Investments in Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of financial information of equity method investments

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, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):

	9/30/2020		12/31/2019
	(unaudited)
Assets:
Real estate, net	$	1,222,762	$	1,204,470
Other assets	265,048		196,488
Total assets	$	1,487,810	$	1,400,958
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	749,555	$	782,257
Other liabilities	158,875		157,379
Partners' capital	579,380		461,322
Total liabilities and partners' capital	$	1,487,810	$	1,400,958

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(1)    The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so.

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
	9/30/2020		9/30/2019		9/30/2020		9/30/2019
	(unaudited)				(unaudited)
Rental and other income	$	28,800	$	37,382	$	92,299	$	108,635
Operating and other expenses	(12,782)		(14,535)		(37,034)		(42,624)
Gain on sale of communities	18,408		—		18,448		—
Interest expense, net	(8,024)		(8,385)		(24,133)		(25,482)
Depreciation expense	(8,704)		(9,324)		(26,106)		(49,366)
Net income (loss)	$	17,698	$	5,138	$	23,474	$	(8,837)
Company's share of net income (loss) (1)	$	5,611	$	2,175	$	8,357	$	2,377
Amortization of excess investment and other	(528)		(532)		(1,587)		(1,597)
Equity in income from unconsolidated real estate investments	$	5,083	$	1,643	$	6,770	$	780