Noncontrolling Interests

3 Months Ended

Mar. 31, 2012

Noncontrolling Interest Items [Abstract]

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	)

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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