INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)

Investments accounted for via the equity method

Investments accounted for via the equity method consists of the following:

	Percentage ownership as of December 31,
	2012			2011			2010
American Realty Investors, Inc.(1)		1.99	%		2.05	%		2.47	%
Garden Centura, L.P.(2)		0.00	%		0.00	%		5.00	%

Summary of the financial position and results of operations from unconsolidated joint ventures and other investees

The following is a summary of the financial position and results of operations from our unconsolidated subsidiaries and investees (dollars in thousands):

2012	Unconsolidated Subsidiaries			Other Investees		Total
Real estate, net of accumulated depreciation	$	45,860		$	-	$	45,860
Notes Receivable		44,371			-		44,371
Other assets		130,420			-		130,420
Notes payable		(61,720	)		-		(61,720	)
Other liabilities		(53,207	)		-		(53,207	)
Shareholders equity/partners' capital		(74,895	)		-		(74,895	)
Rents and interest and other income	$	8,198		$	-	$	8,198
Depreciation		(263	)		-		(263	)
Operating expenses		(4,013	)		-		(4,013	)
Loss on land sales		(1,869	)		-		(1,869	)
Interest expense		(4,284	)		-		(4,284	)
Loss from continuing operations		(2,231	)		-		(2,231	)
Income from discontinued operations		2,691			-		2,691
Net loss	$	460		$	-	$	460
Company's proportionate share of loss	$	9		$	-	$	9

2011	Unconsolidated Subsidiaries			Other Investees			Total
Real estate, net of accumulated depreciation	$	60,703		$	71,987		$	132,690
Notes Receivable		27,447			-			27,447
Other assets		138,927			4,441			143,368
Notes payable		(59,744	)		(47,091	)		(106,835	)
Other liabilities		(88,647	)		(2,849	)		(91,496	)
Shareholders equity/partners' capital		(78,686	)		(26,488	)		(105,174	)
Rents and interest and other income	$	8,021		$	7,096		$	15,117
Depreciation		56			(3,133	)		(3,077	)
Operating expenses		(8,196	)		(3,999	)		(12,195	)
Gain on land sales		23,646			-			23,646
Interest expense		(7,562	)		(2,307	)		(9,869	)
Income (loss) from continuing operations		15,965			(2,343	)		13,622
Income from discontinued operations		9,864			-			9,864
Net income (loss)	$	25,829		$	(2,343	)	$	23,486
Company's proportionate share of earnings (loss)	$	530		$	(117	)	$	413
2010	Unconsolidated Subsidiaries			Other Investees			Total
Real estate, net of accumulated depreciation	$	203,367		$	74,573		$	277,940
Notes Receivable		24,868			-			24,868
Other assets		184,735			5,333			190,068
Notes payable		(232,952	)		(48,258	)		(281,210	)
Other liabilities		(119,425	)		(2,815	)		(122,240	)
Shareholders equity/partners' capital		(60,593	)		(28,833	)		(89,426	)
Rents and interest and other income	$	8,307		$	6,428		$	14,735
Depreciation		(252	)		(3,089	)		(3,341	)
Operating expenses		(39,457	)		(3,858	)		(43,315	)
Gain on land sales		5,286			-			5,286
Interest expense		(11,008	)		(3,271	)		(14,279	)
Loss from continuing operations		(37,124	)		(3,790	)		(40,914	)
Loss from discontinued operations		(3,690	)		-			(3,690	)
Net loss	$	(40,814	)	$	(3,790	)	$	(44,604	)
Company's proportionate share of loss	$	(1,010	)	$	(190	)	$	(1,200	)