INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures

As of March 31, 2015 and December 31, 2014, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands):



				Investment Balance at
Joint Venture	Number of Properties	Location	Ownership %	March 31, 2015		December 31, 2014
NIP Joint Venture	23	Various	Less than 5.0%	$	5,305	$	5,305
110 William Joint Venture	1	New York, New York	60.0%	67,362		66,740
				$	72,667	$	72,045

Summarized financial information for the 110 William Joint Venture follows (in thousands):



	March 31, 2015		December 31, 2014
Assets:
Real estate assets, net of accumulated depreciation and amortization	$	275,028	$	276,683
Other assets	16,414		15,858
Total assets	$	291,442	$	292,541
Liabilities and Equity:
Notes payable, net⁽¹⁾	166,900		168,178
Other liabilities	14,920		15,796
Partners’ capital	109,622		108,567
Total Liabilities and Equity	$	291,442	$	292,541

_____________________

⁽¹⁾ Includes (i) a first mortgage loan with an outstanding principal balance of $140.1 million and $140.7 million as of March 31, 2015 and December 31, 2014, respectively, bearing interest at a fixed rate of 4.8% per annum and maturing on July 6, 2017 and (ii) a mezzanine loan with an outstanding principal balance of $20.0 million as of March 31, 2015 and December 31, 2014 bearing interest at a fixed rate of 9.5% per annum and maturing on July 6, 2017. The amount presented is net of a premium on notes payable of $6.8 million and $7.5 million as of March 31, 2015 and December 31, 2014, respectively.



	Three Months ended March 31, 2015			Three Months ended March 31, 2014
Revenues	$	8,285		$	—
Expenses:
Operating, maintenance, and management	2,703			—
Real estate taxes and insurance	1,336			—
Real estate acquisition fees and expenses	—			280
Depreciation and amortization	3,060			—
Interest expense	1,533			—
Total expenses	8,632			280
Other income	1			—
Net loss	(346		)	(280		)
Company's equity in loss of unconsolidated joint venture	$	(218	)	$	(168	)