Investments In and Advances To Affiliates

3 Months Ended

Mar. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments In and Advances To 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 March 31,
	2014			2013
Income Statements:
Rental and other revenues	$	12,434		$	23,516
Expenses:
Rental property and other expenses	6,217			11,209
Depreciation and amortization	3,489			6,146
Impairments of real estate assets	—			4,790
Interest expense	2,211			4,739
Total expenses	11,917			26,884
Income/(loss) before disposition of properties	517			(3,368		)
Gains on disposition of properties	1,949			24
Net income/(loss)	$	2,466		$	(3,344	)
Our share of:
Depreciation and amortization	$	1,031		$	2,015
Impairments of real estate assets	$	—		$	1,020
Interest expense	$	776		$	1,752
Gains on disposition of properties	$	955		$	421
Net income	$	1,155		$	4
Our share of net income	$	1,155		$	4
Adjustments for management and other fees	169			432
Impairment of investment in unconsolidated affiliate	(1,353		)	—
Equity in earnings/(losses) of unconsolidated affiliates	$	(29	)	$	436

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. We expect to receive aggregate net distributions of $4.7 million in connection with our investment in this entity. As our cost basis is 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.