INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016:

(dollars in thousands)		Fund Share				Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	48,648	$	4,901	$	11,821
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		4,927		535		986
Total		$	63,216	$	155,604	$	12,070	$	33,374

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

The following Aggregate 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, 2016			December 31, 2015
Aggregate and Condensed Balance Sheets
Assets
Rental property, net	$	553,827		$	302,976
Real estate under development	40,059			35,743
Investment in unconsolidated affiliates	6,853			6,853
Other assets	47,813			47,083
Total assets	$	648,552		$	392,655
Liabilities and partners’ equity
Mortgage notes payable	$	340,417		$	192,684
Other liabilities	22,950			21,945
Partners’ equity	285,185			178,026
Total liabilities and partners’ equity	$	648,552		$	392,655
Company’s investment in and advances to unconsolidated affiliates	$	210,309		$	173,277
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(23,613	)	$	(13,244	)

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

	Three Months Ended
	March 31,
(dollars in thousands)	2016			2015
Aggregate and Condensed Statements of Income
Total revenues	$	13,372		$	11,930
Operating and other expenses	(3,730		)	(3,857		)
Interest and other finance expense	(2,736		)	(2,638		)
Equity in earnings of unconsolidated affiliates	—			66,655
Depreciation and amortization	(3,880		)	(2,307		)
Net income	$	3,026		$	69,783
Company’s share of net income	$	2,052		$	6,691
Amortization of excess investment	(98		)	(98		)
Company’s equity in earnings of unconsolidated affiliates	$	1,954		$	6,593