See the table below for a breakdown of contributions to new joint venture investments for the years ended December 31, 2014, 2013 and 2012:
Years Ended December 31,
2014
(dollars in millions)
2012
Region
No. of
Properties
Initial
Contribution
No. of
Properties
Initial
Contribution
No. of
Properties
Initial
Contribution
Western U.S.
United Kingdom
Ireland
Western U.S.
Ireland
Western U.S.
Spain
—
14
—
2
—
3
—
$ —
57.2
—
4.7
—
18.3
—
4
42
14
2
1
3
1
$ 30.3
92.2
38.7
9.1
58.0
10.0
27.2
9
—
2
5
2
2
—
$ 26.9
—
45.8
22.9
34.3
19.6
—
19
$80.2
67
$265.5
20
$149.5
Investment Type
Commercial
Commercial
Commercial
Multifamily
Multifamily
Residential
Other
2013
Total
In addition to the capital contributions above to new joint venture investments, the Company contributed $62.4 million, $57.2 million and $29.1 million to existing
joint ventures to pay off external debt, fund our share of a development project and for working capital needs, during the years ended December 31, 2014, 2013,
and 2012, respectively.
Distributions from Joint Ventures and Loan Pool Participations—The following table details cash distributions by investment type and geographic location for
the year ended December 31, 2014:
Multifamily
Commercial
Loan
Residential, Hotel and Other
Total
(dollars in millions)
Operating
Investing
Operating
Investing
Operating
Investing
Operating
Investing
Operating
Investing
Western U.S.
Japan
United Kingdom
Ireland
Other
$ 9.4
1.7
—
—
—
$3.2
—
—
—
—
$21.1
—
6.9
31.2
—
$45.9
—
18.4
30.3
$0.3
—
7.4
—
—
$2.5
—
5.4
—
—
$10.8
—
—
—
—
$5.1
—
—
—
1.0
$41.6
1.7
14.3
31.2
—
$ 56.7
—
23.8
30.3
1.0
Total
$11.1
$3.2
$59.2
$94.6
$7.7
$7.9
$10.8
$6.1
$88.8
$111.8
Investing distributions resulted from the sale of the commercial portfolio in
factors cited under ASC 810-20 “Control of Partnerships and Similar Entities”
Dublin, Ireland above as well as commercial properties in the Western United
which presumes that control is held by the general partner (and managing
States and United Kingdom and homes in residential development projects in
member equivalents in limited liability companies). Limited partners’ substan-
the Western United States, the refinancing of property level debt and loan reso-
tive participation rights may overcome this presumption of control. The Com-
lutions. Operating distributions resulted from operating cash flow generated by
pany accounts for joint ventures it is deemed not to control using the equity
the joint venture and loan pool participant investments.
method of accounting while controlled entities are consolidated.
Variable Interest Entities—We determine the appropriate accounting method
Capital Commitments—As of December 31, 2014, the Company has unful-
with respect to all investments that are not VIEs based on the control-based
filled capital commitments totaling $33.1 million to five of its joint ventures. The
framework (controlled entities are consolidated) provided by the consolidations
Company may be called upon to contribute additional capital to joint ventures in
guidance in ASC Topic 810. The Company’s determination considers specific
satisfaction of the Company’s capital commitment obligations.
P A G E
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