28,260		-		844		27,416			37		(29	)		8		8
Total Unconsolidated Joint Ventures				$	105,931	$	123,109	$	133,532	$	153,704	$	(30,595	)	$	37,517	$	(10,635	)	$	26,882	$	9,808
Our investment in and share of equity in earnings of unconsolidated joint ventures												$	23,976									$	4,952
2010	% Ownership			Net Investment in Properties		Total Assets		Mortgage Loans		Total Liabilities		Equity (Deficit)			Revenues		Property Operating Expense			Net Operating Income		Net Income (Loss)
Unconsolidated Joint Ventures
2001 Sixth Avenue		50.00	%	$	36,302	$	42,355	$	109,716	$	114,911	$	(72,556	)	$	30,468	$	(9,103	)	$	21,365	$	10,272
700/750 Central Expressway		50.00	%		41,993		50,373		25,000		37,973		12,400			1,857		(432	)		1,425		(439	)
Total Unconsolidated Joint Ventures				$	78,295	$	92,728	$	134,716	$	152,884	$	(60,156	)	$	32,325	$	(9,535	)	$	22,790	$	9,833
Our investment in and share of equity in earnings of unconsolidated joint ventures												$	17,635									$	5,254
2009	% Ownership			Net Investment in Properties		Total Assets		Mortgage Loans		Total Liabilities		Equity (Deficit)			Revenues		Property Operating Expense			Net Operating Income		Net Income
Unconsolidated Joint Venture
2001 Sixth Avenue		50.00	%	$	36,643	$	45,483	$	110,020	$	117,352	$	(71,869	)	$	28,841	$	(8,700	)	$	20,141	$	6,693
Total Unconsolidated Joint Venture				$	36,643	$	45,483	$	110,020	$	117,352	$	(71,869	)	$	28,841	$	(8,700	)	$	20,141	$	6,693
Our investment in and share of equity in earnings of a unconsolidated joint venture												$	6,392									$	2,172

Our investment in unconsolidated joint ventures included in our consolidated balance sheet exceeds our equity presented in the joint ventures' balance sheet since our purchase accounting adjustments are not pushed down to the joint venture and the classification of our common interest in 700 / 750 Central Expressway. The difference between our investment in unconsolidated joint ventures and the owners' equity account in the joint ventures is principally due to purchase accounting adjustments not pushed down to the joint ventures. In addition, as it relates to our investment in 700/750 Central Expressway, our $7.4 million common interest has been classified above within total liabilities above as a result of our fixed price put option which precludes equity classification.