Co-Investments (Tables)

6 Months Ended

Jun. 30, 2012

Co-Investments [Abstract]

Summary of the company's co-investment

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

	June 30,		December 31,
	2012		2011
Investments in joint ventures accounted for under the equity method of accounting:
Membership interest in Wesco I	$	83,919	$	75,588
Partnership interest in Fund II		61,560		64,294
Membership interest in a limited liability company that owns Essex Skyline at MacArthur Place		-		24,063
Total operating co-investments		145,479		163,945
Membership interests in limited liability companies that own and are developing Epic, Lync, Elkhorn, and Folsom and Fifth		130,870		62,897
Membership interest in a limited liability company that owns and is developing Expo		18,518		17,981
Membership interests in limited liability companies that own and are developing Fountain at La Brea and Santa Monica at La Brea		15,830		15,194
Total development co-investments		165,218		96,072
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a perferred return of 10.1%		89,986		88,075
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10%		22,792		22,792
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 13%		12,755		12,528
Total preferred interest investments		125,533		123,395
Total co-investments	$	436,230	$	383,412

Summarized financial statement for co investment 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,		December 31,
	2012		2011
Balance sheets:
Rental properties and real estate under development	$	1,625,272	$	1,659,078
Other assets		77,879		63,847
Total assets	$	1,703,151	$	1,722,925
Debt	$	838,003	$	900,095
Other liabilities		59,915		48,518
Equity		805,233		774,312
Total liabilities and equity	$	1,703,151	$	1,722,925
Company's share of equity	$	436,230	$	383,412

`	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Statements of operations:
Property revenues	$	28,233		$	24,084		$	62,556		$	42,596
Property operating expenses		(10,029	)		(9,719	)		(23,166	)		(17,695	)
Net property operating income		18,204			14,365			39,390			24,901
Interest expense		(7,792	)		(10,549	)		(16,337	)		(15,410	)
General and administrative		(920	)		(38	)		(1,716	)		(1,022	)
Depreciation and amortization		(8,876	)		(9,943	)		(22,772	)		(18,006	)
Net income (loss)	$	616		$	(6,165	)	$	(1,435	)	$	(9,537	)
Company's share of net income (loss)	$	3,111		$	726		$	5,451		$	(647	)