4. 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:



	March 31, 2014			December 31, 2013
ASSETS
Assets:
Net Investment in Real Estate	$	273,223		$	276,294
Note Receivable	17,023			119,364
Other Assets, Net	32,591			33,234
Total Assets	$	322,837		$	428,892
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	97,233		$	97,675
Other Liabilities, Net	9,765			13,795
Partners’ Capital	215,839			317,422
Total Liabilities and Partners’ Capital	$	322,837		$	428,892
Operating Partnership’s Share of Equity	$	214,914		$	316,188
Basis Differentials ⁽¹⁾	(17,270		)	(119,865		)
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships	$	197,644		$	196,323

_____________________


(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:



	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Total Revenues	$	10,453		$	9,535
Property Expenses	(3,451		)	(3,052		)
Depreciation and Other Amortization	(2,788		)	(2,985		)
Interest Income	615			1,319
Interest Expense	(1,322		)	(1,315		)
Amortization of Deferred Financing Costs	(45		)	(52		)
Income from Continuing Operations	3,462			3,450
Discontinued Operations:
(Loss) Income Attributable to Discontinued Operations	(22		)	76
Gain on Sale of Real Estate	303			—
Income from Discontinued Operations	281			76
Net Income	$	3,743		$	3,526