Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate Investments [Abstract]

Summary of Co Investment

The carrying values of the Company’s co-investments, all accounted for under the equity method of accounting as of December 31, 2013 and 2012 are as follows ($ in thousands):

	2013		2012
Membership interest in Wesco I	$	142,025	$	143,874
Membership interest in Wesco III		39,073		9,941
Partnership interest in Fund II		4,166		53,601
Membership interest in a limited liability company that owns Expo		12,041		18,752
Total operating co-investments		197,305		226,168
Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20 (fka Elkhorn) and The Village		301,538		186,362
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan		18,545		16,552
Membership interest in a limited liability company that owns and is developing One South Market		17,115		-
Total development co-investments		337,198		202,914
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1%		94,711		91,843
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of  9.5%		15,775		14,438
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9%		13,824		13,175
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12%		9,455		-
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12%		8,865		-
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013		-		22,807
Total preferred interest investments		142,630		142,263
Total co-investments	$	677,133	$	571,345

Summarized Financial Statement for Co Investment Accounted for Under the Equity Method

The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands):

	December 31,
	2013		2012
Balance sheets:
Rental properties and real estate under development	$	1,953,328	$	1,745,147
Other assets		61,578		168,061
Total assets	$	2,014,906	$	1,913,208
Debt	$	667,641	$	820,895
Other liabilities		125,479		91,922
Equity		1,221,786		1,000,391
Total liabilities and partners' equity	$	2,014,906	$	1,913,208
Company's share of equity	$	677,133	$	571,345

	Years ended
	December 31,
	2013			2012			2011
Statements of operations:
Property revenues	$	100,402		$	130,128		$	106,386
Property operating expenses		(37,518	)		(55,990	)		(43,066	)
Net operating income		62,884			74,138			63,320
Gain on sale of real estate		146,758			106,016			-
Interest expense		(24,155	)		(34,959	)		(27,843	)
General and administrative		(5,344	)		(3,697	)		(1,748	)
Depreciation and amortization		(36,831	)		(47,917	)		(44,412	)
Net income (loss)	$	143,312		$	93,581		$	(10,683	)
Company's share of net income (loss)	$	55,865		$	41,745		$	(467	)