|
|
|
|
|
|
|
|
|
Allocation of purchase price | |||||
Properties: | |||||
Land | $ | 74,200 | |||
Buildings, improvements, and equipment | 468,936 | ||||
Total additions to properties | $ | 543,136 | |||
Deferred charges and other assets: | |||||
In-place leases | 29,831 | ||||
Total assets acquired | $ | 572,967 | |||
Accounts payable and accrued liabilities: | |||||
Below market rents | $ | (3,377 | ) | ||
Mortgage notes payable: | |||||
Premium for above market interest rates | (9,590 | ) | |||
Total liabilities acquired | $ | (12,967 | ) | ||
Net assets acquired | $ | 560,000 |
|
2012 | 2011 | ||||||
State current | $ | 43 | $ | 242 | |||
State deferred | (4 | ) | (49 | ) | |||
Federal current | 203 | 17 | |||||
Federal deferred | (34 | ) | |||||
Foreign current | 6 | ||||||
Total income tax expense | $ | 214 | $ | 210 |
2012 | 2011 | ||||||
Deferred tax assets: | |||||||
Federal | $ | 3,681 | $ | 3,655 | |||
Foreign | 1,655 | 1,196 | |||||
State | 238 | 232 | |||||
Total deferred tax assets | $ | 5,574 | $ | 5,083 | |||
Valuation allowances | (1,826 | ) | (1,373 | ) | |||
Net deferred tax assets | $ | 3,748 | $ | 3,710 | |||
Deferred tax liabilities: | |||||||
Federal | $ | 644 | $ | 623 | |||
State | 99 | 121 | |||||
Total deferred tax liabilities | $ | 743 | $ | 744 |
|
Shopping Center | Ownership as of March 31, 2012 and December 31, 2011 |
Arizona Mills | 50% |
Fair Oaks | 50 |
The Mall at Millenia | 50 |
Stamford Town Center | 50 |
Sunvalley | 50 |
Waterside Shops | 25 |
Westfarms | 79 |
March 31 2012 | December 31 2011 | ||||||
Assets: | |||||||
Properties | $ | 1,108,090 | $ | 1,107,314 | |||
Accumulated depreciation and amortization | (452,304 | ) | (446,059 | ) | |||
$ | 655,786 | $ | 661,255 | ||||
Cash and cash equivalents | 19,987 | 22,042 | |||||
Accounts and notes receivable, less allowance for doubtful accounts of $1,292 and $1,422 in 2012 and 2011 | 19,161 | 24,628 | |||||
Deferred charges and other assets | 20,715 | 21,289 | |||||
$ | 715,649 | $ | 729,214 | ||||
Liabilities and accumulated deficiency in assets: | |||||||
Mortgage notes payable | $ | 1,135,721 | $ | 1,138,808 | |||
Accounts payable and other liabilities | 48,498 | 55,737 | |||||
TRG's accumulated deficiency in assets | (246,087 | ) | (244,758 | ) | |||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (222,483 | ) | (220,573 | ) | |||
$ | 715,649 | $ | 729,214 | ||||
TRG's accumulated deficiency in assets (above) | $ | (246,087 | ) | $ | (244,758 | ) | |
TRG basis adjustments, including elimination of intercompany profit | 66,711 | 67,282 | |||||
TCO's additional basis | 60,314 | 60,801 | |||||
Net Investment in Unconsolidated Joint Ventures | $ | (119,062 | ) | $ | (116,675 | ) | |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 193,838 | 192,257 | |||||
Investment in Unconsolidated Joint Ventures | $ | 74,776 | $ | 75,582 |
Three Months Ended March 31 | |||||||
2012 | 2011 | ||||||
Revenues | $ | 65,310 | $ | 63,359 | |||
Maintenance, taxes, utilities, promotion, and other operating expenses | $ | 20,222 | $ | 20,237 | |||
Interest expense | 15,667 | 15,596 | |||||
Depreciation and amortization | 8,274 | 9,185 | |||||
Total operating costs | $ | 44,163 | $ | 45,018 | |||
Nonoperating income | 8 | 5 | |||||
Net income | $ | 21,155 | $ | 18,346 | |||
Net income attributable to TRG | $ | 12,004 | $ | 10,469 | |||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 384 | 164 | |||||
Depreciation of TCO's additional basis | (487 | ) | (487 | ) | |||
Equity in income of Unconsolidated Joint Ventures | $ | 11,901 | $ | 10,146 | |||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | |||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | $ | 25,106 | $ | 23,709 | |||
Interest expense | (8,094 | ) | (8,077 | ) | |||
Depreciation and amortization | (5,111 | ) | (5,486 | ) | |||
Equity in income of Unconsolidated Joint Ventures | $ | 11,901 | $ | 10,146 |
|
At 100% | At Beneficial Interest | ||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | ||||||||||||
Debt as of: | |||||||||||||||
March 31, 2012 | $ | 2,945,761 | $ | 1,135,721 | $ | 2,617,037 | $ | 578,715 | |||||||
December 31, 2011 | 3,145,602 | 1,138,808 | 2,816,877 | 580,557 | |||||||||||
Capitalized interest: | |||||||||||||||
Three Months Ended March 31, 2012 | 8 | 8 | |||||||||||||
Three Months Ended March 31, 2011 | 213 | 213 | |||||||||||||
Interest expense from continuing operations: | |||||||||||||||
Three Months Ended March 31, 2012 | 37,527 | 15,667 | 33,321 | 8,094 | |||||||||||
Three Months Ended March 31, 2011 | 29,774 | 15,596 | 26,875 | 8,077 | |||||||||||
Interest expense from discontinued operations(1): | |||||||||||||||
Three Months Ended March 31, 2011 | 5,241 | 5,241 |
(1) | Includes The Pier Shops and Regency Square (Note 2). |
Center | Loan Balance as of 3/31/12 | TRG's Beneficial Interest in Loan Balance as of 3/31/12 | Amount of Loan Balance Guaranteed by TRG as of 3/31/12 | % of Loan Balance Guaranteed by TRG | % of Interest Guaranteed by TRG | |||||||||||||
(in millions) | ||||||||||||||||||
Dolphin Mall | $ | 290.0 | $ | 290.0 | $ | 290.0 | 100 | % | 100 | % | ||||||||
Fairlane Town Center | 80.0 | 80.0 | 80.0 | 100 | % | 100 | % | |||||||||||
Twelve Oaks Mall | 20.0 | 20.0 | 20.0 | 100 | % | 100 | % |
|
2012 | 2011 | ||||||
Balance January 1 | $ | 84,235 | $ | — | |||
Contributions | 230 | 62 | |||||
Allocation of net loss | (924 | ) | (62 | ) | |||
Other comprehensive income | 45 | ||||||
Distributions | (611 | ) | |||||
Redemption of TRG partnership units | (105 | ) | |||||
Adjustments of redeemable noncontrolling interests | 79 | ||||||
Balance March 31 | $ | 82,949 | $ | — |
2012 | 2011 | ||||||
Non-redeemable noncontrolling interests: | |||||||
Noncontrolling interests in consolidated joint ventures | $ | (102,439 | ) | $ | (101,872 | ) | |
Noncontrolling interests in partnership equity of TRG | (24,645 | ) | (22,452 | ) | |||
$ | (127,084 | ) | $ | (124,324 | ) |
2012 | 2011 | ||||||
Net income attributable to noncontrolling interests: | |||||||
Non-redeemable noncontrolling interests: | |||||||
Noncontrolling share of income of consolidated joint ventures | $ | 3,194 | $ | 3,447 | |||
Noncontrolling share of income of TRG | 8,315 | 5,689 | |||||
TRG Series F preferred distributions | 615 | ||||||
$ | 11,509 | $ | 9,751 | ||||
Redeemable noncontrolling interests | (924 | ) | (62 | ) | |||
$ | 10,585 | $ | 9,689 |
2012 | 2011 | ||||||
Net income attributable to Taubman Centers, Inc. common shareowners | $ | 17,531 | $ | 10,716 | |||
Transfers (to) from the noncontrolling interest – | |||||||
Decrease in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | (381 | ) | (4,217 | ) | |||
Net transfers (to) from noncontrolling interests | (381 | ) | (4,217 | ) | |||
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 17,150 | $ | 6,499 |
(1) | In 2012 and 2011, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's issuance of common stock under employee and director share-based compensation benefit plans (Note 8), issuances of stock pursuant to the Continuing Offer (Note 9), and redemptions of certain redeemable Operating Partnership Units (Note 2). |
|
Instrument Type | Ownership | Notional Amount | Swap Rate | Credit Spread on Loan | Total Swapped Rate on Loan | Maturity Date | ||||||||||||
Consolidated Subsidiaries: | ||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 95.0 | % | $ | 131,000 | 2.64 | % | 2.35 | % | 4.99 | % | September 2020 | |||||||
Unconsolidated Joint Ventures: | ||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap | 50.0 | % | 30,000 | 5.05 | % | 0.90 | % | 5.95 | % | November 2012 | ||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50.0 | % | 137,500 | 2.40 | % | 1.70 | % | 4.10 | % | April 2018 | ||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50.0 | % | 137,500 | 2.40 | % | 1.70 | % | 4.10 | % | April 2018 |
(1) | The notional amount of the swap is equal to the outstanding principal balance on the loan, which begins amortizing in September 2012. |
(2) | The notional amount on each of these swaps is equal to 50% of the outstanding principal balance on the loan, which begins amortizing in August 2014. |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts – consolidated subsidiaries | $ | 1,732 | $ | 1,627 | Interest Expense | $ | (784 | ) | $ | (1,070 | ) | ||||||
Interest rate contracts – UJVs | 848 | 943 | Equity in Income of UJVs | (910 | ) | (978 | ) | ||||||||||
Total derivatives in cash flow hedging relationships | $ | 2,580 | $ | 2,570 | $ | (1,694 | ) | $ | (2,048 | ) | |||||||
Realized losses on settled cash flow hedges: | |||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Interest Expense | $ | (151 | ) | $ | (221 | ) | ||||||||||
Interest rate contract – UJVs | Equity in Income of UJVs | (94 | ) | (94 | ) | ||||||||||||
Total realized losses on settled cash flow hedges | $ | (245 | ) | $ | (315 | ) |
Fair Value | |||||||||
Consolidated Balance Sheet Location | March 31 2012 | December 31 2011 | |||||||
Derivatives designated as hedging instruments: | |||||||||
Liability derivatives: | |||||||||
Interest rate contract – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (7,312 | ) | $ | (9,044 | ) | ||
Interest rate contracts – UJVs | Investment in UJVs | (8,197 | ) | (9,045 | ) | ||||
Total liabilities designated as hedging instruments | $ | (15,509 | ) | $ | (18,089 | ) |
|
|
Fair Value Measurements as of March 31, 2012 Using | Fair Value Measurements as of December 31, 2011 Using | |||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||||
Available-for-sale securities | $ | 2,364 | $ | 2,158 | ||||||||||||
Insurance deposit | 10,669 | 10,708 | ||||||||||||||
Total assets | $ | 13,033 | $ | 12,866 | ||||||||||||
Derivative interest rate contracts | $ | (7,312 | ) | $ | (9,044 | ) | ||||||||||
Total liabilities | $ | (7,312 | ) | $ | (9,044 | ) |
2012 | 2011 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Notes payable | $ | 2,945,761 | $ | 3,073,714 | $ | 3,145,602 | $ | 3,299,243 |
|
Allocation of purchase price | |||||
Properties: | |||||
Land | $ | 74,200 | |||
Buildings, improvements, and equipment | 468,936 | ||||
Total additions to properties | $ | 543,136 | |||
Deferred charges and other assets: | |||||
In-place leases | 29,831 | ||||
Total assets acquired | $ | 572,967 | |||
Accounts payable and accrued liabilities: | |||||
Below market rents | $ | (3,377 | ) | ||
Mortgage notes payable: | |||||
Premium for above market interest rates | (9,590 | ) | |||
Total liabilities acquired | $ | (12,967 | ) | ||
Net assets acquired | $ | 560,000 |
|
2012 | 2011 | ||||||
State current | $ | 43 | $ | 242 | |||
State deferred | (4 | ) | (49 | ) | |||
Federal current | 203 | 17 | |||||
Federal deferred | (34 | ) | |||||
Foreign current | 6 | ||||||
Total income tax expense | $ | 214 | $ | 210 |
2012 | 2011 | ||||||
Deferred tax assets: | |||||||
Federal | $ | 3,681 | $ | 3,655 | |||
Foreign | 1,655 | 1,196 | |||||
State | 238 | 232 | |||||
Total deferred tax assets | $ | 5,574 | $ | 5,083 | |||
Valuation allowances | (1,826 | ) | (1,373 | ) | |||
Net deferred tax assets | $ | 3,748 | $ | 3,710 | |||
Deferred tax liabilities: | |||||||
Federal | $ | 644 | $ | 623 | |||
State | 99 | 121 | |||||
Total deferred tax liabilities | $ | 743 | $ | 744 |
|
Shopping Center | Ownership as of March 31, 2012 and December 31, 2011 |
Arizona Mills | 50% |
Fair Oaks | 50 |
The Mall at Millenia | 50 |
Stamford Town Center | 50 |
Sunvalley | 50 |
Waterside Shops | 25 |
Westfarms | 79 |
March 31 2012 | December 31 2011 | ||||||
Assets: | |||||||
Properties | $ | 1,108,090 | $ | 1,107,314 | |||
Accumulated depreciation and amortization | (452,304 | ) | (446,059 | ) | |||
$ | 655,786 | $ | 661,255 | ||||
Cash and cash equivalents | 19,987 | 22,042 | |||||
Accounts and notes receivable, less allowance for doubtful accounts of $1,292 and $1,422 in 2012 and 2011 | 19,161 | 24,628 | |||||
Deferred charges and other assets | 20,715 | 21,289 | |||||
$ | 715,649 | $ | 729,214 | ||||
Liabilities and accumulated deficiency in assets: | |||||||
Mortgage notes payable | $ | 1,135,721 | $ | 1,138,808 | |||
Accounts payable and other liabilities | 48,498 | 55,737 | |||||
TRG's accumulated deficiency in assets | (246,087 | ) | (244,758 | ) | |||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (222,483 | ) | (220,573 | ) | |||
$ | 715,649 | $ | 729,214 | ||||
TRG's accumulated deficiency in assets (above) | $ | (246,087 | ) | $ | (244,758 | ) | |
TRG basis adjustments, including elimination of intercompany profit | 66,711 | 67,282 | |||||
TCO's additional basis | 60,314 | 60,801 | |||||
Net Investment in Unconsolidated Joint Ventures | $ | (119,062 | ) | $ | (116,675 | ) | |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 193,838 | 192,257 | |||||
Investment in Unconsolidated Joint Ventures | $ | 74,776 | $ | 75,582 |
Three Months Ended March 31 | |||||||
2012 | 2011 | ||||||
Revenues | $ | 65,310 | $ | 63,359 | |||
Maintenance, taxes, utilities, promotion, and other operating expenses | $ | 20,222 | $ | 20,237 | |||
Interest expense | 15,667 | 15,596 | |||||
Depreciation and amortization | 8,274 | 9,185 | |||||
Total operating costs | $ | 44,163 | $ | 45,018 | |||
Nonoperating income | 8 | 5 | |||||
Net income | $ | 21,155 | $ | 18,346 | |||
Net income attributable to TRG | $ | 12,004 | $ | 10,469 | |||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 384 | 164 | |||||
Depreciation of TCO's additional basis | (487 | ) | (487 | ) | |||
Equity in income of Unconsolidated Joint Ventures | $ | 11,901 | $ | 10,146 | |||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | |||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | $ | 25,106 | $ | 23,709 | |||
Interest expense | (8,094 | ) | (8,077 | ) | |||
Depreciation and amortization | (5,111 | ) | (5,486 | ) | |||
Equity in income of Unconsolidated Joint Ventures | $ | 11,901 | $ | 10,146 |
|
At 100% | At Beneficial Interest | ||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | ||||||||||||
Debt as of: | |||||||||||||||
March 31, 2012 | $ | 2,945,761 | $ | 1,135,721 | $ | 2,617,037 | $ | 578,715 | |||||||
December 31, 2011 | 3,145,602 | 1,138,808 | 2,816,877 | 580,557 | |||||||||||
Capitalized interest: | |||||||||||||||
Three Months Ended March 31, 2012 | 8 | 8 | |||||||||||||
Three Months Ended March 31, 2011 | 213 | 213 | |||||||||||||
Interest expense from continuing operations: | |||||||||||||||
Three Months Ended March 31, 2012 | 37,527 | 15,667 | 33,321 | 8,094 | |||||||||||
Three Months Ended March 31, 2011 | 29,774 | 15,596 | 26,875 | 8,077 | |||||||||||
Interest expense from discontinued operations(1): | |||||||||||||||
Three Months Ended March 31, 2011 | 5,241 | 5,241 |
(1) | Includes The Pier Shops and Regency Square (Note 2). |
Center | Loan Balance as of 3/31/12 | TRG's Beneficial Interest in Loan Balance as of 3/31/12 | Amount of Loan Balance Guaranteed by TRG as of 3/31/12 | % of Loan Balance Guaranteed by TRG | % of Interest Guaranteed by TRG | |||||||||||||
(in millions) | ||||||||||||||||||
Dolphin Mall | $ | 290.0 | $ | 290.0 | $ | 290.0 | 100 | % | 100 | % | ||||||||
Fairlane Town Center | 80.0 | 80.0 | 80.0 | 100 | % | 100 | % | |||||||||||
Twelve Oaks Mall | 20.0 | 20.0 | 20.0 | 100 | % | 100 | % |
|
2012 | 2011 | ||||||
Balance January 1 | $ | 84,235 | $ | — | |||
Contributions | 230 | 62 | |||||
Allocation of net loss | (924 | ) | (62 | ) | |||
Other comprehensive income | 45 | ||||||
Distributions | (611 | ) | |||||
Redemption of TRG partnership units | (105 | ) | |||||
Adjustments of redeemable noncontrolling interests | 79 | ||||||
Balance March 31 | $ | 82,949 | $ | — |
2012 | 2011 | ||||||
Non-redeemable noncontrolling interests: | |||||||
Noncontrolling interests in consolidated joint ventures | $ | (102,439 | ) | $ | (101,872 | ) | |
Noncontrolling interests in partnership equity of TRG | (24,645 | ) | (22,452 | ) | |||
$ | (127,084 | ) | $ | (124,324 | ) |
2012 | 2011 | ||||||
Net income attributable to noncontrolling interests: | |||||||
Non-redeemable noncontrolling interests: | |||||||
Noncontrolling share of income of consolidated joint ventures | $ | 3,194 | $ | 3,447 | |||
Noncontrolling share of income of TRG | 8,315 | 5,689 | |||||
TRG Series F preferred distributions | 615 | ||||||
$ | 11,509 | $ | 9,751 | ||||
Redeemable noncontrolling interests | (924 | ) | (62 | ) | |||
$ | 10,585 | $ | 9,689 |
2012 | 2011 | ||||||
Net income attributable to Taubman Centers, Inc. common shareowners | $ | 17,531 | $ | 10,716 | |||
Transfers (to) from the noncontrolling interest – | |||||||
Decrease in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | (381 | ) | (4,217 | ) | |||
Net transfers (to) from noncontrolling interests | (381 | ) | (4,217 | ) | |||
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 17,150 | $ | 6,499 |
(1) | In 2012 and 2011, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's issuance of common stock under employee and director share-based compensation benefit plans (Note 8), issuances of stock pursuant to the Continuing Offer (Note 9), and redemptions of certain redeemable Operating Partnership Units (Note 2). |
|
Instrument Type | Ownership | Notional Amount | Swap Rate | Credit Spread on Loan | Total Swapped Rate on Loan | Maturity Date | ||||||||||||
Consolidated Subsidiaries: | ||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 95.0 | % | $ | 131,000 | 2.64 | % | 2.35 | % | 4.99 | % | September 2020 | |||||||
Unconsolidated Joint Ventures: | ||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap | 50.0 | % | 30,000 | 5.05 | % | 0.90 | % | 5.95 | % | November 2012 | ||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50.0 | % | 137,500 | 2.40 | % | 1.70 | % | 4.10 | % | April 2018 | ||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50.0 | % | 137,500 | 2.40 | % | 1.70 | % | 4.10 | % | April 2018 |
(1) | The notional amount of the swap is equal to the outstanding principal balance on the loan, which begins amortizing in September 2012. |
(2) | The notional amount on each of these swaps is equal to 50% of the outstanding principal balance on the loan, which begins amortizing in August 2014. |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts – consolidated subsidiaries | $ | 1,732 | $ | 1,627 | Interest Expense | $ | (784 | ) | $ | (1,070 | ) | ||||||
Interest rate contracts – UJVs | 848 | 943 | Equity in Income of UJVs | (910 | ) | (978 | ) | ||||||||||
Total derivatives in cash flow hedging relationships | $ | 2,580 | $ | 2,570 | $ | (1,694 | ) | $ | (2,048 | ) | |||||||
Realized losses on settled cash flow hedges: | |||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Interest Expense | $ | (151 | ) | $ | (221 | ) | ||||||||||
Interest rate contract – UJVs | Equity in Income of UJVs | (94 | ) | (94 | ) | ||||||||||||
Total realized losses on settled cash flow hedges | $ | (245 | ) | $ | (315 | ) |
Fair Value | |||||||||
Consolidated Balance Sheet Location | March 31 2012 | December 31 2011 | |||||||
Derivatives designated as hedging instruments: | |||||||||
Liability derivatives: | |||||||||
Interest rate contract – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (7,312 | ) | $ | (9,044 | ) | ||
Interest rate contracts – UJVs | Investment in UJVs | (8,197 | ) | (9,045 | ) | ||||
Total liabilities designated as hedging instruments | $ | (15,509 | ) | $ | (18,089 | ) |
|
Fair Value Measurements as of March 31, 2012 Using | Fair Value Measurements as of December 31, 2011 Using | |||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||||
Available-for-sale securities | $ | 2,364 | $ | 2,158 | ||||||||||||
Insurance deposit | 10,669 | 10,708 | ||||||||||||||
Total assets | $ | 13,033 | $ | 12,866 | ||||||||||||
Derivative interest rate contracts | $ | (7,312 | ) | $ | (9,044 | ) | ||||||||||
Total liabilities | $ | (7,312 | ) | $ | (9,044 | ) |
2012 | 2011 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Notes payable | $ | 2,945,761 | $ | 3,073,714 | $ | 3,145,602 | $ | 3,299,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|