Investment in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2012

Investment in Unconsolidated Affiliates, Included in Real Estate Investments

Investments in unconsolidated affiliates, included in real estate investments, are recorded using the equity method of accounting and, as of December 31, 2012 and 2011 consisted of the following:

	Ownership			2012		2011
East San Marco L.L.C.		50	%		2,222		2,165
Rivercrest, L.L.C.		50	%		—		—
Paseos, L.L.C. (1)		50	%		—		94
ALP Liquidating Trust		26	%		—		—
Total				$	2,222	$	2,259

(1) Paseos, LLC was dissolved as of December 2012.

Summarized Balance Sheets for Unconsolidated Investments

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

	2012		2011
BALANCE SHEETS:
Investment in real estate	$	12,381	$	12,355
Other assets		18,653		20,089
Total assets		31,034		32,444
Other liabilities	$	761	$	1,153
Equity(2)		30,273		31,291
Total liabilities and equity	$	31,034	$	32,444

(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.

Summarized Statements of Operations for Unconsolidated Investments

	2012			2011			2010
STATEMENTS OF OPERATIONS:
Total revenues	$	82		$	11		$	14
Total expenses		1,124			1,042			2,847
Net loss	$	(1,042	)	$	(1,031	)	$	(2,833	)