Investment in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2011

Investment in Unconsolidated Affiliates [Abstract]

Investments in and Advances To Affiliates

4.      Investment in and Advances to Unconsolidated Affiliates

We have equity interests ranging from 10.0% to 50.0% in various joint ventures with unrelated third parties and a debt interest in one of those joint ventures, as described below. The following table sets forth the combined, summarized income statements for our unconsolidated joint ventures:

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Income Statements:
Revenues	$	24,779	$	31,714	$	49,996	$	67,302
Expenses:
Rental property and other expenses		10,774		15,632		22,771		32,799
Depreciation and amortization		6,295		7,778		12,911		17,378
Interest expense		5,858		7,233		11,865		15,798
Total expenses		22,927		30,643		47,547		65,975
Net income	$	1,852	$	1,071	$	2,449	$	1,327
Our share of:
Depreciation and amortization of real estate assets	$	2,033	$	2,737	$	4,126	$	6,078
Interest expense	$	2,033	$	2,755	$	4,194	$	6,178
Net income	$	749	$	308	$	1,670	$	520
Our share of net income	$	749	$	308	$	1,670	$	520
Purchase accounting and management, leasing and other fees adjustments		604		580		1,150		1,163
Equity in earnings of unconsolidated affiliates	$	1,353	$	888	$	2,820	$	1,683

In the second quarter of 2011, we provided a one-year $38.3 million interest-only secured loan to an unconsolidated joint venture, which was used to repay a secured loan before maturity to a third party lender. The loan bears interest at LIBOR plus 500 basis points, which may be reduced by up to 50 basis points upon the use of proceeds from the sale of certain assets by the joint venture to repay the loan.

During the second quarter of 2010, we sold our equity interests in a series of unconsolidated joint ventures relating to properties in Des Moines, IA. For information regarding this sale, see Note 3 to the Consolidated Financial Statements in our 2010 Annual Report on Form 10-K.