Investments In Affiliates

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments In Affiliates

Investments in Affiliates

Unconsolidated Affiliates

We have equity interests of up to 50.0% in various joint ventures with unrelated third parties that are accounted for using the equity method of accounting because we have the ability to exercise significant influence over their operating and financial policies.

The following table sets forth the summarized income statements of our unconsolidated affiliates:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014			2013
Income Statements:
Rental and other revenues	$	12,845	$	23,935	$	25,278		$	47,451
Expenses:
Rental property and other expenses	6,236		11,739		12,439			22,948
Depreciation and amortization	3,328		6,227		6,817			12,373
Impairments of real estate assets	—		—		—			4,790
Interest expense	2,301		4,689		4,512			9,428
Total expenses	11,865		22,655		23,768			49,539
Income/(loss) before disposition of properties	980		1,280		1,510			(2,088		)
Gains on disposition of properties	—		43		1,949			67
Net income/(loss)	$	980	$	1,323	$	3,459		$	(2,021	)
Our share of:
Depreciation and amortization	$	923	$	2,092	$	1,954		$	4,107
Impairments of real estate assets	$	—	$	—	$	—		$	1,020
Interest expense	$	764	$	1,732	$	1,540		$	3,484
Gains on disposition of properties	$	—	$	10	$	955		$	431
Net income	$	491	$	571	$	1,646		$	575
Our share of net income	$	491	$	571	$	1,646		$	575
Adjustments for management and other fees	176		342		345			774
Impairment of investment in unconsolidated affiliate	—		—		(1,353		)	—
Equity in earnings of unconsolidated affiliates	$	667	$	913	$	638		$	1,349

Board of Trade Investment Company ("Board of Trade")

During the first quarter of 2014, Board of Trade sold an office property to an unrelated third party for gross proceeds of $8.3 million and recorded a gain of $1.9 million. As our cost basis was different from the basis reflected at the entity level, we recorded a net impairment charge on our investment of $0.4 million. This charge represented the other-than-temporary decline in the fair value below the carrying value of our investment. During the second quarter of 2014, our 49.0% interest in Board of Trade was redeemed in exchange for $4.7 million.

Highwoods KC Glenridge Office, LLC (“KC Glenridge”)

During the second quarter of 2014, KC Glenridge paid at maturity the remaining $14.9 million balance on a secured mortgage loan with an effective interest rate of 4.84%.