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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
9 Months Ended
Sep. 30, 2014
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, 2014:
(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

 
$
48,547

 
$
4,901

 
$
11,801

Mervyns Add-On investments
2005/2008
7,547

 
5,789

 
1,252

 
1,284

Albertsons
2006
20,717

 
81,594

 
4,239

 
16,318

Albertsons Add-On investments
2006/2007
2,416

 
4,864

 
388

 
972

Shopko
2006
1,110

 
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

 
 
$
63,216

 
$
147,849

 
$
12,070

 
$
31,787

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,
2014
 
December 31,
2013
Combined and Condensed Balance Sheets
 
 
 
Assets
 
 
 
Rental property, net
$
235,949

 
$
380,268

Real estate under development
49,866

 
5,573

Investment in unconsolidated affiliates
11,154

 
63,745

Other assets
41,107

 
66,895

Total assets
$
338,076

 
$
516,481

Liabilities and partners’ equity
 

 
 

Mortgage notes payable
$
208,326

 
$
265,982

Other liabilities
51,611

 
43,733

Partners’ equity
78,139

 
206,766

Total liabilities and partners’ equity
$
338,076

 
$
516,481

Company’s investment in and advances to unconsolidated affiliates
$
123,693

 
$
181,322

Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates
$
(8,416
)
 
$
(8,701
)
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(dollars in thousands)
2014
 
2013
 
2014
 
2013
Combined and Condensed Statements of Income
 
 
 
 
 
 
 
Total revenues
$
10,280

 
$
13,731

 
$
34,632

 
$
35,577

Operating and other expenses
(3,840
)
 
(4,139
)
 
(13,158
)
 
(13,117
)
Interest and other finance expense
(1,808
)
 
(2,359
)
 
(7,308
)
 
(6,446
)
Equity in earnings (losses) of unconsolidated affiliates

 
1,284

 
(328
)
 
7,154

Depreciation and amortization
(2,275
)
 
(3,200
)
 
(8,456
)
 
(7,888
)
Loss on debt extinguishment

 

 
(187
)
 

Gain on disposition of property
142,377

 

 
142,615

 

Net income
$
144,734

 
$
5,317

 
$
147,810

 
$
15,280

 

 

 

 

Company’s share of net income
$
105,876

 
$
4,307

 
$
110,531

 
$
7,568

Amortization of excess investment
(98
)
 
(98
)
 
(294
)
 
(294
)
Company’s equity in earnings of unconsolidated affiliates
$
105,778

 
$
4,209

 
$
110,237

 
$
7,274