Investment in Unconsolidated Affiliates (LP)

9 Months Ended

Sep. 30, 2011

Investments In and Advances To Affiliates [Abstract]

Investment In and Advances To Affiliates (LP)

4.      Investment in and Advances to Unconsolidated Affiliates

We have equity interests of 50.0% or less 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 September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Income Statements:
Revenues	$	24,618	$	25,508	$	72,576	$	90,774
Expenses:
Rental property and other expenses		10,239		12,096		31,765		43,751
Depreciation and amortization		6,437		6,364		18,736		23,005
Interest expense		5,802		5,907		17,310		21,311
Total expenses		22,478		24,367		67,811		88,067
Net income	$	2,140	$	1,141	$	4,765	$	2,707
Our share of:
Depreciation and amortization of real estate assets	$	2,028	$	2,076	$	6,078	$	8,077
Interest expense	$	1,944	$	2,166	$	6,093	$	8,294
Net income	$	448	$	454	$	2,142	$	989
Our share of net income	$	448	$	454	$	2,142	$	989
Purchase accounting and management, leasing and other fees adjustments		665		579		1,803		1,716
Equity in earnings of unconsolidated affiliates	$	1,113	$	1,033	$	3,945	$	2,705

In the third quarter of 2011, our joint venture partner exercised its option to acquire our 10.0% equity interest in the HIW Development B, LLC joint venture, which recently completed construction of a build-to-suit office property in Charlotte, NC. As a result, we received gross proceeds of $4.8 million and recorded a gain on disposition of investment in unconsolidated affiliate related to this merchant build project of $2.3 million in the third quarter of 2011.