Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2011

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule

	Consolidated
	Development Projects (VIEs)
	Held for and/or Under Development		Completed and Stabilized			Other			Total
Total projects (1)		—		2			19			21
Total apartments units (1)		—		441			3,475			3,916
Balance sheet information at 9/30/11 (at 100%):
ASSETS
Investment in real estate	$	25,071	$	114,570		$	447,939		$	587,580
Accumulated depreciation		—		(11,186	)		(140,444	)		(151,630	)
Investment in real estate, net		25,071		103,384			307,495			435,950
Cash and cash equivalents		1,643		1,578			11,078			14,299
Deposits – restricted		—		2,367			15,177			17,544
Escrow deposits – mortgage		—		50			—			50
Deferred financing costs, net		—		119			1,187			1,306
Other assets		89		132			136			357
Total assets	$	26,803	$	107,630		$	335,073		$	469,506
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable	$	—	$	84,153		$	200,337		$	284,490
Accounts payable & accrued expenses		179		1,327			2,960			4,466
Accrued interest payable		—		258			720			978
Other liabilities		1,274		47			2,862			4,183
Security deposits		—		110			1,482			1,592
Total liabilities		1,453		85,895			208,361			295,709
Noncontrolling Interests – Partially Owned Properties		2,243		1,079			(5,036	)		(1,714	)
Company equity/General and Limited Partners’ Capital		23,107		20,656			131,748			175,511
Total equity/capital		25,350		21,735			126,712			173,797
Total liabilities and equity/capital	$	26,803	$	107,630		$	335,073		$	469,506
Debt – Secured (2):
Company/Operating Partnership Ownership (3)	$	—	$	84,153		$	159,068		$	243,221
Noncontrolling Ownership		—		—			41,269			41,269
Total (at 100%)	$	—	$	84,153		$	200,337		$	284,490

(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.

(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 Development			Completed and Stabilized			Other			Total
Operating information for the nine months ended 9/30/11 (at 100%):
Operating revenue	$	—		$	6,649		$	43,016		$	49,665
Operating expenses		207			3,083			14,487			17,777
Net operating (loss) income		(207	)		3,566			28,529			31,888
Depreciation		—			3,121			11,256			14,377
General and administrative/other		115			6			50			171
Operating (loss) income		(322	)		439			17,223			17,340
Interest and other income		5			5			10			20
Other expenses		(289	)		—			(39	)		(328	)
Interest:
Expense incurred, net		(399	)		(2,465	)		(8,948	)		(11,812	)
Amortization of deferred financing costs		—			(202	)		(341	)		(543	)
(Loss) income before income and other taxes and net gains on sales of land parcels and discontinued operations		(1,005	)		(2,223	)		7,905			4,677
Income and other tax (expense) benefit		(57	)		—			(6	)		(63	)
Net gain on sales of land parcels		4,217			—			—			4,217
Net gain on sales of discontinued operations		169			—			13,265			13,434
Net income (loss)	$	3,324		$	(2,223	)	$	21,164		$	22,265