Investments (Tables)

3 Months Ended

Mar. 31, 2022

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

	3/31/2022		12/31/2021
	(unaudited)
Assets:
Real estate, net	$	1,198,088	$	1,184,041
Other assets (1)	409,751		399,591
Total assets	$	1,607,839	$	1,583,632
Liabilities and partners' capital:
Mortgage notes payable, net (2)	$	660,210	$	645,235
Other liabilities	166,097		168,403
Partners' capital	781,532		769,994
Total liabilities and partners' capital	$	1,607,839	$	1,583,632

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(1)    Consists primarily of property technology investment management funds, in-place leases and cash and cash equivalents.

(2)    Other than a construction loan on the AVA Arts District development, with $27,333 currently outstanding as of March 31, 2022 and reflected in the table above, the Company has not guaranteed any other outstanding debt, nor does the Company have any obligation to fund any debt that it has not guaranteed, 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 and presented on the accompanying Condensed Consolidated Statements of Comprehensive Income, for the periods presented (dollars in thousands):

	For the three months ended
	3/31/2022		3/31/2021
	(unaudited)
Rental and other income (1)	$	26,450	$	26,398
Operating and other expenses	(11,383)		(13,631)
Gain on sale of communities	58		—
Interest expense, net	(6,026)		(7,668)
Depreciation expense	(7,318)		(8,478)
Net income	$	1,781	$	(3,379)
Company's share of net income	$	416	$	61
Direct investment gains, amortization of excess investment and other (2)	(99)		(528)
Income from investments in unconsolidated entities	$	317	$	(467)

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(1)    Includes unrealized gains on the Company's indirect investments in property technology ventures accounted for under the equity method of accounting during the three months ended March 31, 2022.

(2) Includes unrealized gains on the Company’s direct investment in equity securities of property technology investments during the three months ended March 31, 2022.