Investment In Cedar/RioCan Joint Venture

6 Months Ended

Jun. 30, 2012

Investment In Cedar/RioCan Joint Venture [Abstract]

Investment In Cedar/RioCan Joint Venture

Note 5. Investment in Cedar/RioCan Joint Venture

At June 30, 2012, the Cedar/RioCan joint venture (RioCan – 80%; Cedar – 20%) owned 22 properties. The Company earned management fees from the joint venture of approximately $0.6 million and $0.7 million for the three months ended June 30, 2012 and 2011, respectively, and $1.3 million and $1.2 million for the six months ended June 30, 2012 and 2011, respectively. Such fees are included in other revenues in the accompanying consolidated statements of operations.

The following summarizes certain financial information related to the Company’s investment in the Cedar/RioCan unconsolidated joint venture:



Balance Sheets	June 30,	December 31,
	2012	2011
Assets:
Real estate, net	$ 523,159,000	$ 532,071,000
Cash and cash equivalents	11,581,000	12,797,000
Restricted cash	3,195,000	3,689,000
Rent and other receivables	1,650,000	2,419,000
Straight-line rents	3,523,000	2,743,000
Deferred charges, net	11,856,000	12,682,000
Other assets	4,144,000	5,549,000
Total assets	$ 559,108,000	$ 571,950,000

Liabilities and partners' capital:
Mortgage loans payable	$ 314,895,000	$ 317,293,000
Due to the Company	527,000	1,203,000
Unamortized intangible lease liabilities	20,451,000	22,182,000
Other liabilities	7,282,000	8,248,000
Total liabilities	343,155,000	348,926,000

Preferred stock	97,000	97,000
Partners' capital	215,856,000	222,927,000
Total liabilities and partners' capital	$ 559,108,000	$ 571,950,000

The Company's share of partners' capital	$ 43,173,000	$ 44,743,000



Statements of Income	Three months ended June 30,		Six months ended June 30,
	2012	2011	2012	2011
Revenues	$ 16,012,000	$ 15,296,000	$ 31,944,000	$ 31,289,000
Property operating and other expenses	(1,403,000)	(1,307,000)	(2,968,000)	(3,966,000)
Management fees	(463,000)	(483,000)	(1,052,000)	(950,000)
Real estate taxes	(1,937,000)	(1,819,000)	(3,862,000)	(3,551,000)
Acquisition transaction costs	-	(790,000)	-	(858,000)
General and administrative	(67,000)	(61,000)	(135,000)	(132,000)
Depreciation and amortization	(5,056,000)	(5,177,000)	(10,170,000)	(10,140,000)
Interest and other non-operating expenses, net	(4,219,000)	(4,684,000)	(8,654,000)	(9,079,000)
Net income	$ 2,867,000	$ 975,000	$ 5,103,000	$ 2,613,000

The Company's share of net income	$ 576,000	$ 195,000	$ 1,021,000	$ 523,000

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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