Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Development of Joint Venture and Acquisition of Properties

During the year ended December 31, 2015, the Company acquired an ownership interest in one consolidated joint venture, which was developing the following property:



Property Name and Location	Date Acquired	Operator/Developer	Ownership Interest⁽¹⁾	Land Contract Purchase Price (in millions)
Hampton Roads Suffolk, VA (the “Hampton Roads Property”)	4/30/2015	The Bainbridge Companies, LLC	90%	$5.2

FOOTNOTE:

(1)

The property was acquired through a joint venture with a third party. In the joint venture arrangement, the Company is the managing member and the joint venture partner or its affiliates manage the development, construction and certain day-to-day operations of the property subject to the Company’s oversight. Generally, distributions of operating cash flow will be distributed pro rata based on each member’s ownership interest. In addition, generally, proceeds from a capital event, such as a sale of the property or refinancing of the debt, will be distributed pro rata until the members of the joint venture receive the return of their invested capital and a specified minimum return thereon, and thereafter, the respective co-venture partner will receive a disproportionately higher share of any remaining proceeds at varying levels based on the Company having received certain minimum threshold returns.