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Real Estate Fund Investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2017 and December 31, 2016, and income or loss recognized from these investments for the three and nine months ended September 30, 2017 and 2016.  

 

 

As of

 

(Amounts in thousands)

September 30, 2017

 

 

December 31, 2016

 

Our Share of Investments:

 

 

 

 

 

 

 

Property funds

$

2,673

 

 

$

22,811

 

Alternative investment fund

 

5,473

 

 

 

5,362

 

Investments in unconsolidated real estate funds

$

8,146

 

 

$

28,173

 

 

 

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

(Amounts in thousands)

 

September 30,

 

 

September 30,

 

Our Share of Net Loss:

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net investment income (loss)

 

$

104

 

 

$

170

 

 

$

228

 

 

$

(437

)

Net realized loss

 

 

(839

)

 

 

-

 

 

 

(665

)

 

 

-

 

Net unrealized gain (loss)

 

 

202

 

 

 

(361

)

 

 

(26

)

 

 

(2,939

)

Carried interest

 

 

(3,397

)

 

 

(1,063

)

 

 

(5,590

)

 

 

836

 

Loss from unconsolidated real estate funds (1)

$

(3,930

)

 

$

(1,254

)

 

$

(6,053

)

 

$

(2,540

)

 

 

(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  September 30, 2017

 

 

As of December 31, 2016

 

 

Balance Sheets:

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Real estate investments

$

51

 

 

$

15,701

 

 

$

33,259

 

 

$

64,989

 

 

$

39,376

 

 

$

165,556

 

(1)

Cash and cash equivalents

 

826

 

 

 

2,305

 

 

 

762

 

 

 

1,297

 

 

 

2,221

 

 

 

741

 

 

Other assets

 

115

 

 

 

-

 

 

 

2

 

 

 

127

 

 

 

-

 

 

 

-

 

 

Total assets

$

992

 

 

$

18,006

 

 

$

34,023

 

 

$

66,413

 

 

$

41,597

 

 

$

166,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

$

45

 

 

$

29

 

 

$

618

 

 

$

60

 

 

$

49

 

 

$

1,483

 

 

Total liabilities

 

45

 

 

 

29

 

 

 

618

 

 

 

60

 

 

 

49

 

 

 

1,483

 

 

Equity

 

947

 

 

 

17,977

 

 

 

33,405

 

 

 

66,353

 

 

 

41,548

 

 

 

164,814

 

 

Total liabilities and equity

$

992

 

 

$

18,006

 

 

$

34,023

 

 

$

66,413

 

 

$

41,597

 

 

$

166,297

 

 

 

For the Three Months Ended September 30,

 

(Amounts in thousands)

2017

 

 

2016

 

Income Statements:

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Fund II

 

 

Fund III

 

 

Fund VII

 

Investment income

$

2

 

 

$

303

 

 

$

479

 

 

$

1,389

 

 

$

480

 

 

$

1,233

 

Investment expenses

 

13

 

 

 

54

 

 

 

120

 

 

 

668

 

 

 

55

 

 

 

501

 

Net investment (loss) income

 

(11

)

 

 

249

 

 

 

359

 

 

 

721

 

 

 

425

 

 

 

732

 

Net realized losses

 

(5,020

)

 

 

(1,735

)

 

 

(3,809

)

 

 

-

 

 

 

-

 

 

 

-

 

Net unrealized gains (losses)

 

5,031

 

 

 

1,607

 

 

 

(4,871

)

 

 

(40

)

 

 

177

 

 

 

(4,815

)

Income (loss) from real estate

   fund investments

$

-

 

 

$

121

 

 

$

(8,321

)

 

$

681

 

 

$

602

 

 

$

(4,083

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30,

 

(Amounts in thousands)

2017

 

 

2016

 

Income Statements:

Fund II

 

 

Fund III

 

 

Fund VII

 

 

Fund II

 

 

Fund III

 

 

Fund VII

 

Investment income

$

3

 

 

$

1,444

 

 

$

1,441

 

 

$

1,391

 

 

$

480

 

 

$

1,233

 

Investment expenses

 

291

 

 

 

171

 

 

 

1,156

 

 

 

2,051

 

 

 

193

 

 

 

1,512

 

Net investment (loss) income

 

(288

)

 

 

1,273

 

 

 

285

 

 

 

(660

)

 

 

287

 

 

 

(279

)

Net realized losses

 

(20,221

)

 

 

(6,988

)

 

 

(3,875

)

 

 

-

 

 

 

-

 

 

 

-

 

Net unrealized gains (losses)

 

51

 

 

 

(1,411

)

 

 

(9,192

)

 

 

(31,918

)

 

 

(10,551

)

 

 

7,929

 

(Loss) income from real estate

   fund investments

$

(20,458

)

 

$

(7,126

)

 

$

(12,782

)

 

$

(32,578

)

 

$

(10,264

)

 

$

7,650