XML 39 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investments in Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2015
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):
 
12/31/15
 
12/31/14
Assets:
 

 
 

Real estate, net
$
1,392,833

 
$
1,617,627

Other assets (1)
57,044

 
68,693

Total assets
$
1,449,877

 
$
1,686,320

Liabilities and partners' capital:
 

 
 

Mortgage notes payable and credit facility, net (1)
$
947,205

 
$
976,531

Other liabilities
20,471

 
23,130

Partners' capital
482,201

 
686,659

Total liabilities and partners' capital
$
1,449,877

 
$
1,686,320
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 years presented, excluding amounts associated with the Residual JV (dollars in thousands):
 
For the year ended
 
12/31/15
 
12/31/14
 
12/31/13
Rental and other income
$
173,578

 
$
198,939

 
$
212,994

Operating and other expenses
(67,962
)
 
(80,301
)
 
(86,434
)
Gain on sale of communities
98,899

 
333,221

 
96,152

Interest expense, net
(45,517
)
 
(61,458
)
 
(61,404
)
Depreciation expense
(45,324
)
 
(52,116
)
 
(61,002
)
Net income
$
113,674

 
$
338,285

 
$
100,306
Equity in income of unconsolidated entities
The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands):
 
For the year ended
 
12/31/15
 
12/31/14
 
12/31/13
Fund I (1)
$
871

 
$
475

 
$
10,924

Fund II (2)
32,211

 
24,808

 
6,206

U.S. Fund
2,052

 
342

 
(661
)
AC JV
511

 
1,579

 
2,569

CVP I, LLC (3)
1,812

 
113,127

 
5,783

MVP I, LLC (4)
22,453

 
1,651

 
1,137

Brandywine
(1,474
)
 
828

 
661

Residual JV (5)
11,582

 
3,547

 
(38,332
)
Arna Valley View LP (6)
—

 
2,406

 
—

Avalon Del Rey, LLC (7)
—

 
—

 
181

Juanita Village (6)
—

 
3

 
378

Total
$
70,018

 
$
148,766

 
$
(11,154
)
_________________________________
(1)
Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944 and $11,484, respectively.
(2)
Equity in income for the years ended December 31, 2015, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $29,726, $21,624, and $2,790 respectively.
(3)
Equity in income for the years ended December 31, 2015, 2014 and 2013 includes $1,289, $61,218 and $5,527, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place.
(4)
Equity in income for the years ended December 31, 2015, 2014 and 2013 includes $21,340, $930 and $516 relating to the Company's recognition of its promoted interest. For 2015, $20,680 was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations. Prospectively, earnings and distributions will be based on the Company's 25.0% equity interest in the venture.
(5)
Equity in income (loss) from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture.
(6)
The Company's equity in income for this entity represents its residual profits from the sale of the community.
(7)
During 2012, the Company purchased its joint venture partner's interest in this venture.