7.	Equity Investments

The Trust’s carrying amounts in its equity investments consist of the following at June 30, 2014 and December 31, 2013 (in thousands):


Venture Partner	Equity Investment	Nominal % Ownership at June 30, 2014			June 30, 2014		December 31, 2013

Gancar Trust (1)	Vintage Housing Holdings LLC		75.0	%	$	35,102	$	34,153
Elad Canada Ltd	WRT One South State Lender LP		50.0	%		24,209		23,661
Elad Canada Ltd	WRT-Elad One South State Equity LP		50.0	%		—		—
Mack-Cali	WRT-Stamford LLC		20.0	%		9,354		9,064
Atrium/Northstar	10 Metrotech Loan LLC		33.3	%		11		11
Atrium Holding	RE CDO Management LLC		50.0	%		967		992
Freed	Mentor Retail LLC		49.9	%		582		635
Inland/Lexington	Concord Debt Holdings LLC		33.3	%		—		—
Inland/Lexington	CDH CDO LLC		24.8	%		—		—
Inland (2)	Concord Debt Holdings LLC		33.3	%		539		966
Inland (2)	CDH CDO LLC		24.8	%		4,478		4,215
Sealy (1)	Northwest Atlanta Partners LP		60.0	%		5,709		7,635
Marc Realty (1)	Brooks Building LLC		50.0	%		5,796		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 LLC		50.0	%		3,720		3,845
ROIC	WRT-ROIC Lakeside Eagle LLC		50.0	%		1		—
New Valley/Witkoff	701 7th WRT Investors LLC		70.5	%		103,726		55,259
Fenway	WRT-Fenway Wateridge LLC		50.0	%		2,095		1,898
Freed	Edens Plaza Associates LLC		1.0	%		249		—

					$	196,538	$	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 June 30, 2014 (in thousands):


Investment	Balance at December 31, 2013		Contributions		Equity Income (loss)			Distributions			Sales Price			Balance at June 30, 2014

Vintage Housing Holdings LLC (2)	$	34,153	$	450	$	3,679		$	(3,180	)		—		$	35,102
WRT-Elad One South State Equity LP (2)		—		—		10			(10	)		—		$	—
WRT One South State Lender LP (2)		23,661		10		2,499			(1,961	)		—		$	24,209
WRT-Stamford LLC		9,064		—		461			(171	)		—		$	9,354
10 Metrotech Loan LLC		11		—		—			—			—		$	11
RE CDO Management LLC		992		—		6			(31	)		—		$	967
Concord Debt Holdings LLC		—		—		515			(515	)		—		$	—
CDH CDO LLC		—		—		984			(984	)		—		$	—
Concord Debt Holdings LLC (1)		966		—		88			(515	)		—		$	539
CDH CDO LLC (1)		4,215		—		1,247			(984	)		—		$	4,478
Mentor Retail LLC		635		—		37			(90	)		—		$	582
701 7th WRT Investors LLC (3) (4)		55,259		45,338		3,497			(368	)		—		$	103,726
WRT-Fenway Wateridge LLC (2)		1,898		91		106			—			—		$	2,095
Sealy		7,635		—		(1,926	)		—			—		$	5,709
Marc Realty		6,751		—		(755	)		—			(200	)	$	5,796
WRT-ROIC Lakeside Eagle LLC		—		20		(19	)		—			—		$	1
Atrium Mall LLC		3,845		—		(56	)		(69	)		—		$	3,720
Edens Plaza Associates LLC		—		250		(1	)		—			—		$	249


Total	$	149,085	$	46,159	$	10,372		$	(8,878	)	$	(200	)	$	196,538

(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 $2,053 of capitalized interest.

WRT-Elad Equity/Lender (Sullivan Center) – At June 30, 2014 there is a basis differential of $9,909,000 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 $2,527,000 and $4,999,000 for the three and six months ended May 31, 2014, respectively, and revenues of $2,097,000 and $3,936,000 for the three and six months ended May 31, 2013, respectively. WRT One South State Lender LP had net income of $2,527,000 and $4,999,000 for the three and six months ended May 31, 2014, respectively and net income of $2,065,000 and $3,870,000 for the three and six months ended May 31, 2013, respectively.

Vintage Housing Holdings – Vintage Housing Holdings LLC had revenues of $12,345,000 and $24,026,000 for the three and six months ended May 31, 2014, respectively, and revenues of $10,824,000 and $21,403,000 for the three and six months ended May 31, 2013, respectively. Vintage Housing Holdings LLC had net income of $3,602,000 and $5,356,000 for the three and six months ended May 31, 2014, respectively and net income of $4,068,000 and $7,422,000 for the three and six months ended May 31, 2013, respectively.

Concord – During the six months ended June 30, 2014, the Trust received cash distributions from its original investment in Concord Debt Holdings LLC of $515,000. The Trust recognized equity income for the full amount of the distributions at June 31, 2014. The Trust has suspended losses of $40,403,000 to offset against future equity income from its original investment in Concord at June 30, 2014.

During the six months ended June 30, 2014, the Trust received cash distributions from its original investment in CDH CDO LLC of $984,000. The Trust recognized equity income for the full amount of the distributions. The Trust has suspended losses of $18,358,000 to offset against future equity income from its original investment in CDH CDO LLC at June 30, 2014.

CDH CDO LLC had total revenues of $3,517,000 and $7,062,000 for the three and six months ended June 30, 2014, respectively, and total revenues of $5,038,000 and $10,075,000 for the three and six months ended June 30, 2013, respectively. CDH CDO LLC had net loss of $9,149,000 and $5,803,000 for the three and six months ended June 30, 2014, respectively, and net income of $3,309,000 and $9,269,000 for the three and six months ended June 30, 2013, respectively.

701 Seventh Avenue – The property is currently in development. There were no revenues or net income for the three and six months ended March 31, 2014 and 2013. 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