Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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 12/31/15 (at 100%):
ASSETS
Investment in real estate	$	689,574		$	290,891
Accumulated depreciation	(216,697		)	(30,662		)
Investment in real estate, net	472,877			260,229
Cash and cash equivalents	23,445			7,044
Investments in unconsolidated entities	49,408			—
Deposits – restricted	346			289
Deferred financing costs, net	1,792			6
Other assets	26,567			448
Total assets	$	574,435		$	268,016
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (1)	$	343,429		$	174,846
Accounts payable & accrued expenses	1,698			733
Accrued interest payable	1,223			691
Other liabilities	786			347
Security deposits	2,036			645
Total liabilities	349,172			177,262
Noncontrolling Interests – Partially Owned Properties/Partners' equity	4,608			90,878
Company equity/General and Limited Partners' Capital	220,655			(124		)
Total equity/capital	225,263			90,754
Total liabilities and equity/capital	$	574,435		$	268,016

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated			Unconsolidated
	Operating			Operating
Operating information for the year ended 12/31/15 (at 100%):
Operating revenue	$	94,349		$	32,285
Operating expenses	26,081			12,061
Net operating income	68,268			20,224
Depreciation	22,216			12,350
General and administrative/other	330			255
Operating income	45,722			7,619
Interest and other income	12			(1		)
Other expenses	(50		)	—
Interest:
Expense incurred, net	(15,459		)	(9,390		)
Amortization of deferred financing costs	(349		)	(2		)
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	29,876			(1,774		)
Income and other tax (expense) benefit	(35		)	(18		)
(Loss) from investments in unconsolidated entities	(1,501		)	—
Net income (loss)	$	28,340		$	(1,792	)

(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 AVB in connection with the Archstone Transaction. These ventures owned certain non-core Archstone assets 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 $42.2 million at December 31, 2015. The ventures are owned 60% by the Company and 40% by AVB.