Investments in Unconsolidated Real Estate Funds (Tables)

12 Months Ended

Dec. 31, 2018

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 the dates thereof and the income or loss recognized for the periods set forth below.

	As of December 31,
(Amounts in thousands)	2018		2017
Our Share of Investments:
Property Funds	$	2,340	$	2,429
Alternative Investment Fund		8,012		4,824
Investments in unconsolidated real estate funds	$	10,352	$	7,253


	For the Year Ended December 31,
(Amounts in thousands)	2018			2017			2016
Our Share of Net Loss:
Net investment income (loss)	$	291		$	236		$	(324	)
Net realized loss		-			(126	)		-
Net unrealized loss		(560	)		(663	)		(1,706	)
Carried interest		-			(5,590	)		1,532
Loss from unconsolidated real estate funds	$	(269	)	$	(6,143	)	$	(498	)

Summarized Financial Information of Investments in Unconsolidated Real Estate Funds, Excluding Fund X

The following tables provide the summarized financial information of our unconsolidated real estate funds, excluding Fund X, as of the dates and for the periods set forth below.


(Amounts in thousands)	As of December 31,
Balance Sheets:	2018		2017
Real estate investments	$	645,013	$	405,931
Cash and cash equivalents		10,791		5,076
Other assets		10		74
Total assets	$	655,814	$	411,081

Other liabilities	$	1,483	$	1,308
Total liabilities		1,483		1,308
Equity		654,331		409,773
Total liabilities and equity	$	655,814	$	411,081

(Amounts in thousands)	For the Year Ended December 31,
Income Statements:	2018			2017			2016
Investment income	$	33,814		$	29,013		$	20,484
Investment expenses		10,587			7,086			7,466
Net investment income		23,227			21,927			13,018
Net realized losses		-			(72,134	)		-
Previously recorded unrealized losses		-			35,682			-
Net unrealized (losses) gains		(4,656	)		(6,266	)		14,275
Income (loss) from real estate fund investments	$	18,571		$	(20,791	)	$	27,293