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Consolidated Real Estate Joint Ventures
12 Months Ended
Dec. 31, 2011
Consolidated Real Estate Joint Ventures [Abstract]  
Consolidated Real Estate Joint Ventures
Consolidated Real Estate Joint Ventures

The Company owns 96% of the membership interests of VinREIT, LLC (VinREIT) and accordingly, the financial statements of VinREIT have been consolidated into the Company’s financial statements. VinREIT owns eight wineries and five vineyards located in California and Washington. The Company’s partner in VinREIT is Global Wine Partners (U.S.), LLC (GWP). GWP provides certain consulting services to VinREIT in connection with the acquisition, development, administration and marketing of vineyard properties and wineries.

As detailed in the operating agreement, GWP is entitled to receive a 1% origination fee on winery and vineyard investments and 4% of the annual cash flow of VinREIT after a charge for debt service. GWP may receive additional amounts upon certain events and after certain hurdle rates of return are achieved by us. Net income attributable to noncontrolling interest related to VinREIT was $38 thousand, $86 thousand and $231 thousand for the years ended December 31, 2011, 2010 and 2009, respectively, representing GWP’s portion of the annual cash flow. The Company’s consolidated statements of income include net losses related to VinREIT of $39.9 million, $2.2 million and $2.1 million for the years ended December 31, 2011, 2010 and 2009, respectively. The Company received operating distributions from VinREIT of $9.7 million, $332 thousand and $6.2 million during 2011, 2010 and 2009, respectively. In addition, during 2011, the Company contributed $90.9 million to VinREIT for financing activities and received distributions of $19.5 million related to property sales.

As discussed in Note 2, prior to June 18, 2010, New Roc and White Plains were owned 71.4% and 66.67%, respectively. As a result of the settlement with Mr. Cappelli and several of his affiliates on June 18, 2010, New Roc is now 100% owned by the Company and the Company has no ownership interest in City Center. The Company’s consolidated statements of net income include net income related to New Roc of $1.1 million and $0.9 million for the years ended December 31, 2010 and 2009, respectively, and net losses related to White Plains of $3.1 million, and $42.9 million for the years ended December 31, 2010 and 2009 , respectively. The Company did not receive any distributions from New Roc and White Plains during 2010 and 2009.

Prior to December 22, 2011, the Company held a 50% ownership interest in Suffolk. Suffolk completed three phases of development of an entertainment retail center adjacent to one of the Company’s megaplex theatres in Suffolk, Virginia for a total development cost of $19.8 million. On December 22, 2011, the Company acquired all of the shares from the noncontrolling interest. As of December 31, 2011, Suffolk is a wholly-owned subsidiary and is no longer a VIE. The Company’s consolidated statements of income include net income related to Suffolk of $645 thousand, $579 thousand and $475 thousand, for the years ended December 31, 2011, 2010 and 2009, respectively.