Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of information about consolidated properties

The following table presents certain information about our consolidated properties as of December 31, 2015:



Property Name	Location	Approximate Rentable Square Footage (Unaudited)		Description	Ownership Interest		Year Acquired
Chase Park Plaza	St. Louis, Missouri	—		hotel and condominium development property	100%	(1)	2006
Las Colinas Commons⁽²⁾	Irving, Texas	239,000		3-building office complex	100%		2006
Frisco Square	Frisco, Texas	(3	)	mixed-use development (multifamily, retail, office, restaurant and land)	(3)		2007
Northpoint Central	Houston, Texas	180,000		9-story office building	100%		2007
The Lodge & Spa at Cordillera	Edwards, Colorado	—		land, hotel and development property	94%		2007
Northborough Tower	Houston, Texas	207,000		14-story office building	100%		2008
Royal Island⁽⁴⁾	Commonwealth of Bahamas	—		land	87%		2012

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(1)	On August 5, 2014, we received the 5% interests of Chase Park Plaza Hotel and Chase — The Private Residences held by Kingsdell, L.P. and now own 100% of the entities.


(2)	Our Las Colinas Commons office building is classified as held for sale in our consolidated balance sheet as of December 31, 2015. We sold the property on February 2, 2016.


(3)	Our Frisco Square mixed-use development consists of 101,000 square feet of office space, 71,000 square feet of retail, a 41,500 square foot movie theater, 114 multifamily units, approximately 27 acres of land which we own 100%, and a 3.4 acre multifamily project in development in which we own a 90% interest.


(4)	Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71% of Royal Island.

Schedule of unaudited pro forma

Chase Park Plaza Hotel contributed a net loss of $0.7 million to our consolidated statements of operations for the period from February 19, 2013 through December 31, 2013. The following unaudited pro forma summary presents financial information as if the hotel operations had been consolidated on January 1, 2012 (in thousands, except per share amounts):



Description	Unaudited Pro Forma for the Twelve Months Ended December 31, 2013
Rental revenue	$	20,007
Hotel revenue	33,313
Property operating expenses	11,127
Hotel operating expenses	25,331
Bad debt expense⁽¹⁾	498
Net loss	(18,537		)
Net loss per share	$	(0.33	)

These unaudited pro forma amounts have been calculated after applying our accounting policies and adjusting the results of Chase Park Plaza Hotel to reflect the elimination of the lease rental revenue and the consolidation of the hotel operations as if it had been applied from January 1, 2012.

Schedule of information about unconsolidated investments

Investment in Unconsolidated Joint Venture

The following table presents certain information about our unconsolidated investment as of December 31, 2015 and 2014 ($ in thousands):



	Ownership Interest		Carrying Value of Investment
Property Name	Ownership Interest		December 31, 2015		December 31, 2014
Central Europe Joint Venture	47.01	%	$	13,953	$	15,948

Schedule of proportionate share of combined assets and liabilities of investment properties

Our investment in the unconsolidated joint venture as of December 31, 2015 and 2014 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands):



	December 31, 2015		December 31, 2014
Real estate assets, net	$	59,415	$	88,681
Cash and cash equivalents	6,827		3,872
Other assets	1,441		1,872
Total assets	$	67,683	$	94,425

Notes payable	$	40,895	$	65,373
Other liabilities	2,526		3,239
Total liabilities	43,421		68,612

Equity	24,262		25,813
Total liabilities and equity	$	67,683	$	94,425

Schedule of proportionate share of combined losses of unconsolidated joint ventures

Our equity in earnings (losses) from our investment is our proportionate share of the combined earnings (losses) of our unconsolidated joint venture for the years ended December 31, 2015, 2014, and 2013, shown at 100%, as follows (in thousands):



	Year Ended December 31,
	2015				2014			2013
Revenue	$	8,247			$	10,696		$	11,259

Operating expenses:
Operating expenses	2,165				2,487			2,846
Property taxes	252				321			323
Total operating expenses	2,417				2,808			3,169

Operating income	5,830				7,888			8,090

Non-operating expenses:
Depreciation and amortization	3,131				4,225			4,752
Impairment charge	2,634			(1)	—			5,913			(1)
Interest and other, net	3,244				3,743			1,029
Gain on sale	(3,294		)		(442		)	—
Gain on extinguishment of debt	(2,030		)		—			—
Total non-operating expenses	3,685				7,526			11,694

Net income	$	2,145			$	362		$	(3,604	)

Equity in earnings of unconsolidated joint venture⁽²⁾	$	1,008			$	170		$	(1,694	)

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(1)	Our Central Europe Joint Venture recorded impairment charges of approximately $2.6 million and $5.9 million during the years ended December 31, 2015 and 2013, respectively.


(2)	Company's share of net income (loss).