Investment in Unconsolidated Joint Ventures	6 Months Ended
Jun. 30, 2013
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	Note 4 - Investment in Unconsolidated Joint Ventures At June 30, 2013 and December 31, 2012, the Company had investments in five and seven unconsolidated joint ventures, respectively, each of which owned and operated one property and the Company’s equity investment in such unconsolidated joint ventures totaled $5,085,000 and $19,485,000, respectively. In addition to the $4,705,000 gain on sale of properties in 2013 discussed below, the Company recorded equity in earnings of $391,000 and $748,000 for the six months ended June 30, 2013 and 2012, respectively, and $57,000 and $534,000 for the three months ended June 30, 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 the six months ended June 30, 2012. In February 2013, the Company elected not to participate in the redevelopment plan and Trammell Crow exercised its right to purchase the Company’s 90% equity interest in the unconsolidated joint venture for $13,500,000. The sale was completed on April 16, 2013 and the Company recorded a gain of $1,898,000. In May 2013, a property located in Los Angeles, California and owned by the Company and another entity as tenants-in-common and accounted for as an unconsolidated joint venture, was sold for $25,000,000. The Company recorded a $2,807,000 gain on this sale and incurred its $148,000 share of the related mortgage prepayment penalty. The Company received net proceeds of $4,630,000 from the sale transaction.

Note 4 - Investment in Unconsolidated Joint Ventures

At June 30, 2013 and December 31, 2012, the Company had investments in five and seven unconsolidated joint ventures, respectively, each of which owned and operated one property and the Company’s equity investment in such unconsolidated joint ventures totaled $5,085,000 and $19,485,000, respectively. In addition to the $4,705,000 gain on sale of properties in 2013 discussed below, the Company recorded equity in earnings of $391,000 and $748,000 for the six months ended June 30, 2013 and 2012, respectively, and $57,000 and $534,000 for the three months ended June 30, 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 the six months ended June 30, 2012. In February 2013, the Company elected not to participate in the redevelopment plan and Trammell Crow exercised its right to purchase the Company’s 90% equity interest in the unconsolidated joint venture for $13,500,000. The sale was completed on April 16, 2013 and the Company recorded a gain of $1,898,000.

In May 2013, a property located in Los Angeles, California and owned by the Company and another entity as tenants-in-common and accounted for as an unconsolidated joint venture, was sold for $25,000,000. The Company recorded a $2,807,000 gain on this sale and incurred its $148,000 share of the related mortgage prepayment penalty. The Company received net proceeds of $4,630,000 from the sale transaction.