INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

3 Months Ended

Mar. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Summary activity related to the RCP Venture Investments from Inception

The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2014:

(dollars in thousands)		Investment Group Share				Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	46,916	$	4,901	$	11,451
Mervyns Add-On investments	2005/2008	7,547		5,935		1,252		1,321
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,108		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		1,956		535		392
		$	63,214	$	146,364	$	12,070	$	31,474

Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates

The following Combined and Condensed Balance Sheets and Statements of Income, summarize the financial information of the Company’s investments in unconsolidated affiliates:

(dollars in thousands)	March 31, 2014			December 31, 2013
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	385,592		$	380,268
Real estate under development	30,187			5,573
Investment in unconsolidated affiliates	21,394			63,745
Other assets	67,570			66,895
Total assets	$	504,743		$	516,481
Liabilities and partners’ equity
Mortgage notes payable	$	299,210		$	265,982
Other liabilities	46,143			43,733
Partners’ equity	159,390			206,766
Total liabilities and partners’ equity	$	504,743		$	516,481
Company’s investment in and advances to unconsolidated affiliates	$	178,068		$	181,322
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(8,670	)	$	(8,701	)

Summary of Statement of Income of the Company’s investments in unconsolidated affiliates

	Three Months Ended
(dollars in thousands)	March 31, 2014			March 31, 2013
Combined and Condensed Statements of Income
Total revenues	$	12,105		$	10,999
Operating and other expenses	(3,815		)	(4,281		)
Interest and other finance expense	(2,524		)	(2,031		)
Equity in losses of unconsolidated affiliates	(328		)	(711		)
Depreciation and amortization	(2,706		)	(2,081		)
Loss on debt extinguishment	(187		)	—
Net income	$	2,545		$	1,895
Company’s share of net income	$	3,127		$	2,348
Amortization of excess investment	(98		)	(98		)
Company’s equity in earnings of unconsolidated affiliates	$	3,029		$	2,250