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

9 Months Ended

Sep. 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	September 30, 2014			December 31, 2013
Real estate assets, net of accumulated depreciation of $47,748 and $43,649 at September 30, 2014 and December 31, 2013, respectively	$	208,009		$	209,132
Cash and other		6,296			4,978
Total assets	$	214,305		$	214,110
Mortgage notes payable	$	177,723		$	177,723
Other liabilities		3,483			2,673
Total liabilities		181,206			180,396
Members’ equity		33,099			33,714
Total liabilities and members’ equity	$	214,305		$	214,110
Company’s equity investment in Apartment LLCs (1)	$	(12,559	)	$	(12,631	)

(1) At September 30, 2014 and December 31, 2013, the Company’s equity investment includes its credit investments of $16,654 and $16,687, respectively, discussed above.

Schedule of Operation for Apartment LLCs

	Three months ended September 30,					Nine months ended September 30,
Apartment LLCs - Income Statement Data		2014		2013			2014		2013
Revenues
Rental		$	6,701	$	6,505		$	19,821	$	19,141
Other property revenues			481		475			1,410		1,435
Total revenues			7,182		6,980			21,231		20,576
Expenses
Property operating and maintenance			3,167		2,550			8,749		7,939
Depreciation and amortization			1,412		1,362			4,175		4,052
Interest			2,278		2,278			6,774		6,774
Total expenses			6,857		6,190			19,698		18,765
Net income		$	325	$	790		$	1,533	$	1,811
Company’s share of net income in Apartment LLCs		$	422	$	656		$	1,408	$	1,611