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Investment in Unconsolidated Joint Ventures | 3 Months Ended
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Mar. 31, 2013
Investment in Unconsolidated Joint Ventures |
Investment in Unconsolidated Joint Ventures | Note 4 - Investment in Unconsolidated Joint Ventures The Company’s seven unconsolidated joint ventures each own and operate one property. At March 31, 2013 and December 31, 2012, the Company’s equity investment in unconsolidated joint ventures totaled $19,399,000 and $19,485,000, respectively. The Company recorded equity in earnings of $334,000 and $214,000 for the three months ended March 31, 2013 and 2012, respectively. In February 2012, the Company entered into a joint venture with an affiliate of Trammell Crow Company pursuant to which the venture contemplated redeveloping a 6.2 acre site located in Plano, Texas. The Company contributed this property to the joint venture in exchange for a 90% equity interest therein and Trammell Crow contributed $1,500,000 in exchange for a 10% equity interest therein which resulted in a $319,000 gain to the Company. In February 2013, the Company elected not to participate in the redevelopment plan and Trammell Crow thereafter exercised its right to purchase the Company’s 90% equity interest in the unconsolidated joint venture for $13,500,000. At March 31, 2013, the Company’s investment in this VIE was $12,283,000. The sale was completed on April 16, 2013 and the Company estimates that the gain will be approximately $1,900,000.

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