Investment In Affiliates

3 Months Ended

Mar. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investment in Affiliates

Origen Financial Services, LLC (“OFS LLC”)

At March 31, 2012 and 2011, we had a 22.9 and 25.0 percent ownership interest, respectively, in OFS LLC, an entity formed to originate manufactured housing installment contracts. We have suspended equity accounting as the carrying value of our investment is zero.

Origen Financial, Inc. (“Origen”)

Through Sun OFI, LLC, a taxable REIT subsidiary, we own 5,000,000 shares of common stock of Origen which approximates an ownership interest of 19 percent. We have suspended equity accounting for this investment as the carrying value of our investment is zero. We do, however, receive income from dividend payments on our investment. Our investment in Origen had a market value of approximately $6.3 million based on a quoted market closing price of $1.26 per share from the “Pink Sheet Electronic OTC Trading System” as of March 31, 2012.

The unaudited revenue and expense amounts in the table below represent actual results through February 2012 and budgeted March 2012 results.

The following table sets forth certain summarized unaudited financial information for Origen (amounts in thousands):



	Three Months Ended March 31,
	(unaudited)
	2012			2011
Revenues	$	15,845		$	17,729
Expenses	(18,657		)	(21,088		)
Net loss	$	(2,812	)	$	(3,359	)

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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