XML 21 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investments in Joint Ventures
 6 Months Ended
Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Joint Ventures
Investments in Joint Ventures
The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have mortgage loans payable collateralized by the properties owned by the aforementioned joint ventures. At June 30, 2017, the Account held investments in joint ventures with ownership interest percentages that ranged from 33.3% to 97.5%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a pre-determined threshold. The fair value of the Account’s equity interest in these joint ventures was $5.9 billion and $5.6 billion at June 30, 2017 and December 31, 2016, respectively.
A condensed summary of the results of operations of the joint ventures are shown below (in millions, unaudited):
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Operating Revenue and Expenses
 
 

 
 
 
 
Revenues
$
215.1

 
$
163.8

 
$
427.0

 
$
318.9

Expenses
102.8

 
81.4

 
206.7

 
164.9

Excess of revenues over expenses
$
112.3

 
$
82.4

 
$
220.3

 
$
154.0