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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
 9 Months Ended
Sep. 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 September 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

 
2,460

 
222

 
492

Marsh and Add-On investments
2006/2008
2,667

 
2,639

 
533

 
528

Rex Stores
2007
2,701

 
1,956

 
535

 
392

 
 
$
63,214

 
$
144,813

 
$
12,070

 
$
31,146
Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates
The following Combined and Condensed Balance Sheets and Statements of Income, summarize the financial information of the Company’s investments in unconsolidated affiliates:

(dollars in thousands)
September 30,
2013
 
December 31,
2012
Combined and Condensed Balance Sheets
 
 
 
Assets
 
 
 
Rental property, net
$
365,399

 
$
441,611

Real estate under development
2,224

 
—

Investment in unconsolidated affiliates
63,745

 
93,923

Other assets
40,908

 
39,035

Total assets
$
472,276

 
$
574,569

Liabilities and partners’ equity
 

 
 

Mortgage notes payable
$
241,907

 
$
326,296

Other liabilities
20,718

 
24,267

Partners’ equity
209,651

 
224,006

Total liabilities and partners’ equity
$
472,276

 
$
574,569

Company’s investment in and advances to unconsolidated affiliates
$
199,113

 
$
221,904

Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates
$
(12,426
)
 
$
(22,707
)
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates
 
Three Months Ended
 
Nine Months Ended
(dollars in thousands)
September 30,
2013
 
September 30,
2012
 
September 30,
2013
 
September 30,
2012
Combined and Condensed Statements of Income
 
 
 
 
 
 
 
Total revenues
$
13,731

 
$
11,903

 
$
35,577

 
$
36,121

Operating and other expenses
(4,139
)
 
(4,977
)
 
(13,117
)
 
(13,793
)
Interest and other finance expense
(2,359
)
 
(4,603
)
 
(6,446
)
 
(13,854
)
Equity in earnings of unconsolidated affiliates
1,284

 
1,398

 
7,154

 
6,244

Depreciation and amortization
(3,200
)
 
(2,573
)
 
(7,888
)
 
(7,216
)
Gain on sale of property
—

 
—

 
—

 
3,402

Net income
$
5,317

 
$
1,148

 
$
15,280

 
$
10,904

 
 
 
 
 
 
 
 
Company’s share of net income (losses)
$
4,307

 
$
(2,440
)
 
$
7,568

 
$
2,291

Amortization of excess investment
(98
)
 
(98
)
 
(294
)
 
(294
)
Company’s equity in earnings (losses) of unconsolidated affiliates
$
4,209

 
$
(2,538
)
 
$
7,274

 
$
1,997