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Investment in and Advances to Unconsolidated Affiliates | 6 Months Ended
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Jun. 30, 2011
Investment in Unconsolidated Affiliates [Abstract] |
Investments in and Advances To Affiliates | 4. Investment in and Advances to Unconsolidated Affiliates We have equity interests ranging from 10.0% to 50.0% in various joint ventures with unrelated third parties and a debt interest in one of those joint ventures, as described below. The following table sets forth the combined, summarized income statements for our unconsolidated joint ventures:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 24,779 |  | $ | 31,714 |  | $ | 49,996 |  | $ | 67,302 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Rental property and other expenses |  |  | 10,774 |  |  | 15,632 |  |  | 22,771 |  |  | 32,799 |
Depreciation and amortization |  |  | 6,295 |  |  | 7,778 |  |  | 12,911 |  |  | 17,378 |
Interest expense |  |  | 5,858 |  |  | 7,233 |  |  | 11,865 |  |  | 15,798 |
Total expenses |  |  | 22,927 |  |  | 30,643 |  |  | 47,547 |  |  | 65,975 |
Net income |  | $ | 1,852 |  | $ | 1,071 |  | $ | 2,449 |  | $ | 1,327 |
Our share of: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization of real estate assets |  | $ | 2,033 |  | $ | 2,737 |  | $ | 4,126 |  | $ | 6,078 |
Interest expense |  | $ | 2,033 |  | $ | 2,755 |  | $ | 4,194 |  | $ | 6,178 |
Net income |  | $ | 749 |  | $ | 308 |  | $ | 1,670 |  | $ | 520 |
Our share of net income |  | $ | 749 |  | $ | 308 |  | $ | 1,670 |  | $ | 520 |
Purchase accounting and management, leasing and other fees adjustments |  |  | 604 |  |  | 580 |  |  | 1,150 |  |  | 1,163 |
Equity in earnings of unconsolidated affiliates |  | $ | 1,353 |  | $ | 888 |  | $ | 2,820 |  | $ | 1,683 |
In the second quarter of 2011, we provided a one-year $38.3 million interest-only secured loan to an unconsolidated joint venture, which was used to repay a secured loan before maturity to a third party lender. The loan bears interest at LIBOR plus 500 basis points, which may be reduced by up to 50 basis points upon the use of proceeds from the sale of certain assets by the joint venture to repay the loan. During the second quarter of 2010, we sold our equity interests in a series of unconsolidated joint ventures relating to properties in Des Moines, IA. For information regarding this sale, see Note 3 to the Consolidated Financial Statements in our 2010 Annual Report on Form 10-K.

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: 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 2: 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=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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 5: 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=6903645&loc=d3e32847-111569 + Details
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