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Investment in Unconsolidated Affiliates (LP) | 6 Months Ended
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Jun. 30, 2011
Investment in Unconsolidated Affiliates [Abstract] |
Investment in Unconsolidated 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 these 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 |  | $ | 23,756 |  | $ | 30,697 |  | $ | 47,958 |  | $ | 65,266 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Rental property and other expenses |  |  | 10,155 |  |  | 15,128 |  |  | 21,526 |  |  | 31,655 |
Depreciation and amortization |  |  | 6,053 |  |  | 7,410 |  |  | 12,299 |  |  | 16,641 |
Interest expense |  |  | 5,683 |  |  | 7,037 |  |  | 11,508 |  |  | 15,404 |
Total expenses |  |  | 21,891 |  |  | 29,575 |  |  | 45,333 |  |  | 63,700 |
Net income |  | $ | 1,865 |  | $ | 1,122 |  | $ | 2,625 |  | $ | 1,566 |
Our share of: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization of real estate assets |  | $ | 1,995 |  | $ | 2,699 |  | $ | 4,050 |  | $ | 6,001 |
Interest expense |  | $ | 2,012 |  | $ | 2,730 |  | $ | 4,149 |  | $ | 6,128 |
Net income |  | $ | 759 |  | $ | 307 |  | $ | 1,694 |  | $ | 535 |
Our share of net income |  | $ | 759 |  | $ | 307 |  | $ | 1,694 |  | $ | 535 |
Purchase accounting and management, leasing and other fees adjustments |  |  | 598 |  |  | 564 |  |  | 1,138 |  |  | 1,137 |
Equity in earnings of unconsolidated affiliates |  | $ | 1,357 |  | $ | 871 |  | $ | 2,832 |  | $ | 1,672 |
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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