Real Estate Partnerships

3 Months Ended

Mar. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

REAL ESTATE PARTNERSHIPS

REAL ESTATE PARTNERSHIP

We have a joint venture arrangement (the “Partnership”) with affiliates of a discretionary fund created and advised by ING Clarion Partners (“Clarion”). We own 30% of the equity in the Partnership and Clarion owns 70%. We hold a general partnership interest, however, Clarion also holds a general partnership interest and has substantive participating rights. We cannot make significant decisions without Clarion’s approval. Accordingly, we account for our interest in the Partnership using the equity method. As of March 31, 2013, the Partnership owned seven retail real estate properties. We are the manager of the Partnership and its properties, earning fees for acquisitions, dispositions, management, leasing, and financing. Intercompany profit generated from fees is eliminated in consolidation. We also have the opportunity to receive performance-based earnings through our Partnership interest. Accounting policies for the Partnership are similar to accounting policies followed by the Trust. The Partnership is subject to a buy-sell provision which is customary for real estate joint venture agreements and the industry. Either partner may initiate this provision at any time, which could result in either the sale of our interest or the use of available cash or borrowings to acquire Clarion’s interest.

The following tables provide summarized operating results and the financial position of the Partnership:

	Three Months Ended
	March 31,
	2013		2012
	(In thousands)
OPERATING RESULTS
Revenue	$	4,949	$	4,589
Expenses
Other operating expenses	1,817		1,339
Depreciation and amortization	1,369		1,376
Interest expense	842		845
Total expenses	4,028		3,560
Net income	$	921	$	1,029
Our share of net income from real estate partnership	$	312	$	358

	March 31,		December 31,
	2013		2012
	(In thousands)
BALANCE SHEETS
Real estate, net	$	173,356	$	174,509
Cash	3,745		2,735
Other assets	4,924		5,536
Total assets	$	182,025	$	182,780
Mortgages payable	$	57,098	$	57,155
Other liabilities	3,914		4,771
Partners’ capital	121,013		120,854
Total liabilities and partners’ capital	$	182,025	$	182,780
Our share of unconsolidated debt	$	17,130	$	17,147
Our investment in real estate partnership	$	33,131	$	33,169