Co-Investments (Tables)

6 Months Ended

Jun. 30, 2011

Co-Investments [Abstract]

Investments in Joint Ventures Accounted for Under the Equity Method and Preferred Stock Accounted for Under the Cost Method

The following table details the Company's co-investments (dollars in thousands):

	June 30, 2011			December 31, 2010
Investments in joint ventures accounted for under the equity method of accounting:
Partnership interest in Essex Apartment Value Fund II, L.P ("Fund II")	$	65,532		$	66,000
Membership interest in a limited liability company that owns and is developing Cadence		52,407			-
Membership interest in a limited liability company that owns Essex Skyline at MacArthur Place		26,758			29,187
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles		22,767			-
Membership interest in a limited liability company that owns and is developing Queen Anne		17,000			-
Preferred interest in a related limited liability company that owns Madison Park at Anaheim		12,348			12,014
Membership interest in Wesco I, LLC ("Wesco")		(87	)		-
		196,725			107,201
Investments accounted for under the cost method of accounting:
Series A and B-2 Preferred Stock interests in Multifamily Technology Solutions, Inc.		639			639
Total co-investments	$	197,364		$	107,840

Combined Financial Information of Coinvestments Accounted for Under the Equity Method

The combined summarized balance sheet and statements of operations for co-investments, which are accounted for under the equity method, are as follows (dollars in thousands).

	June 30, 2011		December 31, 2010
Balance sheets:
Rental properties and real estate under development	$	993,258	$	750,808
Other assets		36,419		15,864
Total assets	$	1,029,677	$	766,672
Mortgage notes	$	598,435	$	450,693
Other liabilities		20,773		7,076
Equity		410,469		308,903
Total liabilities and equity	$	1,029,677	$	766,672
Company's share of equity	$	196,725	$	107,201

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Statements of operations:
Property revenues	$	24,084		$	12,482		$	42,596		$	24,810
Property operating expenses		(9,719	)		(5,533	)		(17,695	)		(10,662	)
Net property operating income		14,365			6,949			24,901			14,148
Interest expense		(10,549	)		(2,950	)		(15,410	)		(5,911	)
General and administrative		(38	)		-			(1,022	)		-
Depreciation and amortization		(9,943	)		(4,756	)		(18,006	)		(9,209	)
Net loss	$	(6,165	)	$	(757	)	$	(9,537	)	$	(972	)
Company's share of net income (loss)	$	726		$	(360	)	$	(647	)	$	(401	)