Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015 (amounts in thousands except for project and apartment unit amounts):

	Consolidated			Unconsolidated
	Operating			Operating
Total projects	19			3
Total apartment units	3,771			1,281
Balance sheet information at 9/30/15 (at 100%):
ASSETS
Investment in real estate	$	687,814		$	290,733
Accumulated depreciation	(211,120		)	(27,563		)
Investment in real estate, net	476,694			263,170
Cash and cash equivalents	19,242			8,912
Investments in unconsolidated entities	50,140			—
Deposits – restricted	335			284
Deferred financing costs, net	1,875			6
Other assets	26,816			882
Total assets	$	575,102		$	273,254
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (1)	$	343,341		$	174,992
Accounts payable & accrued expenses	3,318			3,227
Accrued interest payable	1,206			691
Other liabilities	709			513
Security deposits	2,017			614
Total liabilities	350,591			180,037
Noncontrolling Interests – Partially Owned Properties/Partners' equity	4,643			90,878
Company equity/General and Limited Partners' Capital	219,868			2,339
Total equity/capital	224,511			93,217
Total liabilities and equity/capital	$	575,102		$	273,254

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated			Unconsolidated
	Operating			Operating
Operating information for the nine months ended 9/30/15 (at 100%):
Operating revenue	$	70,142		$	24,125
Operating expenses	20,208			8,949
Net operating income	49,934			15,176
Depreciation	16,638			9,251
General and administrative/other	44			178
Operating income	33,252			5,747
Interest and other income	8			2
Other expenses	(50		)	—
Interest:
Expense incurred, net	(11,704		)	(7,047		)
Amortization of deferred financing costs	(266		)	(1		)
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	21,240			(1,299		)
Income and other tax (expense) benefit	(35		)	(18		)
(Loss) from investments in unconsolidated entities	(1,104		)	—
Net income (loss)	$	20,101		$	(1,317	)

(1) All debt is non-recourse to the Company.

Note: The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AvalonBay Communities, Inc. (“AVB”) in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $42.8 million at September 30, 2015. The ventures are owned 60% by the Company and 40% by AVB.