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Noncontrolling Interests

12 Months Ended

Dec. 31, 2011

Noncontrolling Interests [Abstract]

NONCONTROLLING INTERESTS

12. NONCONTROLLING INTERESTS

The Company consolidates various ventures that are involved in the ownership and/or development of real estate. The partner’s share of the entity, in cases where the entity’s documents do not contain a required redemption clause, is reflected in a separate line item called Nonredeemable Noncontrolling Interests within Equity in 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 ventures contain provisions requiring the Company to purchase the partners’ share of the venture 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 in the Balance Sheets, with the corresponding share of income or loss in the venture recorded in Net Income Attributable to Noncontrolling Interests in the Statements of Operations. The redemption values are evaluated each period and adjusted within Equity to the higher of fair value or the partner’s cost basis. Two of these ventures with redemption options sold their underlying assets, King Mill Distribution Park – Building 3 and Jefferson Mill Business Park — Building A, in 2011 (see Note 8). In conjunction with these sales, the pro rata share of the sales proceeds was distributed to each of the noncontrolling partners.

The following table details the components of Redeemable Noncontrolling Interests in consolidated subsidiaries for the years ended December 31, 2011 and 2010 (in thousands):

			September 30,				September 30,
		2011				2010
Beginning Balance		$	14,289			$	12,591
Net income attributable to redeemable noncontrolling interests			1,433				176
Distributions to redeemable noncontrolling interests			(12,193	)			(337	)
Contributions from redeemable noncontrolling interests			—				2,237
Change in fair value of redeemable noncontrolling interests			(766	)			(378	)

Ending Balance		$	2,763			$	14,289

The following reconciles the net income attributable to nonredeemable noncontrolling interests as recorded in the Statements of Equity and the net income (loss) attributable to redeemable noncontrolling interests as recorded outside of the Equity section on the Balance Sheets to the Net Income Attributable to Noncontrolling Interests on the Statements of Operations for the years ended December 31, 2011, 2010 and 2009 (in thousands):

			September 30,				September 30,				September 30,
		2011				2010				2009
Net income attributable to nonredeemable noncontrolling interests		$	3,525			$	2,364			$	2,426
Net income (loss) attributable to redeemable noncontrolling interests			1,433				176				(174	)

Net income attributable to noncontrolling interests		$	4,958			$	2,540			$	2,252

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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