Investments In Affiliates

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments In Affiliates

Investments in Affiliates

Unconsolidated Affiliates

We have equity interests of up to 50.0% in various joint ventures with unrelated third parties that are accounted for using the equity method of accounting because we have the ability to exercise significant influence over their operating and financial policies.

The following table sets forth the summarized income statements of our unconsolidated affiliates:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
Income Statements:
Rental and other revenues	$	12,425	$	16,911		$	37,703	$	64,362
Expenses:
Rental property and other expenses	6,441		8,733			18,880		31,681
Depreciation and amortization	3,281		5,010			10,098		17,383
Impairments of real estate assets	—		15,287			—		20,077
Interest expense	2,201		3,141			6,713		12,569
Total expenses	11,923		32,171			35,691		81,710
Income/(loss) before disposition of property	502		(15,260		)	2,012		(17,348		)
Gains on disposition of property	—		8,256			1,949		8,323
Net income/(loss)	$	502	$	(7,004	)	$	3,961	$	(9,025	)

Board of Trade Investment Company ("Board of Trade")

During the first quarter of 2014, Board of Trade sold an office property to an unrelated third party for gross proceeds of $8.3 million and recorded a gain of $1.9 million. As our cost basis was different from the basis reflected at the entity level, we recorded a net impairment charge on our investment of $0.4 million. This charge represented the other-than-temporary decline in the fair value below the carrying value of our investment. During the second quarter of 2014, our 49.0% interest in Board of Trade was redeemed in exchange for $4.7 million in cash, which was received in the third quarter of 2014.

Highwoods KC Glenridge Office, LLC (“KC Glenridge”)

During the second quarter of 2014, KC Glenridge paid at maturity the remaining $14.9 million balance on a secured mortgage loan with an effective interest rate of 4.84%.