Investments In and Advances To Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments In and Advances To Unconsolidated Affiliates

Investments in and Advances to 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,
	2016		2015		2016		2015
Income Statements:
Rental and other revenues	$	10,357	$	12,323	$	32,339	$	36,977
Expenses:
Rental property and other expenses	4,201		5,985		13,489		17,683
Depreciation and amortization	2,459		3,193		7,862		9,418
Interest expense	1,264		1,645		3,983		5,826
Total expenses	7,924		10,823		25,334		32,927
Income before disposition of property	2,433		1,500		7,005		4,050
Gains on disposition of property	21,345		—		22,247		18,181
Net income	$	23,778	$	1,500	$	29,252	$	22,231

4.    Investments in and Advances to Unconsolidated Affiliates - Continued

During the third quarter of 2016, 4600 Madison Associates, LP (a joint venture in which we own a 12.5% interest) sold a building to an unrelated third party for a sale price of $32.7 million and recorded a gain on disposition of property of $21.3 million. As our cost basis was different from the basis reflected at the joint venture level, we recorded $1.8 million of gain through equity in earnings of unconsolidated affiliates. Simultaneously with the sale, the joint venture used a portion of the proceeds to pay off all $6.3 million of its debt.

During the first quarter of 2016, Concourse Center Associates, LLC (a joint venture in which we own a 50.0% interest) sold two buildings and land to an unrelated third party for an aggregate sale price of $11.0 million and recorded losses on disposition of property of $0.1 million. As our cost basis was different from the basis reflected at the joint venture level, we recorded $0.4 million of gains through equity in earnings of unconsolidated affiliates. Simultaneously with the sale, the joint venture repaid all $6.6 million of its debt.

During the first quarter of 2016, 4600 Madison Associates, LP sold land to an unrelated third party for a sale price of $3.4 million and recorded a gain on disposition of property of $1.0 million. We recorded $0.1 million as our share of this gain through equity in earnings of unconsolidated affiliates. Simultaneously with the sale, the joint venture used all of the proceeds to pay down $3.4 million of its debt.