Related Party Arrangements

9 Months Ended

Sep. 30, 2013

Related Party Arrangements

Related Party Arrangements

10.  Related Party Arrangements

Unconsolidated Entities

The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue.  From these entities, the Company earned fees of $3,014,000 and $2,533,000 in the three months ended September 30, 2013 and 2012, respectively, and $8,198,000 and $7,852,000 for the nine months ended September 30, 2013 and 2012, respectively.  These fees are included in management, development and other fees on the accompanying Condensed Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $3,670,000 and $3,484,000 as of September 30, 2013 and December 31, 2012, respectively.

The Company is currently acting as the general contractor for redevelopment activity in the Archstone U.S. Fund, in which the Company has a 28.6% interest, and has outstanding receivables associated with the redevelopment activity of $12,629,000 as of September 30, 2013.

Director Compensation

The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $250,000 and $240,000, in the three months ended September 30, 2013 and 2012, respectively, and $743,000 and $669,000 for the nine months ended September 30, 2013 and 2012, respectively,  as a component of general and administrative expense.  Deferred compensation relating to restricted stock grants and deferred stock awards to non-employee directors was $666,000 and $364,000 on September 30, 2013 and December 31, 2012, respectively.