Investments in Unconsolidated Real Estate Funds

3 Months Ended

Mar. 31, 2018

Real Estate Investments, Net [Abstract]

Investments In Unconsolidated Real Estate Funds

Investments in Unconsolidated Real Estate Funds

Description of our Funds

We manage and own equity interests in three unconsolidated Funds, the Opportunity Fund, Fund X and Partnership X, through which we and investors own eight office properties totaling 1.8 million square feet. At March 31, 2018, we held direct and indirect equity interests of 6.2% of the Opportunity Fund, 69.4% of Fund X and 24.3% of Partnership X. Our Funds pay us fees and reimburse us for certain expenses related to property management and other services we provide. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents cash distributions received from our Funds:

	Three Months Ended March 31,
(In thousands)	2018		2017
Operating distributions received	$	1,506	$	2,177
Capital distributions received	1,953		1,407
Total distributions received	$	3,459	$	3,584

Summarized Financial Information for our Funds

The tables below present selected financial information for the Funds on a combined basis.  The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value:

(In thousands)	March 31, 2018		December 31, 2017
Total assets	$	709,102	$	704,186
Total liabilities	$	525,179	$	523,767
Total equity	$	183,923	$	180,419

	Three Months Ended March 31,
(In thousands)	2018		2017
Total revenues	$	19,147	$	18,625
Operating income	$	5,566	$	4,908
Net income	$	1,434	$	2,144