XML 46 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Investments in and Advances to Unconsolidated Affiliates (Tables)
 12 Months Ended
Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The Company's investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

 
 
Nominal Ownership Interest at December 31, 2016
 
December 31,
Fund
Property
 
2016
 
2015
Core:
 
 
 
 
 
 
 
840 N. Michigan (a)
88.43
%
 
$
74,131

 
$
76,898

 
Renaissance Portfolio
20
%
 
36,437

 
—

 
Gotham
49
%
 
29,421

 
—

 
Brandywine Portfolio (a)
22.22
%
 
20,755

 
—

 
Georgetown Portfolio
50
%
 
4,287

 
4,688

 
 
 
 
165,031

 
81,586

 
 
 
 
 
 
 
Mervyns I & II:
KLA/Mervyn's, LLC (b)
10.5
%
 
—

 
—

 
 
 
 
 
 
 
Fund III:
 
 
 
 
 
 
 
Fund III Other Portfolio
90
%
 
8,108

 
12,784

 
Self Storage Management (c)
95
%
 
241

 
654

 
 
 
 
8,349

 
13,438

Fund IV:
 
 
 
 
 
 
 
Broughton Street Portfolio
50
%
 
54,839

 
43,786

 
Fund IV Other Portfolio
90
%
 
21,817

 
24,104

 
650 Bald Hill Road
90
%
 
18,842

 
9,072

 
 
 
 
95,498

 
76,962

 
Due from Related Parties (d)
 
 
2,193

 
725

 
Other
 
 
957

 
566

 
Investments in and advances to unconsolidated affiliates
 
$
272,028

 
$
173,277

 
 
 
 
 
 
 
Core:
 
 
 
 
 
 
 
Crossroads (e)
49
%
 
$
13,691

 
$
13,244

 
Distributions in excess of income from,
and investments in, unconsolidated affiliates
 
$
13,691

 
$
13,244

__________

(a)
Represents a tenancy-in-common interest.
(b)
Distributions have exceeded the Company's non-recourse investment, therefore the carrying value is zero.
(c)
Represents a variable interest entity.
(d)
Represents deferred fees.
(e)
Distributions have exceeded the Company's investment; however, the Company recognizes a liability balance as it may fund future obligations of the entity.
Schedule of Condensed Balance Sheet
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 (in thousands):
 
 
December 31,
 
 
2016
 
2015
Combined and Condensed Balance Sheets
 
 

 
 

Assets:
 
 

 
 

Rental property, net
 
$
576,505

 
$
302,976

Real estate under development
 
18,884

 
35,743

Investment in unconsolidated affiliates
 
6,853

 
6,853

Other assets
 
75,254

 
47,083

Total assets
 
$
677,496

 
$
392,655

Liabilities and partners’ equity:
 
 

 
 

Mortgage notes payable
 
$
407,344

 
$
262,130

Other liabilities
 
30,117

 
21,945

Partners’ equity
 
240,035

 
108,580

Total liabilities and partners’ equity
 
$
677,496

 
$
392,655

 
 
 
 
 
Company's share of accumulated equity
 
$
191,049

 
$
106,442

Basis differential
 
61,827

 
11,620

Deferred fees, net of portion related to the Company's interest
 
3,268

 
5,342

Amounts receivable by the Company
 
2,193

 
36,629

Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income and investments in unconsolidated affiliates
 
$
258,337

 
$
160,033
Schedule of Condensed Income Statement
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Combined and Condensed Statements of Income
 
 

 
 

 
 

Total revenues
 
$
84,218

 
$
43,990

 
$
44,422

Operating and other expenses
 
(25,724
)
 
(13,721
)
 
(17,069
)
Interest expense
 
(16,300
)
 
(9,178
)
 
(9,363
)
Equity in earnings (losses) of unconsolidated affiliates
 
—

 
66,655

 
(328
)
Depreciation and amortization
 
(35,432
)
 
(12,154
)
 
(10,967
)
Loss on debt extinguishment
 
—

 
—

 
(187
)
(Loss) gain on disposition of properties
 
(1,340
)
 
32,623

 
142,615

Net income attributable to unconsolidated affiliates
 
$
5,422

 
$
108,215

 
$
149,123

 
 
 
 
 
 
 
Company’s share of equity in
net income of unconsolidated affiliates
 
$
40,538

 
$
37,722

 
$
111,970

Basis differential adjustments
 
(1,089
)
 
(392
)
 
(392
)
Company’s equity in earnings of
unconsolidated affiliates
 
$
39,449

 
$
37,330

 
$
111,578