XML 46 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2011
Investments in Unconsolidated Joint Ventures [Abstract]  
Schedule of Condensed Balance Sheet of Equity Method Investments [Table Text Block]
 
December 31, 2011
 
Liberty
 
Kings Hill
 
Liberty
 
Blythe Valley
 
Liberty
 
Liberty/
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
JV Sarl
 
Washington, LP
 
Commerz
 
Other
 
Total
Real estate assets
$
126,996

 
$
183,097

 
$
256,441

 
$
192,847

 
$
917,879

 
$
493,737

 
$
68,363

 
$
2,239,360

Accumulated depreciation
(25,466
)
 
(18,510
)
 
(30,633
)
 
(18,781
)
 
(93,569
)
 
(55,588
)
 
(5,242
)
 
(247,789
)
   Real estate assets, net
101,530

 
164,587

 
225,808

 
174,066

 
824,310

 
438,149

 
63,121

 
1,991,571

Land held for development
2,760

 
—

 
42,670

 
36,868

 
2,000

 
—

 
14,929

 
99,227

Other assets
10,386

 
11,528

 
12,667

 
10,640

 
58,125

 
51,043

 
24,852

 
179,241

   Total assets
$
114,676

 
$
176,115

 
$
281,145

 
$
221,574

 
$
884,435

 
$
489,192

 
$
102,902

 
$
2,270,039

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
$
74,651

 
$
112,835

 
$
140,400

 
$
184,436

 
$
349,234

 
$
324,000

 
$
44,691

 
$
1,230,247

Other liabilities
3,291

 
71,539

 
6,683

 
73,737

 
23,995

 
11,069

 
8,204

 
198,518

Equity
36,734

 
(8,259
)
 
134,062

 
(36,599
)
 
511,206

 
154,123

 
50,007

 
841,274

   Total liabilities and equity
$
114,676

 
$
176,115

 
$
281,145

 
$
221,574

 
$
884,435

 
$
489,192

 
$
102,902

 
$
2,270,039

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's net investment in
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
unconsolidated joint ventures (1)
$
8,428

 
$
9,634

 
$
21,348

 
$
3,663

 
$
74,893

 
$
31,615

 
$
25,106

 
$
174,687


 
December 31, 2010
 
Liberty
 
Kings Hill
 
Liberty
 
Blythe Valley
 
Liberty
 
Liberty/
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
JV Sarl
 
Washington, LP
 
Commerz
 
Other
 
Total
Real estate assets
$
133,443

 
$
183,763

 
$
252,140

 
$
202,544

 
$
909,485

 
$
493,196

 
$
68,614

 
$
2,243,185

Accumulated depreciation
(23,764
)
 
(15,861
)
 
(24,436
)
 
(14,887
)
 
(71,513
)
 
(41,733
)
 
(3,786
)
 
(195,980
)
   Real estate assets, net
109,679

 
167,902

 
227,704

 
187,657

 
837,972

 
451,463

 
64,828

 
2,047,205

Land held for development
2,741

 
—

 
42,698

 
36,897

 
2,000

 
—

 
21,848

 
106,184

Other assets
11,475

 
6,480

 
13,514

 
12,221

 
55,138

 
49,457

 
28,959

 
177,244

   Total assets
$
123,895

 
$
174,382

 
$
283,916

 
$
236,775

 
$
895,110

 
$
500,920

 
$
115,635

 
$
2,330,633

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
$
75,801

 
$
140,859

 
$
140,400

 
$
192,132

 
$
347,990

 
$
324,000

 
$
53,996

 
$
1,275,178

Other liabilities
2,686

 
41,058

 
5,897

 
67,060

 
34,161

 
10,775

 
10,927

 
172,564

Equity
45,408

 
(7,535
)
 
137,619

 
(22,417
)
 
512,959

 
166,145

 
50,712

 
882,891

   Total liabilities and equity
$
123,895

 
$
174,382

 
$
283,916

 
$
236,775

 
$
895,110

 
$
500,920

 
$
115,635

 
$
2,330,633

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's net investment in
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
unconsolidated joint ventures (1)
$
10,600

 
$
3,286

 
$
21,959

 
$
2,298

 
$
74,345

 
$
34,355

 
$
25,073

 
$
171,916


(1)
Differences between the Company's net investment in unconsolidated joint ventures and its underlying equity in the net assets of the venture is primarily a result of impairments related to the Company's investment in unconsolidated joint ventures, the deferral of gains associated with the sales of properties to joint ventures in which the Company retains an ownership interest and loans made to the joint ventures by the Company. These adjustments have resulted in an aggregate difference reducing the Company's investments in unconsolidated joint ventures by $42.7 million as of December 31, 2011. Differences between historical cost basis and the basis reflected at the joint venture level (other than loans) are typically depreciated over the life of the related asset.
Schedule of Condensed Statements of Operations of Equity Method Investments [Table Text Block]
Condensed Statements of Operations:
 
Year Ended December 31, 2011
 
Liberty
 
Kings Hill
 
Liberty
 
Blythe Valley
 
Liberty
 
Liberty/
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
JV Sarl
 
Washington, LP
 
Commerz
 
Other
 
Total
Total revenue
$
17,008

 
$
16,389

 
$
20,245

 
$
13,950

 
$
76,811

 
$
62,225

 
$
7,212

 
$
213,840

Operating expense
5,912

 
3,372

 
8,055

 
3,942

 
27,074

 
20,575

 
1,869

 
70,799

 
11,096

 
13,017

 
12,190

 
10,008

 
49,737

 
41,650

 
5,343

 
143,041

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
(5,472
)
 
(5,979
)
 
(8,348
)
 
(14,991
)
 
(22,998
)
 
(20,445
)
 
(3,169
)
 
(81,402
)
Depreciation and amortization
(4,088
)
 
(4,219
)
 
(7,342
)
 
(4,951
)
 
(28,618
)
 
(15,494
)
 
(1,793
)
 
(66,505
)
Other income/(expense)
985

 
(511
)
 
(56
)
 
(191
)
 
125

 
(2,046
)
 
(509
)
 
(2,203
)
Gain (loss) on sale
1,515

 
—

 
—

 
(1,605
)
 
—

 
—

 
1,253

 
1,163

Net income (loss)
$
4,036

 
$
2,308

 
$
(3,556
)
 
$
(11,730
)
 
$
(1,754
)
 
$
3,665

 
$
1,125

 
$
(5,906
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's equity in earnings (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 of unconsolidated joint ventures
$
1,212

 
$
637

 
$
(394
)
 
$
(1,898
)
 
$
1,889

 
$
1,314

 
$
736

 
$
3,496

 
 
Year Ended December 31, 2010
 
Liberty
 
Kings Hill
 
Liberty
 
Blythe Valley
 
Liberty
 
Liberty/
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
JV Sarl
 
Washington, LP
 
Commerz
 
Other
 
Total
Total revenue
$
17,089

 
$
15,980

 
$
20,160

 
$
13,270

 
$
72,824

 
$
61,444

 
$
7,276

 
$
208,043

Operating expense
7,352

 
2,471

 
7,782

 
3,401

 
25,614

 
21,417

 
1,271

 
69,308

 
9,737

 
13,509

 
12,378

 
9,869

 
47,210

 
40,027

 
6,005

 
138,735

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
(5,879
)
 
(3,078
)
 
(7,966
)
 
(14,783
)
 
(20,486
)
 
(20,445
)
 
(3,485
)
 
(76,122
)
Depreciation and amortization
(5,099
)
 
(4,197
)
 
(7,051
)
 
(5,315
)
 
(29,132
)
 
(15,479
)
 
(1,979
)
 
(68,252
)
Other income/(expense)
11

 
(564
)
 
(48
)
 
(289
)
 
165

 
(781
)
 
20

 
(1,486
)
Net (loss) income
$
(1,230
)
 
$
5,670

 
$
(2,687
)
 
$
(10,518
)
 
$
(2,243
)
 
$
3,322

 
$
561

 
$
(7,125
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's equity in (loss) earnings of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 unconsolidated joint ventures
$
(107
)
 
$
1,317

 
$
(174
)
 
$
(1,980
)
 
$
1,624

 
$
1,157

 
$
459

 
$
2,296


 
Year Ended December 31, 2009
 
Liberty
 
Kings Hill
 
Liberty
 
Blythe Valley
 
Liberty
 
Liberty/
 
 
 
 
 
Venture I, LP
 
Unit Trust
 
Illinois, LP
 
JV Sarl
 
Washington, LP
 
Commerz
 
Other
 
Total
Total revenue
$
18,407

 
$
16,197

 
$
22,191

 
$
13,325

 
$
74,850

 
$
61,094

 
$
4,928

 
$
210,992

Operating expense
6,559

 
2,649

 
8,350

 
6,120

 
26,159

 
21,170

 
2,435

 
73,442

 
11,848

 
13,548

 
13,841

 
7,205

 
48,691

 
39,924

 
2,493

 
137,550

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest
(4,992
)
 
(7,674
)
 
(7,469
)
 
(13,084
)
 
(17,086
)
 
(20,455
)
 
(2,915
)
 
(73,675
)
Depreciation and amortization
(4,255
)
 
(4,559
)
 
(7,117
)
 
(5,576
)
 
(30,727
)
 
(15,498
)
 
(1,594
)
 
(69,326
)
Other income/(expense)
131

 
(602
)
 
(50
)
 
(175
)
 
280

 
(378
)
 
156

 
(638
)
Impairment charges
—

 
—

 
—

 
—

 
(39,380
)
 
—

 
—

 
(39,380
)
Net income (loss)
$
2,732

 
$
713

 
$
(795
)
 
$
(11,630
)
 
$
(38,222
)
 
$
3,593

 
$
(1,860
)
 
$
(45,469
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's equity in earnings (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
of unconsolidated joint ventures
$
905

 
$
334

 
$
181

 
$
(1,318
)
 
$
1,649

 
$
1,241

 
$
(831
)
 
$
2,161