Related Parties

9 Months Ended

Sep. 30, 2011

Related Parties [Abstract]

Related Parties

Note 12. Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.4 million and $2.7 million outstanding as of September 30, 2011 and December 31, 2010, respectively. We also had accounts payable and accrued expenses of $8.0 million and $9.6 million outstanding as of September 30, 2011 and December 31, 2010, respectively. For the three months ended September 30, 2011 and 2010, we recorded joint venture fee income of $1.5 million and $1.4 million, respectively. For the nine months ended September 30, 2011 and 2010, we recorded joint venture fee income of $4.6 million and $4.3 million, respectively.

In August 2011, we entered into a purchase agreement to sell our 47.8% unconsolidated joint venture interest in a Colorado development project to our partner with anticipated gross sales proceeds totaling $28.8 million, which includes the assumption of our share of debt.

As of March 31, 2010, we contributed the final two properties to an unconsolidated joint venture for $47.3 million, which included loan assumptions of $28.1 million and the receipt of net proceeds totaling $14.0 million.