Investments in Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Combined summary of the financial position of the entities accounted for using the equity method

The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands):

	9/30/2014		12/31/2013
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	1,624,119	$	1,905,005
Other assets	92,521		164,183
Total assets	$	1,716,640	$	2,069,188
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	982,246	$	1,251,067
Other liabilities	34,846		32,257
Partners’ capital	699,548		785,864
Total liabilities and partners’ capital	$	1,716,640	$	2,069,188

Combined summary of the operating results of the entities accounted for using the equity method

The following is a combined summary of the operating results of the entities accounted for using the equity method for the periods presented, excluding amounts associated with the Residual JV (dollars in thousands):

	For the three months ended						For the nine months ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013
	(unaudited)						(unaudited)
Rental and other income	$	49,388		$	56,613		$	154,034		$	157,938
Operating and other expenses	(19,989		)	(22,915		)	(61,680		)	(63,731		)
Gain on sale of communities	327,539			5,395			333,221			70,662
Interest expense, net	(22,922		)	(15,376		)	(50,335		)	(46,474		)
Depreciation expense	(11,934		)	(15,668		)	(40,214		)	(46,602		)
Net income	$	322,082		$	8,049		$	335,026		$	71,793