INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

3 Months Ended

Mar. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Summary activity related to the RCP Venture Investments from Inception

The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2013:

(dollars in thousands)						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	45,966	$	4,901	$	11,251
Mervyns Add-On investments	2005/2008	7,547		3,558		1,252		819
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,108		1,659		222		332
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		1,956		535		392
		$	63,214	$	142,236	$	12,070	$	30,612

Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates

The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates:

(dollars in thousands)	March 31, 2013			December 31, 2012
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	321,445		$	441,611
Investment in unconsolidated affiliates	93,009			93,923
Other assets	30,192			39,035
Total assets	$	444,646		$	574,569
Liabilities and partners’ equity
Mortgage notes payable	$	159,255		$	326,296
Other liabilities	16,913			24,267
Partners’ equity	268,478			224,006
Total liabilities and partners’ equity	$	444,646		$	574,569
Company’s investment in and advances to unconsolidated affiliates	$	222,462		$	221,694
Company's share of distributions in excess of income from and investments in unconsolidated affiliates	$	(12,488	)	$	(22,707	)

Summary of Statement of Income of the Company’s investments in unconsolidated affiliates

	Three Months Ended
(dollars in thousands)	March 31, 2013			March 31, 2012
Combined and Condensed Statements of Operations
Total revenues	$	10,999		$	12,296
Operating and other expenses	4,281			4,454
Interest and other finance expense	2,031			4,638
Equity in losses of unconsolidated affiliates	(711		)	(1,623		)
Depreciation and amortization	2,081			2,272
Net income	$	1,895		$	(691	)
Company’s share of net income	$	2,348		$	42
Amortization of excess investment	(98		)	(98		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	2,250		$	(56	)