Non-controlling Interests

6 Months Ended

Jun. 30, 2015

Noncontrolling Interest [Abstract]

Non-controlling Interests

11. Non-controlling Interests

Under going concern accounting, consolidated joint ventures are recorded on a gross basis with an allocation of equity to non-controlling interest holders. Under liquidation accounting, the presentation for joint ventures historically consolidated under going concern accounting is determined based on the Trust’s planned exit strategy. Those ventures in which the Trust intends to sell the underlying property are presented on a gross basis with a payable to the non-controlling interest holder. Those ventures in which the Trust intends to sell its interest in the venture, rather than the property, are accounted for as an equity investment and are presented on a net basis without a non-controlling interest component. In this regard, the Trust’s investments in the Norridge, Illinois property and Summit Pointe Apartments, which were consolidated under going concern accounting, are accounted for as equity investments under liquidation accounting.