Consolidated Variable Interest Entities

9 Months Ended

Sep. 30, 2014

DisclosureofVariableInterestEntities [Abstract]

DisclosureOfVariableInterestEntities [Text Block]

   Consolidated Variable Interest Entities

Variable interest entities ("VIEs") that are consolidated include Rudgate Village SPE, LLC, Rudgate Clinton SPE, LLC and Rudgate Clinton Estates SPE, LLC (the “Rudgate Borrowers”). We concluded that the Rudgate Borrowers qualify as VIEs as we are the primary beneficiary and hold a controlling financial interest in these entities due to our power to direct the activities that most significantly impact the economic performance of the entities, as well as our obligation to absorb the most significant losses and our rights to receive significant benefits from these entities.  As such, the transactions and accounts of these VIEs are included in the accompanying consolidated financial statements.

The following table summarizes the assets and liabilities included in our consolidated balance sheets after appropriate eliminations (in thousands):

	September 30, 2014			December 31, 2013
ASSETS
Investment property, net	$	55,648		$	56,805
Other assets	3,328			3,926
Total Assets	$	58,976		$	60,731
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt	$	44,670		$	45,209
Other liabilities	10,266			6,564
Noncontrolling interests	(114		)	(537		)
Total Liabilities and Stockholders' Equity	$	54,822		$	51,236

Investment property, net and other assets related to the consolidated VIEs comprised approximately 2.4% and 3.0% of our consolidated total assets and debt and other liabilities comprised approximately 3.6% and 3.2% of our consolidated total liabilities at September 30, 2014 and December 31, 2013, respectively. Noncontrolling interest related to the consolidated VIEs comprised less than 1.0% of our consolidated total equity at September 30, 2014 and December 31, 2013.