Write-Off of Abandoned Development Projects and Demolition Costs

6 Months Ended

Jun. 30, 2015

Write-off of Abandoned Development Projects and Demolition Costs [Abstract]

Write-Off of Abandoned Development Projects and Demolition Costs [Text Block]

Write-Offs of Abandoned Development Projects and Demolition Costs

On a quarterly basis, the Company reviews each project under development to determine whether it is probable the project will be developed. If management determines the project will not be developed, its project costs and other related expenses are written off as an abandoned development project cost. The Company abandons projects under development for a number of reasons, including, but not limited to, changes in local market conditions, increases in construction or financing costs or third party challenges related to entitlements or public financing. In addition, costs expensed to demolish existing structures, if any, are included in these amounts. The Company recorded write-offs of abandoned development projects and demolition costs of $5,778,000 during the three and six months ended June 30, 2015 and $933,000 during the three and six months ended June 30, 2014, respectively. The Company recorded write-offs of abandoned development projects of unconsolidated entities of $10,191,000 during the three and six months ended June 30, 2015, which is included in equity in earnings (loss). There were no write-offs of abandoned development projects of unconsolidated entities during the three and six months ended June 30, 2014.