Investments In Unconsolidated Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2012

Summary Of Financial Information For Apartment LLCs

A summary of financial information for the Apartment LLCs in the aggregate is as follows:

Apartment LLCs - Balance Sheet Data	September 30,          2012				December 31,          2011
Real estate assets, net of accumulated depreciation of $36,633 and $32,780 at September 30, 2012 and December 31, 2011, respectively		$	214,407			$	217,443
Assets held for sale, net			-				28,846
Cash and other			4,965				6,526
Total assets		$	219,372			$	252,815
Mortgage notes payable		$	177,723			$	206,495
Other liabilities			1,928				2,737
Total liabilities			179,651				209,232
Members’ equity			39,721				43,583
Total liabilities and members’ equity		$	219,372			$	252,815
Company’s equity investment in Apartment LLCs (1)		$	(11,152	)		$	(8,601	)

(1) At September 30, 2012 and December 31, 2011, the Company’s equity investment includes its credit investments of $16,192 and $15,945, respectively, discussed above.

Schedule Of Operation For Apartment LLCs

	Three months ended					Nine months ended
	September 30,					September 30,
Apartment LLCs - Income Statement Data	2012		2011			2012		2011
Revenues
Rental	$	6,226	$	5,932		$	18,421	$	17,543
Other property revenues		476		474			1,411		1,382
Total revenues		6,702		6,406			19,832		18,925
Expenses
Property operating and maintenance		2,651		2,586			7,733		7,380
Depreciation and amortization		1,368		1,488			4,400		4,441
Interest		2,278		2,583			6,903		7,664
Total expenses		6,297		6,657			19,036		19,485
Net loss from continuing operations		405		(251	)		796		(560	)
Gain (loss) from discontinued operations		-		(28	)		21,607		(127	)
Net income (loss)	$	405	$	(279	)	$	22,403	$	(687	)
Company’s share of net income in Apartment LLCs	$	475	$	235		$	7,416	$	790