INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015:

5.    INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)

(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	$	48,547	$	4,901	$	11,801
Mervyns Add-On investments	2005/2008	7,547		9,272		1,252		2,017
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,110		3,358		222		672
Marsh and Add-On investments	2006/2008	2,667		2,941		533		588
Rex Stores	2007	2,701		4,727		535		946
		$	63,216	$	155,303	$	12,070	$	33,314

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)	June 30, 2015			December 31, 2014
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	322,352		$	387,739
Real estate under development	—			60,476
Investment in unconsolidated affiliates	7,548			11,154
Other assets	59,917			62,862
Total assets	$	389,817		$	522,231
Liabilities and partners’ equity
Mortgage notes payable	$	266,109		$	315,897
Other liabilities	17,714			66,116
Partners’ equity	105,994			140,218
Total liabilities and partners’ equity	$	389,817		$	522,231
Company’s investment in and advances to unconsolidated affiliates	$	166,632		$	184,352
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(13,161	)	$	(12,564	)

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollars in thousands)	2015			2014			2015			2014
Combined and Condensed Statements of Income
Total revenues	$	10,342		$	12,247		$	22,015		$	24,352
Operating and other expenses	(3,102		)	(5,503		)	(6,833		)	(9,318		)
Interest and other finance expense	(2,259		)	(2,975		)	(4,897		)	(5,500		)
Equity in earnings (losses) of unconsolidated affiliates	—			—			66,655			(328		)
Depreciation and amortization	(2,787		)	(3,475		)	(5,037		)	(6,181		)
Loss on debt extinguishment	—			—			—			(187		)
Gain on disposition of property	25,208			239			25,208			239
Net income	$	27,402		$	533		$	97,111		$	3,077
Company’s share of net income	$	20,609		$	1,528		$	27,300		$	4,655
Amortization of excess investment	(98		)	(98		)	(196		)	(196		)
Company’s equity in earnings of unconsolidated affiliates	$	20,511		$	1,430		$	27,104		$	4,459