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Real Estate Partnership (Tables)
9 Months Ended
Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Summarized operating results and financial position of the Partnership
The following tables provide summarized operating results and the financial position of the Partnership:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
OPERATING RESULTS
 
 
 
 
 
 
 
Revenue
$
4,434

 
$
4,642

 
$
13,921

 
$
14,215

Expenses
 
 
 
 
 
 
 
Other operating expenses
1,158

 
1,321

 
4,658

 
4,456

Depreciation and amortization
1,304

 
1,369

 
4,381

 
4,099

Interest expense
617

 
840

 
2,237

 
2,523

Total expenses
3,079

 
3,530

 
11,276

 
11,078

Net income before gain on sale of real estate
1,355

 
1,112

 
2,645

 
3,137

Gain on sale of real estate
14,507

 

 
14,507

 

Net income
$
15,862

 
$
1,112

 
$
17,152

 
$
3,137

Our share of net income before gain on sale of real estate in real estate partnership
$
446

 
$
381

 
$
909

 
$
1,065

Our share of gain on sale of real estate
$
4,401

 
$

 
$
4,401

 
$


 
September 30,
 
December 31,
 
2014
 
2013
 
(In thousands)
BALANCE SHEETS
 
 
 
Real estate, net
$
149,955

 
$
170,867

Cash
2,515

 
2,210

Other assets
6,020

 
5,668

Total assets
$
158,490

 
$
178,745

Mortgages payable
$
34,385

 
$
56,922

Other liabilities
3,169

 
4,100

Partners’ capital
120,936

 
117,723

Total liabilities and partners’ capital
$
158,490

 
$
178,745

Our share of unconsolidated debt
$
10,316

 
$
17,077

Our investment in real estate partnership
$
32,717

 
$
32,264