7.	Equity Investments

The Trust’s carrying amounts in its equity investments consist of the following at March 31, 2014 and December 31, 2013 (in thousands):


Venture Partner	Equity Investment	Nominal % Ownership at March 31, 2014			March 31, 2014		December 31, 2013

Gancar Trust (1)	Vintage Housing Holdings LLC		75.0	%	$	34,386	$	34,153
Elad Canada Ltd	WRT One South State Lender LP		50.0	%		23,927		23,661
Elad Canada Ltd	WRT - Elad One South State Equity LP		50.0	%		—		—
Mack-Cali	WRT-Stamford LLC		20.0	%		9,208		9,064
Atrium/Northstar	10 Metrotech Loan LLC		33.3	%		11		11
Atrium Holding	RE CDO Management LLC		50.0	%		996		992
Freed	Mentor Retail LLC		49.9	%		585		635
Inland/Lexington	Concord Debt Holdings LLC		33.3	%		—		—
Inland/Lexington	CDH CDO LLC		24.8	%		—		—
Inland (2)	Concord Debt Holdings LLC		33.3	%		790		966
Inland (2)	CDH CDO LLC		24.8	%		4,615		4,215
Sealy (1)	Northwest Atlanta Partners LP		60.0	%		7,507		7,635
Marc Realty (1)	Brooks Building LLC		50.0	%		6,546		6,551
Marc Realty (1)	High Point Plaza LLC		50.0	%		—		—
Marc Realty (1)	1701 Woodfield LLC		50.0	%		—		150
Marc Realty (1)	Enterprise Center LLC		50.0	%		—		50
Marc Realty (1)	Atrium Mall		50.0	%		3,776		3,845
ROIC	WRT-ROIC Lakeside Eagle LLC		50.0	%		4		—
New Valley/Witkoff	701 7th WRT Investors LLC		70.5	%		96,147		55,259
Fenway	WRT-Fenway Wateridge LLC		50.0	%		1,989		1,898
Freed	Edens Plaza Associates LLC		1.0	%		250		—

					$	190,737	$	149,085

(1)	The Trust has determined that these equity investments are investments in VIEs. The Trust has determined that it is not the primary beneficiary of these VIEs since the Trust does not have the power to direct the activities that most significantly impact the economic performance of the VIEs.

(2)	Represents the interests acquired from Lexington Realty Trust on May 1, 2012.

The following table reflects the activity of the Trust’s equity investments for the period ended March 31, 2014 (in thousands):


Investment	Balance at December 31, 2013		Contributions		Equity Income (loss)			Distributions			Sales Price			Balance at March 31, 2014

Vintage Housing Holdings LLC (2)	$	34,153	$	—	$	1,620		$	(1,387	)	$	—		$	34,386
WRT-Elad One South State Equity LP (2)		—		—		—			—			—			—
WRT- One South State															—
Lender LP (2)		23,661		—		1,236			(970	)		—			23,927
WRT-Stamford LLC		9,064		—		229			(85	)		—			9,208
10 Metrotech Loan LLC		11		—		—			—			—			11
RE CDO Management LLC		992		—		4			—			—			996
Concord Debt Holdings LLC		—		—		266			(266	)		—			—
CDH CDO LLC		—		—		433			(433	)		—			—
Concord Debt Holdings LLC (1)		966		—		90			(266	)		—			790
CDH CDO LLC (1)		4,215		—		833			(433	)		—			4,615
Mentor Retail LLC		635		—		20			(70	)		—			585
701 7th WRT Investors LLC (3) (4)		55,259		39,698		1,558			(368	)		—			96,147
WRT-Fenway Wateridge LLC (2)		1,898		39		52			—			—			1,989
Sealy		7,635		—		(128	)		—			—			7,507
Marc Realty		6,751		—		(5	)		—			(200	)		6,546
WRT-ROIC Lakeside Eagle LLC		—		15		(11	)		—			—			4
Atrium Mall		3,845		—		(3	)		(66	)		—			3,776
Edens Plaza Associates LLC		—		250		—			—			—			250

Total	$	149,085	$	40,002	$	6,194		$	(4,344	)	$	(200	)	$	190,737

(1)	Represents the interests acquired from Lexington Realty Trust on May 1, 2012.

(2)	The Trust has elected to report its share of earnings from the investment on a one month lag period.

(3)	The Trust has elected to report its share of earnings from the investment on a three month lag period.

(4)	Contributions include $975 of capitalized interest.

The Trust has determined that the fair value of certain of its investments in the Marc Realty and Sealy ventures each marginally exceed their carrying values. While these ventures continue to aggressively market available space for lease and work with existing tenants for lease renewal, declines in occupancy could cause impairment of certain of these ventures that could be material.

WRT-Elad Equity/Lender (Sullivan Center) – There is a basis differential of $10,435,000 between the Trust’s carrying value of its investments in Sullivan Center and the basis reflected at the joint venture level, which is amortized over the life of the related assets. The basis differential primarily relates to a bargain purchase gain recognized at the joint venture level upon acquisition.

WRT One South State Lender LP had revenues of $2,472,000 and $1,402,000 for the three months ended February 28, 2014 and 2013, respectively and net income of $2,472,000 and $1,379,000 for the three months ended February 28, 2014 and 2013, respectively.

Vintage Housing Holdings – Vintage Housing Holdings LLC had revenues of $11,519,000 and $10,579,000 for the three months ended February 28, 2014 and 2013, respectively and net income of $1,754,000 and $3,355,000 for the three months ended February 28, 2014 and 2013, respectively.

Concord – During the three months ended March 31, 2014, the Trust received cash distributions from its original investment in Concord Debt Holdings LLC of $266,000. The Trust recognized equity income for the full amount of the distributions. The Trust has suspended losses of $40,403,000 to offset against future equity income from its original investment in Concord at March 31, 2014.

During the three months ended March 31, 2014, the Trust received cash distributions from its original investment in CDH CDO LLC of $433,000. The Trust recognized equity income for the full amount of the distributions. The Trust has suspended losses of $18,772,000 to offset against future equity income from its original investment in CDH CDO LLC at March 31, 2014.

CDH CDO LLC had total revenues of $3,545,000 and $5,037,000 for the three months ended March 31, 2014 and 2013 respectively and net income of $3,346,000 and $5,957,000 for the three months ended March 31, 2014 and 2013 respectively.

701 Seventh Avenue – The property is currently in development. There were no revenues or net income for the three months ended December 31, 2013 and 2012. The Trust recognizes equity in earnings from this investment based on its priority return in accordance with the venture agreement. Earnings are recognized on a three month lag.