INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES (Tables)

12 Months Ended

Dec. 31, 2012

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


	December 31,
Apartment LLCs - Balance Sheet Data	2012			2011
Real estate assets, net of accumulated depreciation of $38,332 and $32,780 at December 31, 2012 and 2011, respectively	$	212,877		$	217,443
Assets held for sale, net		-			28,846
Cash and other		5,103			6,526

Total assets	$	217,980		$	252,815

Mortgage notes payable	$	177,723		$	206,495
Other liabilities		2,588			2,737

Total liabilities		180,311			209,232
Members’ equity		37,669			43,583

Total liabilities and members’ equity	$	217,980		$	252,815

Company’s equity investment in Apartment LLCs (1)	$	(11,764	)	$	(8,601	)

(1)	At December 31, 2012 and 2011, the Company’s equity investment includes its credit investments of $16,297 and $15,945, respectively, discussed above.

Apartment LLCs [Member]

Apartment LLCs - Income Statement Data	2012		2011			2010
Revenues
Rental	$	24,659	$	23,504		$	22,444
Other property revenues		1,844		1,823			1,718

Total revenues		26,503		25,327			24,162

Expenses
Property operating and maintenance		10,541		9,896			9,945
Depreciation and amortization		5,768		5,934			5,836
Interest		9,181		10,247			10,247

Total expenses		25,490		26,077			26,028

Net loss from continuing operations		1,013		(750	)		(1,866	)
Gain (loss) from discontinued operations		21,667		(151	)		(254	)

Net income (loss)	$	22,680	$	(901	)	$	(2,120	)

Company’s share of net income in Apartment LLCs	$	7,995	$	1,001		$	635

Mixed-Use LP [Member]

A summary of results of operations for the Mixed-Use LP through September 2010 was as follows:


Mixed-Use LP - Income Statement Data	Period ended September 24, 2010
Revenues	$	90
Expenses		(1,648	)
Gain on distribution of assets / liabilities at fair value		20,049

Net income	$	18,491

Company’s share of net income in Mixed-Use LP	$	18,104