Investment in Unconsolidated Affiliates (LP)

6 Months Ended

Jun. 30, 2011

Investment in Unconsolidated Affiliates [Abstract]

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 these 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	$	23,756	$	30,697	$	47,958	$	65,266
Expenses:
Rental property and other expenses		10,155		15,128		21,526		31,655
Depreciation and amortization		6,053		7,410		12,299		16,641
Interest expense		5,683		7,037		11,508		15,404
Total expenses		21,891		29,575		45,333		63,700
Net income	$	1,865	$	1,122	$	2,625	$	1,566
Our share of:
Depreciation and amortization of real estate assets	$	1,995	$	2,699	$	4,050	$	6,001
Interest expense	$	2,012	$	2,730	$	4,149	$	6,128
Net income	$	759	$	307	$	1,694	$	535

Our share of net income	$	759	$	307	$	1,694	$	535
Purchase accounting and management, leasing and other fees adjustments		598		564		1,138		1,137
Equity in earnings of unconsolidated affiliates	$	1,357	$	871	$	2,832	$	1,672

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.