Investments in Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2016

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 discussed above as of the dates presented (dollars in thousands):

	9/30/2016		12/31/2015
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	1,005,924	$	1,392,833
Other assets	52,992		57,044
Total assets	$	1,058,916	$	1,449,877
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	720,703	$	947,205
Other liabilities	20,771		20,471
Partners’ capital	317,442		482,201
Total liabilities and partners’ capital	$	1,058,916	$	1,449,877

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 discussed above for the periods presented (dollars in thousands):

	For the three months ended						For the nine months ended
	9/30/2016			9/30/2015			9/30/2016			9/30/2015
	(unaudited)						(unaudited)
Rental and other income	$	30,771		$	43,868		$	101,534		$	132,518
Operating and other expenses	(12,069		)	(17,910		)	(39,206		)	(52,622		)
Gain on sale of communities	—			66,410			180,256			98,899
Interest expense, net (1)	(7,919		)	(14,883		)	(37,857		)	(35,694		)
Depreciation expense	(8,081		)	(11,213		)	(26,027		)	(35,058		)
Net income	$	2,702		$	66,272		$	178,700		$	108,043

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(1) Amount for the nine months ended September 30, 2016 includes charges for prepayment penalties and write-offs of deferred financing costs of $12,344.