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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | 12 Months Ended
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Dec. 31, 2013
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | NOTE 5—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES At December 31, 2013 and 2012, the Company had investments in five and seven unconsolidated joint ventures, respectively, each of which owned and operated one property. The Company's equity investment in such unconsolidated joint ventures at such dates totaled $4,906,000 and $19,485,000, respectively. In addition to the $4,705,000 gain on sale of the two properties in 2013 described below, the Company recorded equity in earnings of $651,000, $1,368,000 and $914,000 for the years ended December 31, 2013, 2012 and 2011, respectively. In February 2012, the Company entered into a joint venture with an affiliate of Trammell Crow Company pursuant to which the Company contributed a property located in Plano, Texas 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, 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 in April 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, accounted for as an unconsolidated joint venture, was sold for $25,000,000, of which our share was $12,500,000. The Company recorded a $2,807,000 gain on this sale in 2013 and incurred a $148,000 expense, representing its share of the related mortgage prepayment penalty. The Company received net proceeds of $4,630,000 from the sale transaction.

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