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Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended
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Mar. 31, 2018
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, 2018 |  | December 31, 2017
Fund | Property | March 31, 2018 |  |
Core: |  |  |  |  |  |
| 840 N. Michigan (a) | 88.43% |  | $ | 69,265 |  |  | $ | 69,846 |
| Renaissance Portfolio | 20% |  | 34,294 |  |  | 35,041 |
| Gotham Plaza | 49% |  | 29,408 |  |  | 29,416 |
| Town Center (a, b) | 75.22% |  | 100,918 |  |  | 78,801 |
| Georgetown Portfolio | 50% |  | 3,540 |  |  | 3,479 |
|  |  |  | 237,425 |  |  | 216,583 |
Mervyns I & II: | KLA/Mervyn's, LLC (c) | 10.5% |  | — |  |  | — |
Fund III: |  |  |  |  |  |
| Fund III Other Portfolio | 90% |  | 161 |  |  | 167 |
| Self Storage Management (d) | 95% |  | 206 |  |  | 206 |
|  |  |  | 367 |  |  | 373 |
Fund IV: |  |  |  |  |  |
| Broughton Street Portfolio (e) | 50% |  | 41,331 |  |  | 48,335 |
| Fund IV Other Portfolio | 90% |  | 16,101 |  |  | 20,199 |
| 650 Bald Hill Road | 90% |  | 13,506 |  |  | 13,609 |
|  |  |  | 70,938 |  |  | 82,143 |
Various Funds: | Due from Related Parties (f) |  |  | 2,254 |  |  | 2,415 |
| Other (g) |  |  | 556 |  |  | 556 |
| Investments in and advances to unconsolidated affiliates |  | $ | 311,540 |  |  | $ | 302,070 |
Core: |  |  |  |  |  |
| Crossroads (h) | 49% |  | $ | 15,226 |  |  | $ | 15,292 |
| Distributions in excess of income from, and investments in, unconsolidated affiliates |  | $ | 15,226 |  |  | $ | 15,292 |
__________
(a) | Represents a tenancy-in-common interest.
(b) | During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center
(c) | Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.
(d) | Represents a variable interest entity.
(e) | The Company is entitled to a 15% return on its cumulative capital contribution which was $15.7 million and $15.4 million at March 31, 2018 and December 31, 2017, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $30.2 million and $36.8 million at March 31, 2018 and December 31, 2017, respectively.
(f) | Represents deferred fees.
(g) | Includes a cost-method investment in Albertson’s (Note 8) and other investments.
(h) | 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,
|  | 2018 |  | 2017
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 509,634 |  |  | $ | 518,900 |
Real estate under development |  | 24,976 |  |  | 26,681 |
Investment in unconsolidated affiliates |  | 6,853 |  |  | 6,853 |
Other assets |  | 95,934 |  |  | 100,901 |
Total assets |  | $ | 637,397 |  |  | $ | 653,335 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 405,955 |  |  | $ | 405,652 |
Other liabilities |  | 60,950 |  |  | 61,932 |
Partners’ equity |  | 170,492 |  |  | 185,751 |
Total liabilities and partners’ equity |  | $ | 637,397 |  |  | $ | 653,335 |
Company's share of accumulated equity |  | $ | 183,602 |  |  | $ | 185,533 |
Basis differential |  | 107,347 |  |  | 95,358 |
Deferred fees, net of portion related to the Company's interest |  | 3,111 |  |  | 3,472 |
Amounts receivable by the Company |  | 2,254 |  |  | 2,415 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  | 296,314 |  |  | 286,778 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  | 15,226 |  |  | 15,292 |
Investments in and advances to unconsolidated affiliates |  | $ | 311,540 |  |  | $ | 302,070 |
Schedule of Condensed Income Statement |
|  | Three Months Ended March 31,
|  | 2018 |  | 2017
Combined and Condensed Statements of Income |  |  |  |
Total revenues |  | $ | 20,156 |  |  | $ | 21,603 |
Operating and other expenses |  | (5,921 | ) |  | (5,866 | )
Interest expense |  | (4,874 | ) |  | (4,538 | )
Depreciation and amortization |  | (6,055 | ) |  | (6,449 | )
Loss on debt extinguishment |  | — |  |  | (151 | )
(Loss) gain on disposition of properties |  | (418 | ) |  | 14,446 |
Net income attributable to unconsolidated affiliates |  | $ | 2,888 |  |  | $ | 19,045 |
Company’s share of equity in net income of unconsolidated affiliates |  | $ | 2,267 |  |  | $ | 13,569 |
Basis differential amortization |  | (583 | ) |  | (866 | )
Company’s equity in earnings of unconsolidated affiliates |  | $ | 1,684 |  |  | $ | 12,703 |

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- 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
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