INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2013:

(dollars in thousands)		Investment Group Share				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		5,334		1,252		1,193
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	$	144,012	$	12,070	$	30,986

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

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

(dollars in thousands)	June 30, 2013			December 31, 2012
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	367,096		$	441,611
Investment in unconsolidated affiliates	63,746			93,923
Other assets	31,830			39,035
Total assets	$	462,672		$	574,569
Liabilities and partners’ equity
Mortgage notes payable	$	242,449		$	326,296
Other liabilities	16,633			24,267
Partners’ equity	203,590			224,006
Total liabilities and partners’ equity	$	462,672		$	574,569
Company’s investment in and advances to unconsolidated affiliates	$	188,299		$	221,904
Company's share of distributions in excess of income from and investments in unconsolidated affiliates	$	(12,319	)	$	(22,707	)

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

	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Combined and Condensed Statements of Income
Total revenues	$	10,846		$	11,922		$	21,845		$	24,218
Operating and other expenses	(4,698		)	(4,362		)	(8,979		)	(8,816		)
Interest and other finance expense	(2,056		)	(4,613		)	(4,087		)	(9,251		)
Equity in earnings of unconsolidated affiliates	6,581			6,469			5,870			4,846
Depreciation and amortization	(2,608		)	(2,371		)	(4,688		)	(4,643		)
Gain on sale of property	—			3,402			—			3,402
Net income	$	8,065		$	10,447		$	9,961		$	9,756
Company’s share of net income	$	913		$	4,689		$	3,261		$	4,731
Amortization of excess investment	(98		)	(98		)	(196		)	(196		)
Company’s equity in earnings of unconsolidated affiliates	$	815		$	4,591		$	3,065		$	4,535