XML 50 R28.htm IDEA: XBRL DOCUMENT
v2.4.0.8

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2013
Equity Method Investments and Joint Ventures [Abstract] |
Summary activity related to the RCP Venture Investments from Inception | The following table summarizes activity related to the RCP Venture investments from inception through June 30, 2013:
(dollars in thousands) |  | Investment Group Share |  | Operating Partnership Share
Investment | Year Acquired | Invested Capital and Advances | Distributions |  | Invested Capital and Advances | Distributions
Mervyns | 2004 | $ | 26,058 |  | $ | 45,966 |  |  | $ | 4,901 |  | $ | 11,251 |
Mervyns Add-On investments | 2005/2008 | 7,547 |  | 5,334 |  |  | 1,252 |  | 1,193 |
Albertsons | 2006 | 20,717 |  | 81,594 |  |  | 4,239 |  | 16,318 |
Albertsons Add-On investments | 2006/2007 | 2,416 |  | 4,864 |  |  | 388 |  | 972 |
Shopko | 2006 | 1,108 |  | 1,659 |  |  | 222 |  | 332 |
Marsh and Add-On investments | 2006/2008 | 2,667 |  | 2,639 |  |  | 533 |  | 528 |
Rex Stores | 2007 | 2,701 |  | 1,956 |  |  | 535 |  | 392 |
|  | $ | 63,214 |  | $ | 144,012 |  |  | $ | 12,070 |  | $ | 30,986 |
Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates | The following Combined and Condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates:
(dollars in thousands) | June 30, 2013 |  | December 31, 2012
Combined and Condensed Balance Sheets |  |  |
Assets |  |  |
Rental property, net | $ | 367,096 |  |  | $ | 441,611 |
Investment in unconsolidated affiliates | 63,746 |  |  | 93,923 |
Other assets | 31,830 |  |  | 39,035 |
Total assets | $ | 462,672 |  |  | $ | 574,569 |
Liabilities and partners’ equity |  |  |  |  |
Mortgage notes payable | $ | 242,449 |  |  | $ | 326,296 |
Other liabilities | 16,633 |  |  | 24,267 |
Partners’ equity | 203,590 |  |  | 224,006 |
Total liabilities and partners’ equity | $ | 462,672 |  |  | $ | 574,569 |
Company’s investment in and advances to unconsolidated affiliates | $ | 188,299 |  |  | $ | 221,904 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | $ | (12,319 | ) |  | $ | (22,707 | )
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates |
| Three Months Ended |  | Six Months Ended
(dollars in thousands) | June 30, 2013 |  | June 30, 2012 |  | June 30, 2013 |  | June 30, 2012
Combined and Condensed Statements of Income |  |  |  |  |  |  |
Total revenues | $ | 10,846 |  |  | $ | 11,922 |  |  | $ | 21,845 |  |  | $ | 24,218 |
Operating and other expenses | (4,698 | ) |  | (4,362 | ) |  | (8,979 | ) |  | (8,816 | )
Interest and other finance expense | (2,056 | ) |  | (4,613 | ) |  | (4,087 | ) |  | (9,251 | )
Equity in earnings of unconsolidated affiliates | 6,581 |  |  | 6,469 |  |  | 5,870 |  |  | 4,846 |
Depreciation and amortization | (2,608 | ) |  | (2,371 | ) |  | (4,688 | ) |  | (4,643 | )
Gain on sale of property | — |  |  | 3,402 |  |  | — |  |  | 3,402 |
Net income | $ | 8,065 |  |  | $ | 10,447 |  |  | $ | 9,961 |  |  | $ | 9,756 |
Company’s share of net income | $ | 913 |  |  | $ | 4,689 |  |  | $ | 3,261 |  |  | $ | 4,731 |
Amortization of excess investment | (98 | ) |  | (98 | ) |  | (196 | ) |  | (196 | )
Company’s equity in earnings of unconsolidated affiliates | $ | 815 |  |  | $ | 4,591 |  |  | $ | 3,065 |  |  | $ | 4,535 |

X
- Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. + 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 AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a, b -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. + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed balance sheet. Disclosure may include, but is not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed income statement. Disclosure may include, but is not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration