Investments in Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2013

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Schedule Of Combined Balance Sheet For The Company's Joint Venture [Table Text Block]

The Condensed Consolidated Balance Sheets for the Company’s joint ventures at June 30, 2013 and December 31, 2012 are as follows:

	June 30, 2013		December 31, 2012
Assets:
Real estate assets, net	$	383,685	$	452,692
Other assets ⁽¹⁾		38,599		219,760
Total assets	$	422,284	$	672,452
Liabilities and members' equity:
Mortgages payable⁽¹⁾	$	241,000	$	553,140
Other liabilities		78,685		90,255
Members' equity		102,599		29,057
Liabilities and members' equity	$	422,284	$	672,452

⁽¹⁾

The Bank of America Portfolio acquired a pool of treasury securities that defeased the mortgage loan that had previously encumbered the Bank of America Portfolio’s properties. The pledged government securities are U.S. Treasury bonds designated as defeasance collateral for mortgage notes payable of $0 and $312,140 as of June 30, 2013 and December 31, 2012, respectively.

Schedule Of Combined Income Statement For The Company's Joint Venture [Table Text Block]

The Condensed Consolidated Statements of Operations for the Company's joint ventures for the three and six months ended June 30, 2013 and 2012 or partial period for acquisitions or dispositions which closed during these periods, are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Revenues	$	18,541	$	914	$	37,799	$	1,829
Operating expenses		9,212		3		19,485		6
Interest⁽¹⁾		5,692		520		12,622		1,051
Depreciation		4,668		270		9,567		541
Total expenses		19,572		793		41,674		1,598
Net income (loss) from operations		(1,031)		121		(3,875)		231
Net gain (loss) on disposals		(4,535)		-		(4,535)		-
Net income (loss)	$	(5,566)	$	121	$	(8,410)	$	231
Company's equity in net loss within continuing operations	$	(2,604)	$	29	$	(3,792)	$	57
Company's equity in net income within discontinued operations	$	-	$	-	$	804	$	-

⁽¹⁾

The Bank of America Portfolio net loss includes interest expense of $2,849 and $7,092 for the three and six months ended June 30, 2013 from a defeased mortgage acquired as part of the Joint Venture’s acquisition. The pool of treasury securities pledged as collateral for the mortgage loan generate sufficient cash flows to cover the debt service requirements, but do not generate income to offset the interest expense. The defeased mortgage and corresponding pool of pledged treasury securities were sold in May 2013 for a loss of $4,535.