We are the general partner and investment manager of the Fund. The Fund is accounted for under the AICPA Investment Company Guide and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.

On June 26, 2014, the Fund sold its 64.7% interest in One Park Avenue to a newly formed joint venture that we and an institutional investor own 55% and 45%, respectively (see Note 8 - Investments in Partially Owned Entities - One Park Avenue). This transaction was based on a property value of $560,000,000. From the inception of this investment through its disposition, the Fund realized a $75,529,000 net gain.

On August 21, 2014, the Fund and its 50% joint venture partner completed the sale of The Shops at Georgetown Park, a 305,000 square foot retail property, for $272,500,000. From the inception of this investment through its disposition, the Fund realized a $51,124,000 net gain.

At September 30, 2014, the Fund had seven investments with an aggregate fair value of $495,392,000, or $158,317,000 in excess of cost, and had remaining unfunded commitments of $144,123,000, of which our share was $36,031,000. Below is a summary of income from the Fund for the three and nine months ended September 30, 2014 and 2013.

		For the Three Months				For the Nine Months
(Amounts in thousands)		Ended September 30,				Ended September 30,
		2014		2013		2014		2013
Net investment income		$	3,829	$	2,362	$	10,860	$	6,287
Net realized gains on exited investments			51,584		8,184		126,653		8,184
Previously recorded unrealized gains on exited investments			(49,586)		-		(50,316)		-
Net unrealized gains on held investments			18,333		12,367		55,221		59,476
Income from Real Estate Fund			24,160		22,913		142,418		73,947
Less income attributable to noncontrolling interests			(8,588)		(15,422)		(81,217)		(39,321)
Income from Real Estate Fund attributable to Vornado ⁽¹⁾		$	15,572	$	7,491	$	61,201	$	34,626
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(1)	Excludes management, leasing and development fees of $759 and $770 for the three months ended September 30, 2014 and 2013, respectively, and $2,208 and $2,446 for the nine months ended September 30, 2014 and 2013, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.