Subsequent Events/Other

6 Months Ended

Jun. 30, 2015


14.	Subsequent Events/Other

Subsequent Events

Subsequent to June 30, 2015, the Company recorded the master condominium declaration for its development project at 400 Park Avenue South in New York City with Toll Brothers. As a result, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet in the third quarter of 2015.

Other

During the six months ended June 30, 2015 and 2014, the Company incurred charges of $0.2 million and $0.1 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $1.6 million and $1.5 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $1.8 million and $1.6 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

Effective January 1, 2015, the Company has revised its executive compensation program. The long-term incentive portion of the revised program will be performance based and determined by the Company’s absolute and relative total shareholder return over a three year performance period. During the six months ended June 30, 2015, the Company expensed approximately $4.7 million under the long-term incentive portion of the revised program, of which $0.7 million and $4.0 million was recorded to property management expense and general and administrative expense, respectively.

During the six months ended June 30, 2015 and 2014, the Company received $5.8 million and $2.3 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.