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Investments in Joint Ventures | 12 Months Ended
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Dec. 31, 2013
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures | 5. Investments in Joint Ventures On May 16, 2003, we entered into the 2003 Net Lease Joint Venture with an institutional investor to invest in industrial properties. We own a 15% equity interest in and provide property management services to the 2003 Net Lease Joint Venture. At December 31, 2013, the 2003 Net Lease Joint Venture owned four industrial properties comprising approximately 2.5 million square feet of GLA. During January 2014, the 2003 Net Lease Joint Venture sold two properties comprising approximately 1.6 million square feet of GLA. The 2003 Net Lease Joint Venture is considered a variable interest entity in accordance with the FASB guidance on the consolidation of variable interest entities. We continue to conclude that we are not the primary beneficiary of this venture. As of December 31, 2013, our investment in the 2003 Net Lease Joint Venture is $907. Our maximum exposure to loss is equal to our investment. We acquired the 85% equity interest in one property on February 13, 2012 and the 85% equity interest in another property on May 26, 2011, in each case from the institutional investor in the 2003 Net Lease Joint Venture (see Note 4). During December 2007, we entered into the 2007 Europe Joint Venture with an institutional investor to invest in, own, develop, redevelop and operate industrial properties. We continue to hold our 10% equity interest in the 2007 Europe Joint Venture. As of December 31, 2013, the 2007 Europe Joint Venture did not own any properties. During the years ended December 31, 2013, 2012 and 2011, we recognized fees of $231, $516 and $970, respectively, from our Joint Ventures. The combined summarized financial information of the investments in Joint Ventures is as follows:
| December 31, 2013 |  | December 31, 2012
Condensed Combined Balance Sheets: |  |  |
Gross Investment in Real Estate | $ | 28,389 |  |  | $ | 115,488 |
Less: Accumulated Depreciation | (4,253 | ) |  | (38,535 | )
Net Investment in Real Estate | 24,136 |  |  | 76,953 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $40,387 and $0 | 48,408 |  |  | — |
Other Assets | 7,690 |  |  | 17,327 |
Total Assets | $ | 80,234 |  |  | $ | 94,280 |
Indebtedness | $ | 24,656 |  |  | $ | 81,764 |
Other Liabilities | 1,615 |  |  | 4,817 |
Indebtedness, Accrued Interest Expense and Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $3,208 and $0 | 48,651 |  |  | — |
Equity | 5,312 |  |  | 7,699 |
Total Liabilities and Equity | $ | 80,234 |  |  | $ | 94,280 |
Company’s Share of Equity | $ | 896 |  |  | $ | 1,252 |
Basis Differentials(1) | (200 | ) |  | (448 | )
Carrying Value of the Company’s Investments in Joint Ventures | $ | 696 |  |  | $ | 804 |
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(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.
| Year Ended December 31,
| 2013 |  | 2012 |  | 2011
Condensed Combined Statements of Operations: |  |  |  |  |
Total Revenues | $ | 3,433 |  |  | $ | 3,371 |  |  | $ | 3,411 |
Expenses: |  |  |  |  |
Property Expenses and Other | 1,070 |  |  | 1,096 |  |  | 1,226 |
Depreciation and Other Amortization | 931 |  |  | 764 |  |  | 836 |
Interest Expense | 1,532 |  |  | 1,633 |  |  | 1,643 |
Total Expenses | 3,533 |  |  | 3,493 |  |  | 3,705 |
Discontinued Operations: |  |  |  |  |
Loss Attributable to Discontinued Operations | (1,300 | ) |  | (1,607 | ) |  | (1,587 | )
Gain on Sale of Real Estate | 513 |  |  | 4,974 |  |  | 3,137 |
(Loss) Income from Discontinued Operations | (787 | ) |  | 3,367 |  |  | 1,550 |
Net (Loss) Income | $ | (887 | ) |  | $ | 3,245 |  |  | $ | 1,256 |
Equity in Income of Joint Ventures | $ | 136 |  |  | $ | 1,559 |  |  | $ | 980 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 + Details
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