XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):
|  | Nominal Ownership Interest |  | March 31, |  | December 31,
Fund | Property | at March 31, 2017 |  | 2017 |  | 2016
Core: |  |  |  |  |  |
| 840 N. Michigan (a) | 88.43% |  | $ | 73,355 |  |  | $ | 74,131 |
| Renaissance Portfolio | 20% |  | 36,097 |  |  | 36,437 |
| Gotham Plaza | 49% |  | 29,396 |  |  | 29,421 |
| Brandywine Portfolio (a) | 22.22% |  | 20,449 |  |  | 20,755 |
| Georgetown Portfolio | 50% |  | 4,237 |  |  | 4,287 |
|  |  |  | 163,534 |  |  | 165,031 |
Mervyns I & II: | KLA/Mervyn's, LLC (b) | 10.5% |  | — |  |  | — |
Fund III: |  |  |  |  |  |
| Fund III Other Portfolio | 90% |  | 225 |  |  | 8,108 |
| Self Storage Management (c) | 95% |  | 241 |  |  | 241 |
|  |  |  | 466 |  |  | 8,349 |
Fund IV: |  |  |  |  |  |
| Broughton Street Portfolio (d) | 50% |  | 56,313 |  |  | 54,839 |
| Fund IV Other Portfolio | 90% |  | 17,927 |  |  | 21,817 |
| 650 Bald Hill Road | 90% |  | 19,027 |  |  | 18,842 |
|  |  |  | 93,267 |  |  | 95,498 |
| Due from Related Parties (e) |  |  | 2,273 |  |  | 2,193 |
| Other |  |  | 957 |  |  | 957 |
| Investments in and advances to unconsolidated affiliates |  | $ | 260,497 |  |  | $ | 272,028 |
Core: |  |  |  |  |  |
| Crossroads (f) | 49% |  | $ | 15,221 |  |  | $ | 13,691 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates |  | $ | 15,221 |  |  | $ | 13,691 |
__________
(a) | Represents a tenancy-in-common interest.
(b) | Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.
(c) | Represents a variable interest entity.
(d) | The Company is entitled to a 15% return on its cumulative capital contribution and a 9% preferred return on the balance of the loan it converted to equity during 2016, which was $14.9 million and $46.4 million at March 31, 2017, respectively.
(e) | Represents deferred fees.
(f) | Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to fund future obligations of the entity.
Schedule of Condensed Balance Sheet | 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 (in thousands):
|  | March 31, |  | December 31,
|  | 2017 |  | 2016
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 549,632 |  |  | $ | 576,505 |
Real estate under development |  | 16,837 |  |  | 18,884 |
Investment in unconsolidated affiliates |  | 6,853 |  |  | 6,853 |
Other assets |  | 101,144 |  |  | 75,254 |
Total assets |  | $ | 674,466 |  |  | $ | 677,496 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 389,198 |  |  | $ | 407,344 |
Other liabilities |  | 58,909 |  |  | 30,117 |
Partners’ equity |  | 226,359 |  |  | 240,035 |
Total liabilities and partners’ equity |  | $ | 674,466 |  |  | $ | 677,496 |
Company's share of accumulated equity |  | $ | 177,805 |  |  | $ | 191,049 |
Basis differential |  | 60,520 |  |  | 61,827 |
Deferred fees, net of portion related to the Company's interest |  | 4,678 |  |  | 3,268 |
Amounts receivable by the Company |  | 2,273 |  |  | 2,193 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  | $ | 245,276 |  |  | $ | 258,337 |
Schedule of Condensed Income Statement |
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Combined and Condensed Statements of Income |  |  |  |  |  |
Total revenues |  | $ | 21,603 |  |  | $ | 13,372 |
Operating and other expenses |  | (5,866 | ) |  | (3,730 | )
Interest expense |  | (4,538 | ) |  | (2,736 | )
Depreciation and amortization |  | (6,449 | ) |  | (3,880 | )
Loss on debt extinguishment |  | (151 | ) |  | — |
Gain on disposition of properties |  | 14,446 |  |  | — |
Net income attributable to unconsolidated affiliates |  | $ | 19,045 |  |  | $ | 3,026 |
Company’s share of equity in net income of unconsolidated affiliates |  | $ | 13,569 |  |  | $ | 2,052 |
Basis differential amortization |  | (866 | ) |  | (98 | )
Company’s equity in earnings of unconsolidated affiliates |  | $ | 12,703 |  |  | $ | 1,954 |

X
- References No definition available. + 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 including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + 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=66011266&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but 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 condensed income statement, including, but 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