Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2013

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule [Table Text Block]

The following tables and information summarize the Company’s investments in partially owned entities as of September 30, 2013 (amounts in thousands except for project and apartment unit amounts):

	Consolidated								Unconsolidated
	Development Projects								Development Projects
	Held for and/or Under Development		Operating			Total			Held for and/or Under Development			Completed, Not Stabilized (3)		Operating			Total
Total projects (1)	—		19			19			—			1		1			2
Total apartment units (1)	—		3,752			3,752			—			501		336			837
Balance sheet information at 9/30/13 (at 100%):
ASSETS
Investment in real estate	$	308,893	$	672,958		$	981,851		$	238,872		$	77,292	$	55,369		$	371,533
Accumulated depreciation	—		(167,457		)	(167,457		)	(84		)	—		(4,165		)	(4,249		)
Investment in real estate, net	308,893		505,501			814,394			238,788			77,292		51,204			367,284
Cash and cash equivalents	4,253		17,659			21,912			1,153			317		1,357			2,827
Investments in unconsolidated entities	—		55,040			55,040			—			—		—			—
Deposits – restricted	43,631		206			43,837			—			—		—			—
Deferred financing costs, net	—		2,521			2,521			—			5		5			10
Other assets	5,781		27,170			32,951			333			5		1,038			1,376
Total assets	$	362,558	$	608,097		$	970,655		$	240,274		$	77,619	$	53,604		$	371,497
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (2)	$	—	$	358,730		$	358,730		$	118,723		$	45,217	$	30,550		$	194,490
Accounts payable & accrued expenses	27,052		2,495			29,547			13,781			2,864		(143		)	16,502
Accrued interest payable	—		1,259			1,259			432			208		—			640
Other liabilities	1,045		1,254			2,299			365			156		1,345			1,866
Security deposits	1		1,821			1,822			94			75		18			187
Total liabilities	28,098		365,559			393,657			133,395			48,520		31,770			213,685
Noncontrolling Interests - Partially Owned Properties/Partners' equity	98,126		12,509			110,635			78,556			23,205		20,450			122,211
Company equity/General and Limited Partners' Capital	236,334		230,029			466,363			28,323			5,894		1,384			35,601
Total equity/capital	334,460		242,538			576,998			106,879			29,099		21,834			157,812
Total liabilities and equity/capital	$	362,558	$	608,097		$	970,655		$	240,274		$	77,619	$	53,604		$	371,497

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated									Unconsolidated
	Development Projects									Development Projects
	Held for and/or Under Development									Held for and/or Under Development						Operating
													Completed, Not Stabilized (3)
				Operating			Total												Total
Operating information for the nine months ended 9/30/13 (at 100%):
Operating revenue	$	12		$	59,666		$	59,678		$	1,305		$	1,861		$	3,173		$	6,339
Operating expenses	407			18,458			18,865			1,141			1,023			1,402			3,566
Net operating (loss) income	(395		)	41,208			40,813			164			838			1,771			2,773
Depreciation	—			26,478			26,478			84			—			4,165			4,249
General and administrative/other	520			79			599			23			—			141			164
Operating (loss) income	(915		)	14,651			13,736			57			838			(2,535		)	(1,640		)
Interest and other income	2			3			5			—			—			10			10
Other expenses	(334		)	(4		)	(338		)	—			—			—			—
Interest:
Expense incurred, net	(2		)	(10,615		)	(10,617		)	(152		)	(501		)	(658		)	(1,311		)
Amortization of deferred financing costs	—			(216		)	(216		)	—			—			(1		)	(1		)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net (loss) gain on sales of land parcels and discontinued operations	(1,249		)	3,819			2,570			(95		)	337			(3,184		)	(2,942		)
Income and other tax (expense) benefit	(11		)	(56		)	(67		)	—			—			—			—
(Loss) from investments in unconsolidated entities	—			(1,010		)	(1,010		)	—			—			—			—
Net (loss) on sales of land parcels	(17		)	—			(17		)	—			—			—			—
Net gain on sales of discontinued operations	—			26,673			26,673			—			—			—			—
Net (loss) income	$	(1,277	)	$	29,426		$	28,149		$	(95	)	$	337		$	(3,184	)	$	(2,942	)

(1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.

(2) All debt is non-recourse to the Company with the exception of 50% of the current $5.7 million outstanding debt balance on one unconsolidated development project.

(3) Projects included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing.

Note: The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AVB in connection with the Archstone transaction. These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests have an aggregate liquidation value of $88.3 million at September 30, 2013. The ventures are owned 60% by the Company and 40% by AVB.