Investments in Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2012

Investments in Real Estate Entities

Combined summary of the financial position of the entities accounted for using the equity method

	9-30-12		12-31-11
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	1,477,756	$	1,583,397
Other assets	88,627		70,233
Total assets	$	1,566,383	$	1,653,630
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	1,033,226	$	1,074,429
Other liabilities	26,379		27,335
Partners’ capital	506,778		551,866
Total liabilities and partners’ capital	$	1,566,383	$	1,653,630

Combined summary of the operating results of the entities accounted for using the equity method

	For the three months ended						For the nine months ended
	(unaudited)						(unaudited)
	9-30-12			9-30-11			9-30-12			9-30-11
Rental and other income	$	43,168		$	40,953		$	130,300		$	117,407
Operating and other expenses	(18,733		)	(18,829		)	(56,533		)	(53,474		)
Gain on sale of communities	44,723			12,445			57,457			12,445
Interest expense, net	(12,742		)	(12,818		)	(38,468		)	(37,596		)
Depreciation expense	(11,947		)	(12,363		)	(37,244		)	(35,702		)
Net income	$	44,469		$	9,388		$	55,512		$	3,080