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Real Estate Fund Investments (Tables)
 6 Months Ended
Jun. 30, 2017
Real Estate Investments [Abstract]  
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 June 30, 2017 and December 31, 2016, and income or loss recognized from these investments for the three and six months ended June 30, 2017 and 2016.  

 

 

As of

 

(Amounts in thousands)

June 30, 2017

 

 

December 31, 2016

 

Our Share of Investments:

 

 

 

 

 

 

 

Property funds

$

16,749

 

 

$

22,811

 

Alternative investment fund

 

5,252

 

 

 

5,362

 

Investments in unconsolidated real estate funds

$

22,001

 

 

$

28,173

 

 

 

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

(Amounts in thousands)

 

June 30,

 

 

June 30,

 

Our Share of Net Loss:

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net investment income (loss)

 

$

71

 

 

$

(68

)

 

$

124

 

 

$

(607

)

Net realized (loss) gain

 

 

(5

)

 

 

-

 

 

 

174

 

 

 

-

 

Net unrealized loss

 

 

(324

)

 

 

(2,807

)

 

 

(228

)

 

 

(2,578

)

Carried interest

 

 

(2,153

)

 

 

1,915

 

 

 

(2,193

)

 

 

1,899

 

Loss from unconsolidated real estate funds (1)

$

(2,411

)

 

$

(960

)

 

$

(2,123

)

 

$

(1,286

)

 

 

(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  June 30, 2017

 

 

As of December 31, 2016

 

 

Balance Sheets:

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Real estate investments

$

11,151

 

 

$

19,669

 

 

$

158,822

 

(1)

$

64,989

 

 

$

39,376

 

 

$

165,556

 

(1)

Cash and cash equivalents

 

882

 

 

 

2,102

 

 

 

2,676

 

 

 

1,297

 

 

 

2,221

 

 

 

741

 

 

Other assets

 

115

 

 

 

-

 

 

 

97

 

 

 

127

 

 

 

-

 

 

 

-

 

 

Total assets

$

12,148

 

 

$

21,771

 

 

$

161,595

 

 

$

66,413

 

 

$

41,597

 

 

$

166,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

$

90

 

 

$

75

 

 

$

1,531

 

 

$

60

 

 

$

49

 

 

$

1,483

 

 

Total liabilities

 

90

 

 

 

75

 

 

 

1,531

 

 

 

60

 

 

 

49

 

 

 

1,483

 

 

Equity

 

12,058

 

 

 

21,696

 

 

 

160,064

 

 

 

66,353

 

 

 

41,548

 

 

 

164,814

 

 

Total liabilities and equity

$

12,148

 

 

$

21,771

 

 

$

161,595

 

 

$

66,413

 

 

$

41,597

 

 

$

166,297

 

 

 

For the Three Months Ended June 30,

 

(Amounts in thousands)

2017

 

 

2016

 

Income Statements:

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Fund II

 

 

Fund III

 

 

Fund VII

 

Investment income

$

1

 

 

$

1

 

 

$

777

 

 

$

1

 

 

$

-

 

 

$

-

 

Investment expenses

 

82

 

 

 

107

 

 

 

560

 

 

 

696

 

 

 

86

 

 

 

481

 

Net investment (loss) income

 

(81

)

 

 

(106

)

 

 

217

 

 

 

(695

)

 

 

(86

)

 

 

(481

)

Net realized losses

 

-

 

 

 

-

 

 

 

(66

)

 

 

-

 

 

 

-

 

 

 

-

 

Net unrealized gains (losses)

 

17

 

 

 

(29

)

 

 

(4,456

)

 

 

(33,304

)

 

 

(11,353

)

 

 

11,638

 

(Loss) income from real estate

   fund investments

$

(64

)

 

$

(135

)

 

$

(4,305

)

 

$

(33,999

)

 

$

(11,439

)

 

$

11,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

(Amounts in thousands)

2017

 

 

2016

 

Income Statements:

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Fund II

 

 

Fund III

 

 

Fund VII

 

Investment income

$

1

 

 

$

1,141

 

 

$

962

 

 

$

2

 

 

$

-

 

 

$

-

 

Investment expenses

 

278

 

 

 

117

 

 

 

1,036

 

 

 

1,383

 

 

 

138

 

 

 

1,011

 

Net investment (loss) income

 

(277

)

 

 

1,024

 

 

 

(74

)

 

 

(1,381

)

 

 

(138

)

 

 

(1,011

)

Net realized losses

 

(15,201

)

 

 

(5,253

)

 

 

(66

)

 

 

-

 

 

 

-

 

 

 

-

 

Net unrealized (losses) gains

 

(4,980

)

 

 

(3,018

)

 

 

(4,321

)

 

 

(31,878

)

 

 

(10,728

)

 

 

12,744

 

(Loss) income from real estate

   fund investments

$

(20,458

)

 

$

(7,247

)

 

$

(4,461

)

 

$

(33,259

)

 

$

(10,866

)

 

$

11,733