Investments (Tables)

12 Months Ended

Dec. 31, 2021

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 Company’s unconsolidated investments discussed above, accounted for using the equity method and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):

	12/31/21		12/31/20
Assets:
Real estate, net	$	1,184,041	$	1,249,730
Other assets	399,591		255,606
Total assets	$	1,583,632	$	1,505,336
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	645,235	$	751,257
Other liabilities	168,403		163,808
Partners' capital	769,994		590,271
Total liabilities and partners' capital	$	1,583,632	$	1,505,336

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(1)    Other than the AVA Arts District construction loan, the Company has not guaranteed any other outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so.

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 and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19 (1)
Rental and other income (2)	$	198,645	$	118,474	$	144,431
Operating and other expenses	(46,102)		(49,509)		(55,732)
Gain on sale of communities	164,273		18,450		21,748
Interest expense, net	(27,508)		(31,982)		(33,896)
Depreciation expense	(29,910)		(34,606)		(58,387)
Net income	$	259,398	$	20,827	$	18,164
Company's share of net income	$	32,123	$	8,538	$	10,779
Direct investment gains, amortization of excess investment and other (3)	6,462		(2,116)		(2,127)
Income from investments in unconsolidated entities	$	38,585	$	6,422	$	8,652

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(1)    Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest.

(2)    Includes unrealized gains on the Company's indirect property technology ventures accounted for under the equity method of accounting during the year ended December 31, 2021.

(3) Includes unrealized gains on the Company’s direct investment in equity securities of property technology investments during the year ended December 31, 2021.