Investments in Unconsolidated Affiliated Entities (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Equity Method Investments [Line Items]

Summary of Investments in Unconsolidated Entities

A summary of the Company's investments in unconsolidated affiliated entities is as follows:

Entity	Date of Ownership		Ownership Interest as of June 30, 2013		As of June 30, 2013		As of  December 31, 2012
Brownmill LLC ("Brownmill")		Various		48.6%	$	3,991	$	4,076
LVP Rego Park, LLC ("Rego Park Joint Venture")		April 12, 2011		10.0%		3		1,874
Total investments in unconsolidated affiliated entities					$	3,994	$	5,950

Brownmill, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Unaudited Condensed Income Statements of Affiliated Entities

The following table represents the unaudited condensed income statement for Brownmill for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Revenue	$	844		$	895		$	1,805		$	1,837
Property operating expenses		319			310			708			627
Depreciation and amortization		209			218			420			435
Operating income		316			367			677			775
Interest expense and other, net		(288	)		(294	)		(575	)		(590	)
Net income	$	28		$	73		$	102		$	185
Company's share of net income	$	14		$	33		$	50		$	78
Additional depreciation and amortization expense (1)		(66	)		(73	)		(135	)		(147	)
Company's loss from investment	$	(52	)	$	(40	)	$	(85	)	$	(69	)

Note:

(1) Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the Company's investment in Brownmill and the amount of the underlying equity in net assets of Brownmill.

Unaudited Condensed Balance Sheets of Affiliated Entities

The following table represents the condensed balance sheets for Brownmill as of the dates indicated:

	As of			As of
	June 30, 2013			December 31, 2012
Investment property, at cost (net)	$	16,391		$	16,760
Cash and restricted cash		1,162			947
Other assets		1,544			1,602
Total assets	$	19,097		$	19,309
Mortgage payable	$	20,931		$	21,159
Other liabilities		453			540
Members' deficiency		(2,287	)		(2,390	)
Total liabilities and members' deficiency	$	19,097		$	19,309

LVP Rego Park, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Unaudited Condensed Income Statements of Affiliated Entities

The following table represents the unaudited condensed income statement for the Rego Park Joint Venture for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended  June 30,
	2013			2012			2013			2012
Operating expenses	$	1			1		$	2			4
Operating loss		(1	)		(1	)		(2	)		(4	)
Interest income		857			787			1,725			1,550
Net income	$	856		$	786		$	1,723		$	1,546
Company's share of net income	$	85		$	79		$	172		$	155
Additional depreciation and amortization expense		(16	)		-			(16	)		-
Company's loss from investment	$	69		$	79		$	156		$	155

Unaudited Condensed Balance Sheets of Affiliated Entities

The following table represents the unaudited condensed balance sheets for the Rego Park Joint Venture as of the dates indicated:

	As of		As of
	June 30, 2013		December 31, 2012
Cash and restricted cash	$	27	$	91
Mortgage note receivable, net		-		18,443
Other assets		-		45
Total assets	$	27	$	18,579
Members' capital	$	27	$	18,579
Total liabilities and members' capital	$	27	$	18,579