Noncontrolling Interests

9 Months Ended

Sep. 30, 2011

Noncontrolling Interests [Abstract]

NONCONTROLLING INTERESTS

7. NONCONTROLLING INTERESTS

The Company consolidates various entities that are involved in the ownership and/or development of real estate. The partner’s share of an entity, in cases where an entity’s documents do not contain a required redemption clause, is reflected in a separate line item called Nonredeemable Noncontrolling Interests shown within Equity on the Balance Sheets. Correspondingly, the partner’s share of income or loss is recorded in Net Income Attributable to Noncontrolling Interests in the Statements of Operations.

Other consolidated entities contain provisions requiring the Company to purchase the partners’ share of the entity at a certain value upon demand or at a future prescribed date. In these situations, the partner’s share of the entity is recognized as Redeemable Noncontrolling Interests and is presented between liabilities and equity on the Balance Sheets, with the corresponding share of income or loss in the entity recorded in Net Income Attributable to Noncontrolling Interests in the Statements of Operations. The redemption values are evaluated each period and adjusted to the higher of fair value or the partner’s cost basis within the equity section of the Balance Sheet. The Company recognizes these changes in the estimated redemption value as they occur. The following table details the components of Redeemable Noncontrolling Interests in consolidated entities for the nine months ended September 30, 2011 and 2010 (in thousands):

	Nine Months Ended September 30,
	2011			2010
Beginning Balance	$	14,289		$	12,591
Net income attributable to redeemable noncontrolling interests		96			47
Contributions from (distributions to) noncontrolling interests		(5,525	)		1,988
Change in fair value of redeemable noncontrolling interests		526			(1,144	)
Ending Balance	$	9,386		$	13,482

The following reconciles the net income attributable to noncontrolling interests as shown in the Statements of Equity, which only includes nonredeemable interests, to the net income attributable to noncontrolling interests as shown in the Statements of Operations, for the nine months ended September 30, 2011 and 2010 (in thousands):

	2011		2010
Net income attributable to nonredeemable noncontrolling interests	$	3,358	$	1,759
Net income attributable to redeemable noncontrolling interests		96		47
Net income	$	3,454	$	1,806