Co-Investments (Tables)

9 Months Ended

Sep. 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):

	September 30,		December 31,
	2011		2010
Investments in joint ventures accounted for under the equity  method of accounting:
Partnership interest in Fund II	$	64,505	$	66,000
Membership interest in Wesco		55,444		-
Membership interest in a limited liability company that owns  Essex Skyline at MacArthur Place		25,781		29,187
Total operating co-investments		145,730		95,187
Membership interest in a limited liability company that owns and is developing Cadence and West Dublin		68,368		-
Membership interest in a limited liability company that owns  and is developing Queen Anne		17,000		-
Membership interest in a limited liability company that owns and is developing Fountain at La Brea		9,186		-
Total development co-investments		94,554		-
Preferred interests in limited liability companies that own  apartment communities in downtown Los Angeles with preferred returns of 9% and 10%		22,792		-
Preferred interest in a related limited liability company that owns Madison Park at Anaheim with a preferred return of 13%		12,334		12,014
Total preferred interest investments		35,126		12,014
Investments accounted for under the cost method of accounting:
Series A and B-2 Preferred Stock interests in Multifamily Technology Solutions, Inc.		-		639
Total co-investments	$	275,410	$	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).

	September 30,		December 31,
	2011		2010
Balance sheets:
Rental properties and real estate under development	$	1,405,295	$	750,808
Other assets		58,806		15,864
Total assets	$	1,464,101	$	766,672
Debt	$	886,632	$	450,693
Other liabilities		56,050		7,076
Equity		521,419		308,903
Total liabilities and equity	$	1,464,101	$	766,672
Company's share of equity	$	275,410	$	107,201

`	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Statements of operations:
Property revenues	$	28,286		$	13,824		$	70,882		$	38,634
Property operating expenses		(11,699	)		(6,513	)		(29,394	)		(17,176	)
Net property operating income		16,587			7,311			41,488			21,458
Interest expense		(7,354	)		(3,262	)		(22,764	)		(9,174	)
General and administrative		(82	)		-			(1,104	)		-
Depreciation and amortization		(11,957	)		(5,419	)		(29,963	)		(14,628	)
Net loss	$	(2,806	)	$	(1,370	)	$	(12,343	)	$	(2,344	)
Company's share of operating income (loss)		(602	)		(626	)		(1,249	)		(1,027	)
Company's preferred interest/gain - Multifamily Technology Solutions, Inc.		919			-			919			-
Company's share of net income (loss)	$	317		$	(626	)	$	(330	)	$	(1,027	)