Noncontrolling Interests In Consolidated Joint Ventures

3 Months Ended

Mar. 31, 2016

Noncontrolling Interests In Consolidated Joint Ventures [Abstract]

Noncontrolling Interests In Consolidated Joint Ventures

16.  NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES

The Company consolidates certain joint ventures in which it has ownership interests.  Various entities and/or individuals hold noncontrolling interests in these ventures.

The following table reflects the activity of noncontrolling interests in consolidated joint ventures for the three months ended March 31, 2016 and 2015, respectively (dollars in thousands):

		Three Months Ended
		March 31,
		2016		2015
Balance at January 1	$	57,141	$	55,057
Net income (loss)		(706)		(490)
Increase in noncontrolling interests		997		94
Balance at March 31	$	57,432	$	54,661

PARTICIPATION RIGHTS

The Company’s interests in certain real estate projects (three properties and a future development) each provide for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum.