2.4.0.80011 - Disclosure - Investments In Advised Fundstruefalsefalse1false falsefalseFrom2013-01-01to2013-06-30http://www.sec.gov/CIK0001397807duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_EquityMethodInvestmentsAndJointVenturesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Equity Method Investments and Joint Ventures [Abstract]2false 2us-gaap_EquityMethodInvestmentsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse005. INVESTMENTS IN ADVISED FUNDS           As of June 30, 2013, our Advised Funds included four high net worth investment funds, one institutional joint venture with Goldman Sachs, one institutional joint venture with J.P. Morgan Investment Management, one institutional joint venture with AEW Capital and one joint venture with two of our high net worth investment funds, MIG III and MIG IV. Our Advised Funds are accounted for under the equity method as we exercise significant influence over, but do not control, the investee. We record our pro rata share of income or loss from the underlying entities based on our ownership interest. The table below details our investments in our Advised Funds as of June 30, 2013, and December 31, 2012. <table border="0" cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="font-size: 1px"> <td style="width: 53%; vertical-align: bottom">   </td> <td style="width: 1%; vertical-align: bottom">   </td> <td style="width: 1%; vertical-align: bottom">   </td> <td style="width: 12%; vertical-align: bottom">   </td> <td style="width: 3%; vertical-align: bottom">   </td> <td style="width: 1%; vertical-align: bottom">   </td> <td style="width: 12%; vertical-align: bottom">   </td> <td style="width: 3%; vertical-align: bottom">   </td> <td style="width: 1%; vertical-align: bottom">   </td> <td style="width: 12%; vertical-align: bottom">   </td> <td style="width: 1%; vertical-align: bottom">   </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: BLACK 1px solid"> Investment </td> <td style="vertical-align: bottom">   </td> <td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid"> Ownership </td> <td style="vertical-align: bottom">   </td> <td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid"> June 30, 2013 </td> <td style="vertical-align: bottom">   </td> <td colspan="2" style="vertical-align: bottom; border-bottom: BLACK 1px solid"> December 31, 2012 </td> <td style="vertical-align: bottom">   </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #D6F3E8"> High net worth investment funds: </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> </tr> <tr> <td style="vertical-align: bottom"> MIG </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 2.4 </td> <td style="vertical-align: bottom"> % </td> <td style="vertical-align: bottom"> $ </td> <td style="vertical-align: bottom"> 168 </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> $ </td> <td style="vertical-align: bottom"> 171 </td> <td style="vertical-align: bottom">   </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #D6F3E8"> MIG II </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 2.6 </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> % </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 199 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 201 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> </tr> <tr> <td style="vertical-align: bottom"> MIG III </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 2.1 </td> <td style="vertical-align: bottom"> % </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 184 </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 197 </td> <td style="vertical-align: bottom">   </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #D6F3E8"> MIG IV </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 2.6 </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> % </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 170 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 177 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> </tr> <tr> <td style="vertical-align: bottom"> Joint Ventures: </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #D6F3E8"> AmREIT MacArthur Park, LLC </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 30.0 </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> % </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 9,011 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> </tr> <tr> <td style="vertical-align: bottom"> AmREIT SPF Shadow Creek, L.P. </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 10.0 </td> <td style="vertical-align: bottom"> % </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 5,620 </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 5,728 </td> <td style="vertical-align: bottom">   </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #D6F3E8"> AmREIT Westheimer Gessner, L.P. </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 10.0 </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> % </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 1,400 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8"> 1,364 </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 1px"> AmREIT Woodlake, L.P. </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom"> 1.0 </td> <td style="vertical-align: bottom; padding-bottom: 1px"> % </td> <td style="vertical-align: bottom; border-bottom: BLACK 1px solid">   </td> <td style="vertical-align: bottom; border-bottom: BLACK 1px solid"> 115 </td> <td style="vertical-align: bottom; padding-bottom: 1px">   </td> <td style="vertical-align: bottom; border-bottom: BLACK 1px solid">   </td> <td style="vertical-align: bottom; border-bottom: BLACK 1px solid"> 115 </td> <td style="vertical-align: bottom; padding-bottom: 1px">   </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px"> Total </td> <td style="vertical-align: bottom; background-color: #D6F3E8">  </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double"> $ </td> <td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double"> 16,867 </td> <td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">   </td> <td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double"> $ </td> <td style="vertical-align: bottom; background-color: #D6F3E8; border-bottom: BLACK 3px double"> 7,953 </td> <td style="vertical-align: bottom; background-color: #D6F3E8; padding-bottom: 3px">   </td> </tr> <tr> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> <td style="vertical-align: bottom">   </td> </tr> </table> High Net Worth Investment Funds           Our four high net worth investment funds are limited partnerships, wherein each of the unrelated limited partners have the right, with or without cause, to remove and replace the general partner by a vote of the unrelated limited partners owning a majority of the outstanding units. These high net worth investment funds were formed to develop, own, manage and add value to properties with an average holding period of two to four years. Our interests in these limited partnerships range from 2.1% to 2.6%. As their sponsor, we maintain a 1% general partner interest in each of the Advised Funds. The funds are typically structured such that the limited partners receive 99% of the available cash flow until 100% of their original invested capital has been returned and a preferred return has been met. Once the preferred return has been met, the general partner begins sharing in the available cash flow at various promoted levels. We do not expect our Advised Funds will achieve their respective preferred returns. Our Advised Funds are designed to have a finite life with a specified liquidation commencement date, which may be extended depending upon approval from the majority of the limited partners. Once the liquidation commencement begins, we, as general partner, will begin to actively market all operating properties, complete all development and redevelop projects and wind up operations in an orderly fashion, which may take months or years to complete.           MIG MIGC, our wholly-owned subsidiary, invested $200,000 as a limited partner and $1,000 as a general partner in MIG. We currently own a 1.4% limited partner interest in MIG. MIG was originally scheduled to begin liquidation in November 2009; however, the liquidation commencement date was extended to March 2013, pursuant to the approval of a majority of the limited partners. We expect MIG to be liquidated within the next 12 to 18 months. Pursuant to the MIG limited partnership agreement, net sales proceeds from its liquidation will be allocated to the limited partners and to MIGC as, if and when the annual return thresholds have been achieved by the limited partners.           MIG II MIGC II, our wholly-owned subsidiary, invested $400,000 as a limited partner and $1,000 as a general partner in MIG II. We currently own a 1.6% limited partner interest in MIG II. MIG II was originally scheduled to begin liquidation in March 2011; however, the liquidation commencement date was extended to March 2013, pursuant to the approval of a majority of the limited partners. We expect MIG II to be liquidated within the next 12 to 18 months. Pursuant to the MIG II limited partnership agreement, net sales proceeds from its liquidation will be allocated to the limited partners and to MIGC II as, if and when the annual return thresholds have been achieved by the limited partners.           MIG III MIGC III, our wholly-owned subsidiary, invested $800,000 as a limited partner and $1,000 as a general partner in MIG III. We currently own a 1.1% limited partner interest in MIG III. MIG IIIs liquidation date commenced on October 31, 2012. During the liquidation stage, we cannot reinvest net proceeds from the sales of properties without limited partner approval. As we stabilize and sell the properties, we will either be presenting, to the extent available, additional investment opportunities to the limited partners or will be distributing to them the net proceeds received from the sales of the properties. Pursuant to the MIG III limited partnership agreement, net sales proceeds from its liquidation will be allocated to the limited partners and to MIGC III as, if and when the annual return thresholds have been achieved by the limited partners.           MIG IV MIGC IV, our wholly-owned subsidiary, invested $800,000 as a limited partner and $1,000 as a general partner in MIG IV. We currently own a 1.6% limited partner interest in MIG IV. MIG IV is scheduled to commence liquidation in November 2013; however, we may extend the liquidation commencement date, subject to approval by a majority of the limited partners. During the liquidation stage, we cannot reinvest net proceeds from the sales of properties without limited partner approval. As we stabilize and sell the properties, we will either be presenting, to the extent available, additional investment opportunities to the limited partners or will be distributing to them the net proceeds received from the sales of the properties. Pursuant to the MIG IV limited partnership agreement, net sales proceeds from its liquidation will be allocated to the limited partners and to MIGC IV as, if and when the annual return thresholds have been achieved by the limited partners. Joint Ventures           AmREIT MacArthur Park LLC On March 26, 2013, we completed the entry into the MacArthur Park Joint Venture with Goldman Sachs whereby we contributed our MacArthur Park property for a 30% interest in the joint venture, and Goldman Sachs contributed cash for a 70% interest in the joint venture. See Note 4 for a further discussion of this transaction. We continue to manage and lease the property on behalf of the MacArthur Park Joint Venture and we retain a right of first offer to acquire the project in the future, after a lock-out period. Upon closing this transaction, the MacArthur Park Joint Venture incurred acquisition costs of $547,000, of which $164,000 represents our 30% portion. Our portion of these costs has been included in loss from Advised Funds on our consolidated statements of operation for the six months ended June 30, 2013. We have recorded our 30% retained interest in the MacArthur Park Joint Venture at its historical carrying value. Such retained interest as of June 30, 2013, differs from our proportionate share of the joint ventures net assets by $2.8 million. This basis difference represents the difference between the historical carrying value and the fair value of the MacArthur Park net assets that we retained. We amortize this basis difference over the expected holding period of the joint venture and include the amortization in income (loss) from Advised Funds on our consolidated statements of operations.           AmREIT Westheimer Gessner, L.P. In 2007, we invested $3.8 million in AmREIT Westheimer Gessner, L.P., for a 30% limited partner interest in the partnership. AmREIT Westheimer Gessner, L.P. was formed in 2007 to acquire, lease and manage the Woodlake Pointe Shopping Center, a shopping center located on the west side of Houston, Texas. In June 2008, we sold two-thirds of our interest (a 20% limited partner interest) in the Woodlake Pointe Shopping Center to MIG IV. Pursuant to the purchase agreement, our interest in the property was sold at its carrying value, resulting in no gain or loss to us. We now hold a 10% interest in the Woodlake Pointe Shopping Center.           AmREIT SPF Shadow Creek, L.P. In 2009, we acquired a 10% investment in AmREIT SPF Shadow Creek, L.P., which was formed to acquire, lease and manage Shadow Creek Ranch, a shopping center located in Pearland, Texas. The investment was recorded at $5.8 million on the date of the acquisition, net of acquisition costs of $441,000, which were recorded as an other-than-temporary impairment.           VIF II/AmREIT Woodlake, L.P. In 2007, we invested $3.4 million in VIF II/AmREIT Woodlake, L.P., for a 30% limited partnership interest. VIF II/AmREIT Woodlake, L.P. was formed in 2007 to acquire, lease and manage Woodlake Square, a grocery-anchored shopping center located in Houston, Texas. In June 2008, we sold two-thirds (a 20% limited partnership interest) of our interest in Woodlake Square to MIG IV. Pursuant to the purchase agreement, the interest in the property was sold at its carrying value, resulting in no gain or loss to us. In July 2010, we and our affiliated partners entered into a joint venture with a third-party institutional partner wherein the partner acquired a 90% interest in the joint venture. As a result of this transaction, we now hold a 1% interest in Woodlake Square, which carries a promoted interest in profits and cash flows once an 11.65% return is met on the project. On July 15, 2013, we entered into a purchase and sale agreement to purchase the Woodlake Square shopping center from this joint venture. See Note 4 for a further discussion of this pending acquisition. falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 false0Investments In Advised FundsfalseInvestments In Advised FundsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://amreitinc.com/role/DisclosureInvestmentsInAdvisedFunds12