Investment in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2014

Investment in Partially Owned Entities [Abstract]

Schedule of Various Consolidated Variable Interest Entities

For the VIEs where the Company is the primary beneficiary, the following are the liabilities of the consolidated VIEs which are not recourse to the Company, and the assets that can be used only to settle those obligations.



	As of September 30, 2014		December 31, 2013
Net investment properties	$27,723		$123,121
Other assets	233		8,766
Total assets	27,956		131,887
Mortgages, notes and margins payable	(13,973	)	(77,873	)
Other liabilities	(3,902	)	(49,904	)
Total liabilities	(17,875	)	(127,777	)
Net assets	$10,081		$4,110

Schedule of Net Equity Investment and Share of Net Income or Loss

Under the equity method of accounting, the net equity investment of the Company and the Company’s share of net income or loss from the unconsolidated entity are reflected in the consolidated balance sheets and the consolidated statements of operations and comprehensive income.



Entity	Description	Ownership %	Investment at September 30, 2014	Investment at December 31, 2013
Cobalt Industrial REIT II	Industrial portfolio	36%	$72,463	$83,306
Brixmor/IA JV, LLC	Retail Shopping Centers	(a)	60,960	77,551
IAGM Retail Fund I, LLC	Retail Shopping Centers	55%	110,102	90,509
Other Unconsolidated Entities (b)	Various real estate investments	Various	5,340	12,552
			$248,865	$263,918

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

The following table presents the combined condensed financial information for the Company’s investment in unconsolidated entities.



	September 30, 2014		December 31, 2013
Assets:
Real estate assets, net of accumulated depreciation	$1,513,473		$	1,558,312
Other assets	261,235		272,810
Total Assets	1,774,708		1,831,122
Liabilities and Equity:
Mortgage debt	1,075,711		1,135,630
Other liabilities	103,382		96,217
Equity	595,615		599,275
Total Liabilities and Equity	$1,774,708		$1,831,122
Company’s share of equity	$263,316		$278,745
Net excess of cost of investments over the net book value of underlying net assets (net of accumulated depreciation of $1,168 and $783, respectively)	(14,451	)	(14,827		)
Carrying value of investments in unconsolidated entities	$248,865		$263,918



	Three Months Ended					Nine Months Ended
	September 30, 2014			September 30, 2013		September 30, 2014			September 30, 2013
Revenues	$	48,036		$	57,566	$	148,760		$	168,863
Expenses:
Interest expense and loan cost amortization	6,713			12,399		31,718			38,344
Depreciation and amortization	23,215			18,590		56,978			51,438
Operating expenses, ground rent and general and administrative expenses	22,602			19,098		60,678			55,121
Total expenses	52,530			50,087		149,374			144,903
Net (loss) income	$	(4,494	)	$	7,479	$	(614	)	$	23,960
Company’s share of:
Net income, net of excess basis depreciation of $129 and $125, and $385 and $400, respectively	$	(2,089	)	$	3,000	$	334		$	11,044

Schedule of Debt Maturities of the Unconsolidated Entities

The unconsolidated entities had total third party debt of $1,075,711 at September 30, 2014 that matures as follows:



Year	Amount
2014	$44,147
2015	16,120
2016	19,500
2017	200,119
2018	318,028
Thereafter	477,797
	$1,075,711

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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