XML 41 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment in Unconsolidated Ventures (Tables)
6 Months Ended
Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment Summarized Financial Information [Table Text Block]
The following is a summary of the financial position of the Real Estate Ventures as of June 30, 2014 and December 31, 2013 (in thousands):
 
June 30,
2014
 
December 31,
2013
Net property
$
1,081,064

 
$
965,475

Other assets
153,348

 
164,152

Other liabilities
68,031

 
49,442

Debt
792,919

 
699,860

Equity
373,462

 
380,325

 
 
 
 
Company’s share of equity (Company’s basis) (a)
186,042

(b)
180,512

 
 
 
 

(a) This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.
(b) Does not include the negative investment balance of one real estate venture totaling $1.2 million as of June 30, 2014, which is included in other liabilities.
Summary of results of operations of unconsolidated Real Estate Venture [Table Text Block]
The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during these periods (in thousands):
 
Three-month periods ended June 30,
 
Six-month periods ended June 30,
 
2014
 
2013
 
2014
 
2013
Revenue
$
35,074

 
$
36,927

 
$
69,459

 
$
77,816

Operating expenses
14,842

 
17,205

 
28,824

 
35,472

Interest expense, net
8,889

 
9,173

 
16,989

 
18,944

Depreciation and amortization
13,273

 
10,979

 
26,871

 
23,885

Net loss
(1,930
)
 
(430
)
 
(3,225
)
 
(485
)
Company’s share of income (loss) (Company’s basis)
(489
)
 
1,508

 
(247
)
 
3,043