Investments in Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2012

The combined summarized financial information of the investments in Joint Ventures is as follows:


	December 31, 2012			December 31, 2011
*Condensed Combined Balance Sheets:*
Gross Investment in Real Estate	$	115,488		$	155,555
Less: Accumulated Depreciation		(38,535	)		(41,342	)

Net Investment in Real Estate		76,953			114,213
Other Assets		17,327			23,364

Total Assets	$	94,280		$	137,577

Indebtedness	$	81,764		$	112,261
Other Liabilities		4,817			5,779
Equity		7,699			19,537

Total Liabilities and Equity	$	94,280		$	137,577

Company’s Share of Equity	$	1,252		$	3,029
Basis Differentials(1)		(448	)		(1,564	)

Carrying Value of the Company’s Investments in Joint Ventures	$	804		$	1,465

(1)

This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded to reduce certain of our investments in the 2003 Net Lease Joint Venture to fair value and certain deferred fees which are not reflected at the joint venture level.

Condensed Combined Statements of Operations


	Year Ended December 31,
	2012			2011		2010
*Condensed Combined Statements of Operations:*
Total Revenues	$	12,385		$	12,442	$	51,552
Expenses:
Operating and Other		2,188			2,350		23,111
Impairment of Real Estate		—			—		3,268
Depreciation and Other Amortization		5,632			5,673		25,480
Interest Expense		6,087			6,311		27,263

Total Expenses		13,907			14,334		79,122
Discontinued Operations:
(Loss) Income Attributable to Discontinued Operations		(207	)		11		(309	)
Gain on Sale of Real Estate		4,974			3,137		2,761

Income from Discontinued Operations		4,767			3,148		2,452
Gain on Sale of Real Estate		—			—		808

Net Income (Loss)	$	3,245		$	1,256	$	(24,310	)

Equity in Income of Joint Ventures	$	1,559		$	980	$	675