Investments in Real Estate Entities (Tables)

3 Months Ended

Mar. 31, 2021

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):

	3/31/2021		12/31/2020
	(unaudited)
Assets:
Real estate, net	$	1,276,766	$	1,249,730
Other assets	248,999		255,606
Total assets	$	1,525,765	$	1,505,336
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	750,370	$	751,257
Other liabilities	172,082		163,808
Partners' capital	603,313		590,271
Total liabilities and partners' capital	$	1,525,765	$	1,505,336

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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
	3/31/2021		3/31/2020
	(unaudited)
Rental and other income	$	26,398	$	33,072
Operating and other expenses	(13,631)		(12,181)
Interest expense, net	(7,668)		(8,056)
Depreciation expense	(8,478)		(8,689)
Net (loss) income	$	(3,379)	$	4,146
Company's share of net income (loss)	$	61	$	1,705
Amortization of excess investment and other	(528)		(530)
Equity in (loss) income from unconsolidated real estate investments	$	(467)	$	1,175