Investments in Unconsolidated Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Financial Information for Apartment LLCs

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

	June 30,			December 31,
Apartment LLCs - Balance Sheet Data	2013			2012
Real estate assets, net of accumulated depreciation of $40,971 and $38,332 at June 30, 2013 and December 31, 2012, respectively	$	210,948		$	212,877
Cash and other		6,589			5,103
Total assets	$	217,537		$	217,980
Mortgage notes payable	$	177,723		$	177,723
Other liabilities		3,743			2,588
Total liabilities		181,466			180,311
Members’ equity		36,071			37,669
Total liabilities and members’ equity	$	217,537		$	217,980
Company’s equity investment in Apartment LLCs (1)	$	(12,060	)	$	(11,764	)

(1) At June 30, 2013 and December 31, 2012, the Company’s equity investment includes its credit investments of $16,518 and $16,297, respectively, discussed above.

Unconsolidated Properties [Member]

Schedule of Operation for Apartment LLCs

	Three months ended				Six months ended
	June 30,				June 30,
Apartment LLCs - Income Statement Data	2013		2012		2013		2012
Revenues
Rental	$	6,350	$	6,152	$	12,635	$	12,194
Other property revenues		515		501		961		937
Total revenues		6,865		6,653		13,596		13,131
Expenses
Property operating and maintenance		2,738		2,555		5,389		5,082
Depreciation and amortization		1,350		1,428		2,690		3,033
Interest		2,258		2,258		4,496		4,625
Total expenses		6,346		6,241		12,575		12,740
Net loss from continuing operations		519		412		1,021		391
Gain from discontinued operations		—		—		—		21,607
Net income	$	519	$	412	$	1,021	$	21,998
Company’s share of net income in Apartment LLCs	$	477	$	495	$	955	$	6,941