Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2011

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule

	Consolidated
	Development Projects (VIEs)
	Held for		Completed
	and/or Under		and
	Development		Stabilized			Other			Total
Total projects (1)		—		3			19			22
Total apartments units (1)		—		931			3,440			4,371
Balance sheet information at 6/30/11 (at 100%):
ASSETS
Investment in real estate	$	25,067	$	376,057		$	440,998		$	842,122
Accumulated depreciation		—		(13,937	)		(131,837	)		(145,774	)
Investment in real estate, net		25,067		362,120			309,161			696,348
Cash and cash equivalents		527		2,870			9,777			13,174
Deposits — restricted		1,120		3,560			22,887			27,567
Escrow deposits — mortgage		—		48			—			48
Deferred financing costs, net		—		1,791			984			2,775
Other assets		126		181			106			413
Total assets	$	26,840	$	370,570		$	342,915		$	740,325
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable	$	—	$	232,530		$	182,637		$	415,167
Accounts payable & accrued expenses		253		1,106			1,566			2,925
Accrued interest payable		—		333			573			906
Other liabilities		1,277		558			1,157			2,992
Security deposits		—		1,306			1,469			2,775
Total liabilities		1,530		235,833			187,402			424,765
Noncontrolling Interests — Partially Owned Properties		2,179		6,104			(4,988	)		3,295
Company equity/General and Limited Partners’ Capital		23,131		128,633			160,501			312,265
Total equity/capital		25,310		134,737			155,513			315,560
Total liabilities and equity/capital	$	26,840	$	370,570		$	342,915		$	740,325
Debt — Secured (2):
Company/Operating Partnership Ownership (3)	$	—	$	232,530		$	152,017		$	384,547
Noncontrolling Ownership		—		—			30,620			30,620
Total (at 100%)	$	—	$	232,530		$	182,637		$	415,167

(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 $14.0 million in mortgage debt on one development project.
(3)	Represents the Company’s/Operating Partnership’s current economic ownership interest.

Partially Owned Property Income Statement Schedule

	Consolidated
	Development Projects (VIEs)
	Held for
	and/or Under			Completed
	Development			and Stabilized			Other			Total
Operating information for the six months ended 6/30/11 (at 100%):
Operating revenue	$	—		$	10,763		$	28,261		$	39,024
Operating expenses		124			3,848			9,371			13,343
Net operating (loss) income		(124	)		6,915			18,890			25,681
Depreciation		—			5,872			7,491			13,363
General and administrative/other		103			5			27			135
Operating (loss) income		(227	)		1,038			11,372			12,183
Interest and other income		4			4			8			16
Other expenses		(207	)		—			(14	)		(221	)
Interest:
Expense incurred, net		(399	)		(4,440	)		(6,785	)		(11,624	)
Amortization of deferred financing costs		—			(1,337	)		(324	)		(1,661	)
(Loss) income before income and other taxes and net gains
on sales of land parcels and discontinued operations		(829	)		(4,735	)		4,257			(1,307	)
Income and other tax (expense) benefit		(57	)		—			(8	)		(65	)
Net gain on sales of land parcels		4,217			—			—			4,217
Net gain on sales of discontinued operations		169			—			—			169
Net income (loss)	$	3,500		$	(4,735	)	$	4,249		$	3,014