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Investments in and Advances to Other Real Estate Partnerships
 12 Months Ended
Dec. 31, 2013
Investment in and Advances to Other Real Estate Partnerships [Abstract]  
Investments in and Advances to Other Real Estate Partnerships
5. Investments in and Advances to Other Real Estate Partnerships
The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements.
Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:
Condensed Combined Balance Sheets:
 
 
December 31,
2013
 
December 31,
2012
ASSETS
 
 
 
Assets:
 
 
 
Net Investment in Real Estate
$
276,294

 
$
264,284

Note Receivable
119,364

 
142,982

Other Assets, Net
33,234

 
34,476

Total Assets
$
428,892

 
$
441,742

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
Liabilities:
 
 
 
Mortgage Loans Payable
$
97,675

 
$
107,287

Other Liabilities, Net
13,795

 
11,570

Partners’ Capital
317,422

 
322,885

Total Liabilities and Partners’ Capital
$
428,892

 
$
441,742

Operating Partnership’s Share of Equity
$
316,188

 
$
321,663

Basis Differentials (1)
(119,865
)
 
(143,559
)
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships
$
196,323

 
$
178,104

_____________________ 
(1)
This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.
Condensed Combined Statements of Operations:
 
 
Year Ended
December 31,
2013
 
Year Ended
December 31,
2012
 
Year Ended
December 31,
2011
Total Revenues
$
39,290

 
$
38,882

 
$
39,001

Property Expenses
(12,286
)
 
(11,302
)
 
(11,509
)
Impairment of Real Estate
—

 
172

 
582

Depreciation and Other Amortization
(12,207
)
 
(13,992
)
 
(12,759
)
Interest Income
4,999

 
7,776

 
11,697

Interest Expense
(4,701
)
 
(5,712
)
 
(5,024
)
Amortization of Deferred Financing Costs
(187
)
 
(208
)
 
(178
)
Loss from Retirement of Debt
(214
)
 
—

 
(160
)
Income from Continuing Operations
14,694

 
15,616

 
21,650

Discontinued Operations:
 
 
 
 
 
Income Attributable to Discontinued Operations
276

 
118

 
462

Gain (Loss) on Sale of Real Estate
1,687

 
(93
)
 
1,605

Income from Discontinued Operations
1,963

 
25

 
2,067

Gain on Sale of Real Estate
70

 
—

 
—

Net Income
$
16,727

 
$
15,641

 
$
23,717