INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES (Tables) (Unconsolidated Properties [Member])

6 Months Ended

Jun. 30, 2014

Unconsolidated Properties [Member]

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	June 30, 2014			December 31, 2013
Real estate assets, net of accumulated depreciation of $46,361 and $43,649 at June 30, 2014 and December 31, 2013, respectively	$	208,054		$	209,132
Cash and other		5,943			4,978
Total assets	$	213,997		$	214,110
Mortgage notes payable	$	177,723		$	177,723
Other liabilities		3,702			2,673
Total liabilities		181,425			180,396
Members’ equity		32,572			33,714
Total liabilities and members’ equity	$	213,997		$	214,110
Company’s equity investment in Apartment LLCs (1)	$	(12,773	)	$	(12,631	)

(1) At June 30, 2014 and December 31, 2013, the Company’s equity investment includes its credit investments of $16,844 and $16,687, respectively, discussed above.

Schedule of Operation for Apartment LLCs

	Three months ended June 30,				Six months ended June 30,
Apartment LLCs - Income Statement Data	2014		2013		2014		2013
Revenues
Rental	$	6,635	$	6,350	$	13,120	$	12,635
Other property revenues		489		515		928		961
Total revenues		7,124		6,865		14,048		13,596
Expenses
Property operating and maintenance		2,830		2,738		5,581		5,389
Depreciation and amortization		1,387		1,350		2,763		2,690
Interest		2,258		2,258		4,496		4,496
Total expenses		6,475		6,346		12,840		12,575
Net income	$	649	$	519	$	1,208	$	1,021
Company’s share of net income in Apartment LLCs	$	501	$	477	$	986	$	955