Investment in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

The Company describes its investments in unconsolidated joint ventures in note 6 of notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016. The following table summarizes balance sheet data of the Company's unconsolidated joint ventures as of March 31, 2017 and December 31, 2016 (in thousands):

	Total Assets				Total Debt				Total Equity						Company’s Investment
SUMMARY OF FINANCIAL POSITION:	2017		2016		2017		2016		2017			2016			2017				2016
Terminus Office Holdings	$	269,641	$	268,242	$	206,506	$	207,545	$	51,112		$	49,476		$	26,441			$	25,686
EP I LLC	78,071		78,537		58,029		58,029		18,156			18,962			17,706				18,551
EP II LLC	67,354		67,754		45,061		44,969		20,981			21,743			17,105				17,606
Charlotte Gateway Village, LLC	122,054		119,054		—		—		119,175			116,809			12,978				11,796
HICO Victory Center LP	14,057		14,124		—		—		14,055			13,869			9,564				9,506
Carolina Square Holdings LP	80,251		66,922		37,413		23,741		34,136			34,173			18,480				18,325
CL Realty, L.L.C.	8,056		8,047		—		—		7,963			7,899			2,879				3,644
DC Charlotte Plaza LLLP	22,486		17,940		—		—		20,689			17,073			10,356				8,937
Temco Associates, LLC	4,388		4,368		—		—		4,280			4,253			846				829
Wildwood Associates	16,386		16,351		—		—		16,285			16,314			(1,157		)	(1)	(1,143		)	(1)
Crawford Long - CPI, LLC	28,446		27,523		72,448		72,822		(45,159		)	(45,928		)	(21,482		)	(1)	(21,866		)	(1)
111 West Rio Building	—		59,399		—		12,852		—			32,855			—				52,206
Courvoisier Centre JV, LLC	181,495		172,197		106,500		106,500		69,095			69,479			11,686				11,782
AMCO 120 WT Holdings, LLC	12,696		10,446		—		—		9,102			9,136			206				184
Other	—		—		—		—		—			—			342				345
	$	905,381	$	930,904	$	525,957	$	526,458	$	339,870		$	366,113		$	105,950			$	156,388

(1) Negative balances are included in deferred income on the balance sheets.

The following table summarizes statement of operations information of the Company's unconsolidated joint ventures for the three months ended March 31, 2017 and 2016 (in thousands):

	Total Revenues				Net Income (Loss)						Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:	2017		2016		2017			2016			2017			2016
Terminus Office Holdings	$	10,946	$	10,431	$	1,635		$	1,028		$	818		$	514
EP I LLC	3,065		3,003		544			650			282			462
EP II LLC	1,910		899		137			(618		)	99			(450		)
Charlotte Gateway Village, LLC	6,719		8,482		2,365			3,348			1,182			536
HICO Victory Center LP	85		82		85			75			54			38
Carolina Square Holdings LP	24		—		(45		)	—			—			—
CL Realty, L.L.C.	2,599		133		2,463			47			435			30
DC Charlotte Plaza LLLP	1		—		1			—			1			—
Temco Associates, LLC	48		206		27			170			17			88
Wildwood Associates	—		—		(29		)	(28		)	(14		)	(14		)
Crawford Long - CPI, LLC	3,019		3,071		769			660			384			330
111 West Rio Building	—		—		—			—			(2,581		)	—
Courvoisier Centre JV, LLC	2,636		—		(388		)	—			(96		)	—
AMCO 120 WT Holdings, LLC	—		—		(7		)	—			—			—
Other	—		—		—			—			—			300
	$	31,052	$	26,307	$	7,557		$	5,332		$	581		$	1,834

On February 28, 2017, the Company purchased American Airlines' 25.4% interest in the 111 West Rio Building for a purchase price of $19.6 million. As a result, the Company changed its accounting for the 111 West Rio Building from the equity method to the consolidated method. Upon consolidation, the Company recognized a $3.5 million loss and recorded this amount in income from unconsolidated joint ventures.

Subsequent to quarter end, EP I LLC and EP II LLC extended their construction loans to October 9, 2017.