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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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)
June 30,
2016
 
December 31,
2015
Aggregate and Condensed Balance Sheets
 
 
 
Assets
 
 
 
Rental property, net
$
723,344

 
$
302,976

Real estate under development
40,830

 
35,743

Investment in unconsolidated affiliates
6,853

 
6,853

Other assets
86,321

 
47,083

Total assets
$
857,348

 
$
392,655

Liabilities and partners’ equity
 

 
 

Mortgage notes payable
$
440,407

 
$
192,684

Other liabilities
27,266

 
21,945

Partners’ equity
389,675

 
178,026

Total liabilities and partners’ equity
$
857,348

 
$
392,655

Company’s investment in and advances to unconsolidated affiliates
$
284,238

 
$
173,277

Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates
$
(24,013
)
 
$
(13,244
)
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)
2016
 
2015
 
2016
 
2015
Aggregate and Condensed Statements of Income
 
 
 
 
 
 
 
Total revenues
$
19,022

 
$
10,342

 
$
32,394

 
$
22,015

Operating and other expenses
(7,286
)
 
(3,102
)
 
(11,016
)
 
(6,833
)
Interest and other finance expense
(3,377
)
 
(2,259
)
 
(6,113
)
 
(4,897
)
Equity in earnings of unconsolidated affiliates
—

 
—

 
—

 
66,655

Depreciation and amortization
(4,984
)
 
(2,787
)
 
(8,864
)
 
(5,037
)
Gain on disposition of property
—

 
25,208

 
—

 
25,208

Net income
$
3,375

 
$
27,402

 
$
6,401

 
$
97,111

 

 

 
 
 
 
Company’s share of net income
$
1,838

 
$
20,609

 
$
3,890

 
$
27,300

Amortization of excess investment
(98
)
 
(98
)
 
(196
)
 
(196
)
Company’s equity in earnings of unconsolidated affiliates
$
1,740

 
$
20,511

 
$
3,694

 
$
27,104