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): | | | | | | | | | | | | | 6/30/2021 | | 12/31/2020 | | (unaudited) | | | Assets: | | | | Real estate, net | $ | 1,147,860 | | | $ | 1,249,730 | | Other assets | 473,193 | | | 255,606 | | Total assets | $ | 1,621,053 | | | $ | 1,505,336 | | | | | | Liabilities and partners' capital: | | | | Mortgage notes payable, net (1) | $ | 637,676 | | | $ | 751,257 | | Other liabilities | 169,258 | | | 163,808 | | Partners' capital | 814,119 | | | 590,271 | | Total liabilities and partners' capital | $ | 1,621,053 | | | $ | 1,505,336 | |
_________________________________ (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 six months ended | | 6/30/2021 | | 6/30/2020 | | 6/30/2021 | | 6/30/2020 | | (unaudited) | | (unaudited) | Rental and other income (1) | $ | 41,809 | | | $ | 30,427 | | | $ | 66,744 | | | $ | 63,499 | | Operating and other expenses | (12,126) | | | (11,732) | | | (24,293) | | | (23,912) | | Gain on sale of communities | 164,317 | | | 40 | | | 164,317 | | | 40 | | Interest expense, net | (7,582) | | | (8,053) | | | (15,250) | | | (16,109) | | Depreciation expense | (7,441) | | | (8,713) | | | (15,919) | | | (17,402) | | Net income | $ | 178,977 | | | $ | 1,969 | | | $ | 175,599 | | | $ | 6,116 | | | | | | | | | | Company's share of net income from investments in unconsolidated entities | $ | 27,087 | | | $ | 1,041 | | | $ | 27,149 | | | $ | 2,746 | | Amortization of excess investment and other | (528) | | | (529) | | | (1,057) | | | (1,059) | | Income from investments in unconsolidated entities | $ | 26,559 | | | $ | 512 | | | $ | 26,092 | | | $ | 1,687 | |
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