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Subsequent Events
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12 Months Ended |
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Dec. 31, 2011
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 23 — Subsequent Events On January 20, 2012, we sold our 25% interest in Palisades West LLC to Dimensional Fund Advisors L.P. for approximately $32,095,000, resulting in a pre-tax gain of approximately $11,675,000. On February 20, 2012, we entered into definitive agreements with CL Realty, L.L.C. and TEMCO Associates, LLC, as applicable, and Cousins Real Estate Corporation, to acquire the ventures’ entire interest in 17 residential and mixed-use real estate projects for an aggregate cash purchase price of $47,000,000. Accounting pronouncements require the ventures to carry the assets to be sold at their estimated fair values, which are the agreed upon sales prices. Accordingly, the ventures’ 2011 year-end operating results include $44,681,000 ($23,255,000 at CL Realty and $21,426,000 at TEMCO) of non-cash impairments related to entering into these agreements. Our share of these non-cash impairment charges was $22,341,000 ($11,628,000 at CL Realty and $10,713,000 at TEMCO) and is included in equity in earnings (loss) of unconsolidated ventures at year-end 2011. Please read Note 7 for additional information about these ventures. |