Investments in Real Estate and Real Estate Under Construction

3 Months Ended

Mar. 31, 2012

Investments in Real Estate and Real Estate Under Construction [Abstract]

Investments in Real Estate and Real Estate Under Construction

The Company, through property owner subsidiaries, completed the following build-to-suit transactions during the first quarter of 2012:



										Lease Intangibles
Property Type	Location	Acquisition/Consolidation Date	Initial Cost Basis		Lease Expiration	Land		Building and Improvements		Lease in-place Value		Tenant Relationships Value
Office	Huntington, WV	January 2012	$	12,558	11/2026	$	1,368	$	9,527	$	1,405	$	258
Office	Florence, SC	February 2012	$	5,094	02/2024	$	774	$	3,629	$	505	$	186
			$	17,652		$	2,142	$	13,156	$	1,910	$	444

The Company is engaged in various forms of build-to-suit development activities. The Company, through lender subsidiaries and property owner subsidiaries, may enter into acquisition, development and construction arrangements whereby the lender subsidiaries agreed to lend funds to construct build-to-suit properties and the property owner subsidiaries agree to purchase the properties upon completion of construction and commencement of a tenant lease. In addition, the Company may (1) hire developers to construct properties, which will be leased to single-tenants upon completion, (2) fund the construction of a property directly to a single-tenant through a provision in the lease agreement or (3) enter into a purchase and sale agreement to acquire a single-tenant build-to-suit property upon completion from a developer. As of March 31, 2012, the Company had the following development arrangements outstanding:



Location	Property Type	Square Feet	Expected Maximum Commitment/Contribution (million)		Estimated Purchase Price/Completion Cost (million)		Lease Term (Years)	Estimated Completion Date
Saint Joseph, MO⁽¹⁾	Office	99,000	$	18.0	$	18.0	15	2Q 12
Shreveport, LA⁽¹⁾	Industrial	257,000	$	2.5	$	13.1	10	2Q 12
Long Island City, NY⁽²⁾	Industrial	143,000	$	46.7	$	55.5	15	1Q 13
Jessup, PA	Office	150,000	$	20.8	$	20.8	15	3Q 12
Eugene, OR	Office	80,000	$	17.6	$	17.6	15	1Q 13
Valdosta, GA	Retail	52,000	$	8.8	$	8.8	15	3Q 12
Denver, CO	Office	163,000	$	37.6	$	37.6	15	2Q 13
		944,000	$	152.0	$	171.4

(1) Acquisition, development and construction arrangement.

(2) Joint venture investment. The Company has guaranteed completion to the ground owner. The guarantee obligation was valued at $1,500 and is included in accounts payable and other liabilities in the unaudited condensed consolidated balance sheet. In addition, the Company may loan a maximum of $4,398 to the joint venture under certain circumstances. The difference between the Company's expected contribution and the estimated completion cost represents the joint venture partner's equity.

The Company has variable interests in certain developer entities constructing the facilities but is not the primary beneficiary of the entities as the Company does not have a controlling financial interest. As of March 31, 2012, the Company's aggregate investment in development arrangements is $40,311 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheet.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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