Investments in Unconsolidated Companies

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Companies

Investments in Unconsolidated Companies

As of December 31, 2013, we had equity interests in 19 unconsolidated joint ventures that primarily own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated companies at December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011, are as follows (in thousands):

	2013		2012		2011
Rental revenue	$	240,064	$	291,534	$	272,937
Gain on sale of properties	$	121,404	$	6,792	$	2,304
Net income	$	116,832	$	3,125	$	10,709
Equity in earnings of unconsolidated companies	$	54,116	$	4,674	$	4,565
Land, buildings and tenant improvements, net	$	1,656,231	$	1,991,823
Construction in progress	12,338		61,663
Undeveloped land	126,556		175,143
Other assets	206,414		289,173
	$	2,001,539	$	2,517,802
Indebtedness	$	890,513	$	1,314,502
Other liabilities	93,291		70,519
	983,804		1,385,021
Owners' equity	1,017,735		1,132,781
	$	2,001,539	$	2,517,802
Investments in and advances to unconsolidated companies (1)	$	342,947	$	372,256

(1) Differences between the net investment in our unconsolidated joint ventures and our underlying equity in the net assets of the ventures are primarily a result of previous impairments related to our investment in the unconsolidated joint ventures, basis differences associated with the sales of properties to joint ventures in which we retained an ownership interest and loans we have made to the joint ventures. These adjustments have resulted in an aggregate difference reducing our investments in unconsolidated joint ventures by $4.2 million and $15.2 million as of December 31, 2013 and 2012, respectively. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans and impairments) are typically depreciated over the life of the related asset.

The scheduled principal payments of long term debt for the unconsolidated joint ventures for each of the next five years and thereafter as of December 31, 2013 are as follows (in thousands):

Year	Future Repayments
2014	$	178,112
2015	133,749
2016	116,492
2017	338,054
2018	3,769
Thereafter	119,112
	$	889,288