CONSOLIDATED FUNDS AND VENTURES (Tables)

9 Months Ended

Sep. 30, 2015

Consolidated Funds and Ventures [Abstract]

Schedule of More Information Related to Assets Consolidated Fund or Venture [Table Text Block]

	At		At
	September 30,		December 31,
(in thousands)	2015		2014
Cash, cash equivalents and restricted cash	$	21,283	$	24,186
Investments in LTPPs		189,295		231,204
Other assets		9,539		11,128
Total assets of consolidated LIHTC Funds	$	220,117	$	266,518

Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]

	At		At
	September 30,		December 31,
(in thousands)	2015		2014
Total assets of the LTPPs (1)	$	1,230,905	$	1,273,903
Total liabilities of the LTPPs (1)		1,023,618		1,035,695

⁽¹⁾ The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.

Schedule of More Information Related to Liabilities Consolidated Fund and Venture [Table Text Block]

	At		At
	September 30,		December 31,
(in thousands)	2015		2014
Debt (1)	$	6,712	$	6,712
Unfunded equity commitments to unconsolidated LTPPs		8,229		9,597
Asset management fee payable		24,400		28,848
Other liabilities		3,201		2,983
Total liabilities of consolidated LIHTC Funds	$	42,542	$	48,140

⁽¹⁾ At September 30, 2015 and December 31, 2014, this debt had a face amount equal to its carrying value, a weighted average effective interest rate of 5.3%, and was due on demand.

Schedule of Income Statement of Consolidated Funds and Ventures [Table Text Block]

	For the three months ended				For the nine months ended
	September 30,				September 30,
(in thousands)	2015		2014		2015		2014
Revenue:
Rental and other income from real estate	$	─	$	3,159	$	─	$	10,210
Interest and other income		209		682		409		4,291
Total revenue from CFVs		209		3,841		409		14,501
Expenses:
Depreciation and amortization		553		2,069		1,655		6,460
Interest expense		89		715		267		2,628
Other operating expenses		1,123		3,823		3,599		9,658
Foreign currency loss		─		3,030		─		3,556
Asset impairments		9,125		7,659		23,699		19,302
Total expenses from CFVs		10,890		17,296		29,220		41,604
Net gains (losses) related to CFVs:
Investment gains		─		10,195		─		15,491
Derivative gains		─		2,432		─		1,426
Net loss on sale of properties		─		─		─		(138)
Equity in losses from LTPPs of CFVs		(3,919)		(4,346)		(16,266)		(18,812)
Net loss		(14,600)		(5,174)		(45,077)		(29,136)
Net losses allocable to noncontrolling interests in CFVs (1)		13,792		7,138		42,264		32,335
Net (loss) income allocable to the common shareholders related    to CFVs	$	(808)	$	1,964	$	(2,813)	$	3,199

⁽¹⁾ Excludes $12,706 and $12,343 of net gain allocable to the minority interest holder in IHS PM for the three months and nine months ended September 30, 2015, respectively.  Excludes $77,326 of net loss allocable to the minority interest holder in IHS for the nine months ended September 30, 2014.  These amounts are excluded from this presentation because IHS related activity is not included within CFV income statement activity above.  There were no losses allocable to the minority interest holder in IHS for the three months ended September 30, 2014.

Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]

	For the three months ended				For the nine months ended
	September 30,				September 30,
(in thousands)	2015		2014		2015		2014
Asset management fees	$	─	$	1,844	$	─	$	3,514
Interest income		─		598		─		1,524
Guarantee fees		331		331		993		993
Equity in losses from LTPPs		(1,139)		(277)		(3,806)		(2,187)
Equity in income from SAWHF		─		246		─		388
Other expenses		─		(778)		─		(1,033)
Net (loss) income allocable to the common shareholders related    to CFVs	$	(808)	$	1,964	$	(2,813)	$	3,199