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Investments in Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2017
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 development joint ventures, the Residual JV and Legacy JV (dollars in thousands):

 
12/31/17
 
12/31/16
Assets:
 

 
 

Real estate, net
$
695,077

 
$
954,493

Other assets
39,976

 
49,519

Total assets
$
735,053

 
$
1,004,012

Liabilities and partners' capital:
 

 
 

Mortgage notes payable, net and credit facility
$
523,815

 
$
689,573

Other liabilities
10,540

 
16,537

Partners' capital
200,698

 
297,902

Total liabilities and partners' capital
$
735,053

 
$
1,004,012
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 development joint ventures, Avalon Clarendon, the Residual JV and Legacy JV (dollars in thousands):

 
For the year ended
 
12/31/17
 
12/31/16
 
12/31/15
Rental and other income
$
101,615

 
$
131,901

 
$
173,578

Operating and other expenses
(38,566
)
 
(50,945
)
 
(67,962
)
Gain on sale of communities
136,333

 
196,749

 
98,899

Interest expense, net (1)
(27,104
)
 
(45,886
)
 
(45,517
)
Depreciation expense
(25,914
)
 
(34,471
)
 
(45,324
)
Net income
$
146,364

 
$
197,348

 
$
113,674
Equity in income of unconsolidated entities
The following is a summary of the Company's equity in income of unconsolidated real estate entities for the years presented (dollars in thousands):

 
For the year ended
 
12/31/17
 
12/31/16
 
12/31/15
Fund I (1)
$
—

 
$
87

 
$
871

Fund II (2)
53,961

 
49,882

 
32,211

U.S. Fund (3)
14,773

 
15,635

 
2,052

AC JV
1,388

 
1,445

 
511

MVP I, LLC (4)
1,833

 
1,627

 
22,453

Brandywine
106

 
10

 
(1,474
)
CVP I, LLC (5)
—

 
9

 
1,812

Residual JV
(1,223
)
 
(1,374
)
 
11,582

Avalon Clarendon (6)
—

 
(2,359
)
 
—

North Point II JV, LP
(122
)
 
—

 
—

Sudbury Development, LLC
28

 
—

 
—

Total
$
70,744

 
$
64,962

 
$
70,018

_________________________________
(1)
The Company's equity in income for this entity represents its residual profits from the sale of the community, or liquidation of the venture.
(2)
Equity in income for the years ended December 31, 2017, 2016 and 2015 includes the Company's proportionate share of the gain on the sale of Fund II assets of $26,322, $41,501, and $29,726 respectively. In addition, equity in income for the years ended December 31, 2017 and 2016 include $26,742 and $7,985, respectively, relating to the Company's recognition of its promoted interest.
(3)
Equity in income for the years ended December 31, 2017 and 2016 include the Company's proportionate share of the gain on the sale of U.S. Fund assets of $13,788 and $16,568, respectively.
(4)
Equity in income for the year ended December 31, 2015 includes $21,340 relating to the Company's recognition of its promoted interest, of which $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.
(5)
Equity in income for the year ended December 31, 2015 includes $1,289 relating to the Company's recognition of its promoted interest.
(6)
In 2016, the Company and its venture partner established separate legal ownership of Avalon Clarendon, after which the Company reported the operating results of Avalon Clarendon as part of its consolidated operations.