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Investments in and Advances to Unconsolidated Affiliates (Tables)
 12 Months Ended
Dec. 31, 2017
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
 
December 31, 2017
 
December 31, 2016
Fund
Property
December 31, 2017
 
 
Core:
 
 
 
 
 
 
 
840 N. Michigan (a)
88.43%
 
$
69,846

 
$
74,131

 
Renaissance Portfolio
20%
 
35,041

 
36,437

 
Gotham Plaza
49%
 
29,416

 
29,421

 
Market Square (a, b)
100%
 
—

 
5,469

 
Town Center (a, b)
61.11%
 
78,801

 
15,286

 
Georgetown Portfolio
50%
 
3,479

 
4,287

 
 
 
 
216,583

 
165,031

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

 
—

 
 
 
 
 
 
 
Fund III:
 
 
 
 
 
 
 
Fund III Other Portfolio
90%
 
167

 
8,108

 
Self Storage Management (d)
95%
 
206

 
241

 
 
 
 
373

 
8,349

Fund IV:
 
 
 
 
 
 
 
Broughton Street Portfolio (e)
50%
 
48,335

 
54,839

 
Fund IV Other Portfolio
90%
 
20,199

 
21,817

 
650 Bald Hill Road
90%
 
13,609

 
18,842

 
 
 
 
82,143

 
95,498

 
 
 
 
 
 
 
Various Funds:
Due from Related Parties (f)
 
 
2,415

 
2,193

 
Other (g)
 
 
556

 
957

 
Investments in and advances to unconsolidated affiliates
 
$
302,070

 
$
272,028

 
 
 
 
 
 
 
Core:
 
 
 
 
 
 
 
Crossroads (h)
49%
 
$
15,292

 
$
13,691

 
Distributions in excess of income from,
and investments in, unconsolidated affiliates
 
$
15,292

 
$
13,691

__________

(a)
Represents a tenancy-in-common interest.
(b)
During May and November 2017, as discussed below, the Company increased its ownership in Market Square and Town Center, which was formerly included under the caption “Brandywine Portfolio.”
(c)
Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.
(d)
Represents a variable interest entity.
(e)
The Company is entitled to a 15% return on its cumulative capital contribution which was $15.4 million and $14.5 million at December 31, 2017 and December 31, 2016, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $36.8 million and $45.4 million at December 31, 2017 and December 31, 2016, respectively.
(f)
Represents deferred fees.
(g)
Includes a cost-method investment in Albertson’s (Note 8) and other investments.
(h)
Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to 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,
 
 
2017
 
2016
Combined and Condensed Balance Sheets
 
 

 
 

Assets:
 
 

 
 

Rental property, net
 
$
518,900

 
$
576,505

Real estate under development
 
26,681

 
18,884

Investment in unconsolidated affiliates
 
6,853

 
6,853

Other assets
 
100,901

 
75,254

Total assets
 
$
653,335

 
$
677,496

Liabilities and partners’ equity:
 
 

 
 

Mortgage notes payable
 
$
405,652

 
$
407,344

Other liabilities
 
61,932

 
30,117

Partners’ equity
 
185,751

 
240,035

Total liabilities and partners’ equity
 
$
653,335

 
$
677,496

 
 
 
 
 
Company's share of accumulated equity
 
$
185,533

 
$
191,049

Basis differential
 
95,358

 
61,827

Deferred fees, net of portion related to the Company's interest
 
3,472

 
3,268

Amounts receivable by the Company
 
2,415

 
2,193

Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates
 
$
286,778

 
$
258,337
Schedule of Condensed Income Statement
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Combined and Condensed Statements of Income
 
 
 
 
 
 
Total revenues
 
$
83,222

 
$
84,218

 
$
43,990

Operating and other expenses
 
(24,711
)
 
(25,724
)
 
(13,721
)
Interest expense
 
(18,733
)
 
(16,300
)
 
(9,178
)
Equity in earnings of unconsolidated affiliates
 
—

 
—

 
66,655

Depreciation and amortization
 
(24,192
)
 
(35,432
)
 
(12,154
)
Loss on debt extinguishment
 
(154
)
 
—

 
—

Gain (loss) on disposition of properties
 
18,957

 
(1,340
)
 
32,623

Net income attributable to unconsolidated affiliates
 
$
34,389

 
$
5,422

 
$
108,215

 
 
 
 
 
 
 
Company’s share of equity in
net income of unconsolidated affiliates
 
$
26,039

 
$
40,538

 
$
37,722

Basis differential amortization
 
(2,668
)
 
(1,089
)
 
(392
)
Company’s equity in earnings of unconsolidated affiliates
 
$
23,371

 
$
39,449

 
$
37,330