INVESTMENTS IN REAL ESTATE JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Operating Results and Financial Position of Unconsolidated Entities

The following tables provide summarized operating results and the financial position of the unconsolidated entities (in thousands):

	Year Ended December 31, 2010
OPERATING RESULTS
Revenue	$	88,762
Expenses
Other operating expenses		34,607
Impairment loss (1)		38,465
Depreciation and amortization		29,012
Interest expense		29,835
Total expenses		131,919
Net loss	$	(43,157	)
Our share of net loss	$	(4,406	)(2)

(1) The venture recorded an impairment loss on the real estate property on the venture’s financial statements during the year ended December 31, 2010. During 2008, we recorded an impairment of our equity method investment in the Fireman’s Fund Headquarters real estate venture, as we determined that during 2008 the fair value of our equity method investment in the Fireman’s Fund Headquarters was below our historical cost as a result of a reduction in real estate values due to the credit crisis that occurred during 2008. As a result, for the year ended December 31, 2010, we did not record our share of the impairment losses recorded on the venture’s financial statements, as we believe our investment in the Fireman’s Fund Headquarters joint venture at December 31, 2010 (adjusted for previously recorded impairment losses) was not impaired.

(2) Excludes the gain recorded on the acquisition of The Landmark at One Market of $4,297.

	Year Ended December 31, 2010
	(In thousands)
BALANCE SHEET
Real estate, net	$	456,714
Cash		14,995
Other assets		49,717
Total assets	$	521,426
Mortgages payable	$	459,922
Notes payable to affiliate		14,824
Other liabilities		20,982
Partners’ capital		25,698
Total liabilities and partners’ capital	$	521,426
Our share of unconsolidated debt	$	246,480
Our share of partners’ capital	$	(10,457	)
Our investment in real estate joint ventures	$	39,816
Our distributions in excess of earnings of real estate joint ventures		(14,060	)
Our investment in real estate joint ventures, net	$	25,756