Real Estate Fund Investments (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Investment in Unconsolidated Real Estate Funds and Income or Loss from Fund Investments

The following tables summarize our investments in these unconsolidated real estate funds as of March 31, 2017 and December 31, 2016, and income or loss recognized from these investments for the three months ended March 31, 2017 and 2016.

	As of
(Amounts in thousands)	March 31, 2017		December 31, 2016
Our Share of Investments:
Property funds	$	19,250	$	22,811
Alternative investment fund		4,663		5,362
Investments in unconsolidated real estate funds	$	23,913	$	28,173

	For the Three Months Ended March 31, 2017
							Alternative
(Amounts in thousands)	Total			Property Funds			Investment Fund
Our Share of Net Income:
Net investment income (loss)	$	53		$	(7	)	$	60
Net realized gains		179			179			-
Net unrealized income		96			78			18
Carried interest		(40	)		(40	)		-
Income from unconsolidated real estate funds ⁽¹⁾	$	288		$	210		$	78

	For the Three Months Ended March 31, 2016
							Alternative
(Amounts in thousands)	Total			Property Funds			Investment Fund
Our Share of Net (Loss) Income:
Net investment (loss) income	$	(539	)	$	(569	)	$	30
Net unrealized income (loss)		229			240			(11	)
Carried interest		(16	)		(16	)		-
(Loss) income from unconsolidated real estate funds ⁽¹⁾	$	(326	)	$	(345	)	$	19

⁽¹⁾

Excludes asset management and other fee income from real estate funds, which is included as a component of “fee and other income” in our consolidated statements of income.

Schedule of Financial Information for Fund Investment

The following tables provide summarized financial information for Fund II, Fund III and Fund VII as of the dates and for the periods set forth below.

(Amounts in thousands)	As of March 31, 2017						As of December 31, 2016
Balance Sheets:	Fund II		Fund III		Fund VII		Fund II		Fund III		Fund VII
Real estate investments	$	11,134	$	19,697	$	165,690	$	64,989	$	39,376	$	165,556
Cash and cash equivalents		931		2,185		878		1,297		2,221		741
Other assets		115		-		-		127		-		-
Total assets	$	12,180	$	21,882	$	166,568	$	66,413	$	41,597	$	166,297

Other liabilities	$	58	$	53	$	1,967	$	60	$	49	$	1,483
Total liabilities		58		53		1,967		60		49		1,483
Equity		12,122		21,829		164,601		66,353		41,548		164,814
Total liabilities and equity	$	12,180	$	21,882	$	166,568	$	66,413	$	41,597	$	166,297

	For the Three Months Ended March 31,
(Amounts in thousands)	2017									2016
Income Statements:	Fund II			Fund III			Fund VII			Fund II			Fund III			Fund VII
Investment income	$	-		$	1,140		$	185		$	-		$	-		$	-
Investment expenses		196			10			476			687			52			530
Net investment (loss) income		(196	)		1,130			(291	)		(687	)		(52	)		(530	)
Net realized losses		(15,201	)		(5,253	)		-			-			-			-
Net unrealized (losses) gains		(4,997	)		(2,989	)		134			1,425			625			1,106
(Loss) income from real estate fund investments	$	(20,394	)	$	(7,112	)	$	(157	)	$	738		$	573		$	576