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Consolidated Real Estate Joint Ventures
12 Months Ended
Dec. 31, 2014
Consolidated Real Estate Joint Ventures [Abstract]  
Consolidated Real Estate Joint Ventures
Consolidated Real Estate Joint Ventures

The Company owns 96% of the membership interests of VinREIT, LLC (VinREIT) and accordingly, the financial statements of VinREIT have been consolidated into the Company’s financial statements. The Company’s partner in VinREIT is Global Wine Partners (U.S.), LLC (GWP). GWP provides consulting services to VinREIT in connection with the vineyard and winery properties.

As detailed in the operating agreement, GWP is entitled to receive a 1% origination fee on winery and vineyard investments and 4% of the annual cash flow of VinREIT after a charge for debt service. GWP may receive additional amounts upon certain events and after certain hurdle rates of return are achieved by us.  There was no net income attributable to noncontrolling interest related to VinREIT for the years ended December 31, 2014 and 2013. Net income attributable to noncontrolling interest related to VinREIT was $108 thousand for the year ended December 31, 2012 representing GWP’s portion of the annual cash flow. The Company’s consolidated statements of income include net income related to VinREIT of $1.7 million and $6.2 million for the years ended December 31, 2014 and 2013, respectively and a net loss related to VinREIT of $21.2 million for the year ended December 31, 2012. The Company received operating distributions from VinREIT of $1.3 million, $3.5 million and $11.3 million during 2014, 2013 and 2012, respectively. In addition, during 2014, 2013 and 2012, respectively, the Company received distributions of $7.1 million, $45.4 million and $40.6 million related to property sales. During 2014, 2013 and 2012, there were no contributions related to financing activities.