Investments in Unconsolidated Real Estate Entities (Tables) - Unconsolidated Properties [Member]

9 Months Ended

Sep. 30, 2015

Summary of Financial Information for Apartment LLCs

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

	September 30,			December 31,
Apartment LLCs - Balance Sheet Data	2015			2014
Real estate assets, net of accumulated depreciation of $53,466    and $52,012 at September 30, 2015 and December 31, 2014,    respectively	$	208,287		$	208,493
Cash and other		6,512			5,490
Total assets	$	214,799		$	213,983
Mortgage notes payable	$	177,723		$	177,723
Other liabilities		2,535			3,445
Total liabilities		180,258			181,168
Members' equity		34,541			32,815
Total liabilities and members' equity	$	214,799		$	213,983
Company's equity investment in Apartment LLCs (1)	$	(11,899	)	$	(12,565	)

1) At September 30, 2015 and December 31, 2014, the Company’s equity investment includes its credit investments of $15,882 and

$16,624, respectively, discussed above.

Schedule of Operation for Apartment LLCs

	Three months ended				Nine months ended
	September 30,				September 30,
Apartment LLCs - Income Statement Data	2015		2014		2015		2014
Revenues
Rental	$	7,036	$	6,701	$	20,677	$	19,821
Other property revenues		494		481		1,487		1,410
Total revenues		7,530		7,182		22,164		21,231
Expenses
Property operating and maintenance		2,762		3,167		8,919		8,749
Depreciation and amortization		1,479		1,412		4,391		4,175
Interest		2,278		2,278		6,774		6,774
Total expenses		6,519		6,857		20,084		19,698
Net income	$	1,011	$	325	$	2,080	$	1,533
Company's share of net income in Apartment LLCs	$	603	$	422	$	1,568	$	1,408