XML 45 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Noncontrolling Interests
3 Months Ended
Mar. 31, 2012
Noncontrolling Interest Items [Abstract]  
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS
The Company consolidates various joint ventures that are involved in the ownership and/or development of real estate. The accounting for the partners' share of the entity, some of which contain required redemption clauses, is described in Note 12 of “Notes to Consolidated Financial Statements” in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.
In the first quarter 2012, the Company recorded an impairment loss related to The Avenue Collierville, which is owned in a consolidated entity where the noncontrolling partner has a redemption clause. The noncontrolling partner's share of this impairment loss was $2.0 million as reflected in the tables below. See Note 9 herein for additional information.
The following table details the components of Redeemable Noncontrolling Interests in consolidated entities for the three months ended March 31, 2012 and 2011 (in thousands):
 
 
Three Months Ended March 31,
 
 
2012
 
2011
 
 
 
 
 
Beginning Balance
 
$
2,763

 
$
14,289

Net loss attributable to redeemable noncontrolling interests
 
(2,040
)
 
(39
)
Distributions to redeemable noncontrolling interests
 
(428
)
 
(5,243
)
Change in fair value of redeemable noncontrolling interests
 

 
(54
)
Ending Balance
 
$
295

 
$
8,953


The following reconciles the net income or loss attributable to noncontrolling interests as shown in the Statements of Equity, which only includes nonredeemable interests, to the net income or loss attributable to noncontrolling interests as shown in the Statements of Operations, which includes both redeemable and nonredeemable interests, for the three months ended March 31, 2012 and 2011 (in thousands):
 
 
Three Months Ended March 31,
 
 
2012
 
2011
Net income attributable to nonredeemable noncontrolling interests
 
$
(571
)
 
$
(620
)
Net loss attributable to redeemable noncontrolling interests
 
2,040

 
39

Net loss (income)
 
$
1,469

 
$
(581
)