Real Estate Joint Ventures (Tables)
|9 Months Ended
Sep. 30, 2013
|Equity Method Investments and Joint Ventures [Abstract]
|Schedule of information related to the investment in unconsolidated real estate joint venture accounted for using the equity method of accounting
Information pertaining to this investment is set forth below (dollars in thousands):
(1) The carrying amount of our investment in this joint venture was lower than our share of the equity in the joint venture by $3.0 million at September 30, 2013 and $4.5 million at December 31, 2012 due to our deferral of gain on the contribution by us of real estate into the joint venture upon its formation and our discontinuance of loss recognition under the equity method effective October 2012, as discussed below. A difference will continue to exist to the extent the nature of our continuing involvement in the joint venture remains the same and we continue to no longer recognize income or losses under the equity method.
(2) Derived from the sum of our investment balance and maximum additional unilateral capital contributions or loans required from us. Not reported above are additional amounts that we and our partner are required to fund when needed by this joint venture; these funding requirements are proportional to our respective ownership percentages. Also not reported above are additional unilateral contributions or loans from us, the amounts of which are uncertain, that we would be required to make if certain contingent events occur (see Note 17).
|Schedule of condensed balance sheets for unconsolidated real estate joint venture
The following table sets forth condensed balance sheets for this unconsolidated real estate joint venture (in thousands):
|Schedule of condensed statements of operations for unconsolidated real estate joint venture
The following table sets forth condensed statements of operations for this unconsolidated real estate joint venture (in thousands):
|Schedule of information related to investments in consolidated real estate joint ventures
The table below sets forth information pertaining to our investments in consolidated real estate joint ventures at September 30, 2013 (dollars in thousands):
(1) Excludes amounts eliminated in consolidation.
(2) This joint venture’s property is in Huntsville, Alabama.
(3) This joint venture’s properties are in College Park, Maryland (in the Suburban Maryland region).
(4) This joint venture’s property is in Charles County, Maryland. In 2012, the joint venture exercised its option under a development agreement to require Charles County to repurchase the land parcel at its original acquisition cost. Under the terms of the agreement with Charles County, the repurchase is expected to occur by August 2014.
(5) This joint venture’s property is in Lanham, Maryland (in the Suburban Maryland region).