Investment In Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2011

Investment In Unconsolidated Affiliates [Abstract]

Investment in Unconsolidated Affiliates

6. Investment in Unconsolidated Affiliates

Investments in unconsolidated affiliates, included in real estate investments, are recorded using the equity method of accounting and, as of December 31, 2011 and 2010 consisted of the following:

	Ownership			2011		2010
East San Marco L.L.C. (1)		50	%		2,165		(2,220	)
Rivercrest, L.L.C.		50	%		—		—
Paseos, L.L.C.		50	%		94		98
ALP Liquidating Trust		26	%		—		—
Total				$	2,259	$	(2,122	)

(1) During 2010, the Company determined that its investment in East San Marco L.L.C. has experienced an other than temporary decline in value and has written its investment down to current fair value. Based on the Company's guaranteed obligation to the partnership, the Company carried a negative investment balance at December 31, 2010.

Summarized financial information for the unconsolidated investments on a combined basis is as follows:

	2011		2010
BALANCE SHEETS:
Investment in real estate, net	$	12,355	$	12,338
Other assets		20,089		21,272
Total assets		32,444		33,610
Notes payable and other debt	$	—	$	8,767
Other liabilities		1,153		1,468
Equity(2)		31,291		23,375
Total liabilities and equity	$	32,444	$	33,610

	2011			2010			2009
STATEMENTS OF OPERATIONS:
Total revenues	$	11		$	14		$	514
Total expenses		1,042			2,847			2,122
Net (loss)	$	(1,031	)	$	(2,833	)	$	(1,608	)

(2) The majority of the equity in unconsolidated investments relates to ALP Liquidating Trust ("The Trust). In 2008, the Company wrote-off its investment in the Trust as a result of the Trust reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, the Trust changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the trust's change in accounting.