Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2012

Investments in Unconsolidated Entities

Investments in Unconsolidated Entities

6.Investments in Unconsolidated Entities

Investments in unconsolidated entities consists of our undivided tenant-in-common (“TIC”) interests and noncontrolling interests in certain properties.

The following is a summary of our investments in unconsolidated entities as of September 30, 2012 and December 31, 2011 (in thousands):

	September 30, 2012		December 31, 2011
Property Name	Ownership Interest		Ownership Interest		September 30, 2012		December 31, 2011
Wanamaker Building	60.00	%	60.00	%	$	48,985	$	48,170
Alamo Plaza	40.66	%	40.66	%	13,831		13,992
St. Louis Place	0.00	%	35.71	%	—		6,304
200 South Wacker	9.86	%	9.82	%	3,103		2,814
Total					$	65,919	$	71,280

On February 10, 2012, pursuant to a foreclosure, we transferred our TIC interest in St. Louis Place to the lender associated with the property resulting in a gain on troubled debt restructuring of approximately $0.2 million and a gain on transfer of assets of approximately $0.4 million.  For the three months ended September 30, 2012 and 2011, we recorded approximately $0.4 million in equity in earnings of investments and $2.8 million in equity in losses of investments, respectively.   For the nine months ended September 30, 2012 and 2011, we recorded approximately $1.3 million in equity in earnings of investments and $2.2 million in equity in losses of investments, respectively.  For the nine months ended September 30, 2012 and 2011, we recorded approximately $2.8 million and $1.1 million of distributions from our investments in unconsolidated entities.  For the nine months ended September 30, 2012 and 2011, we made additional investments in unconsolidated entities of approximately $0.7 million and $4.1 million, respectively.  The equity in losses in 2011 were primarily due to a non-cash impairment charge recorded on our former TIC interest in the St. Louis Place property.  Our equity in earnings (losses) of investments for the three and nine months ended September 30, 2012 and 2011 from these investments represents our proportionate share of the combined earnings for the period of our ownership.  On October 16, 2012, we sold our interest in Alamo Plaza to an unaffiliated third party.  Our ownership interest in the total contract sales price was approximately $21.8 million and generated approximately $8.8 million in net cash proceeds to us.