Co-investments

3 Months Ended

Mar. 31, 2014

Co-investments [Abstract]

Co-investments

(3) Co-investments

The Company has co-investments, which are accounted for under the equity method.  The co-investments own, operate and develop apartment communities.  The following table details the Company's co-investments (dollars in thousands):

	March 31,		December 31,
	2014		2013
Membership interest in Wesco I	$	136,495	$	142,025
Membership interest in Wesco III		38,928		39,073
Partnership interest in Fund II		7,235		4,166
Membership interest in a limited liability company that owns Expo		11,877		12,041
Total operating co-investments		194,535		197,305
Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20, and The Village		336,417		301,538
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan		19,151		18,545
Membership interest in a limited liability company that owns and is developing One South Market		22,632		17,115
Total development co-investments		378,200		337,198
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1%		95,115		94,711
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of  9.5%		15,955		15,775
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9%		13,824		13,824
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12%		9,681		9,455
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12%		9,133		8,865
Total preferred interest investments		143,708		142,630
Total co-investments	$	716,443	$	677,133

The combined summarized balance sheet and statements of operations for co-investments are as follows (dollars in thousands).

	March 31,			December 31,
	2014			2013
Balance sheets:
Rental properties and real estate under development	$	1,993,763		$	1,953,328
Other assets		131,716			61,578
Total assets	$	2,125,479		$	2,014,906
Debt	$	756,117		$	667,641
Other liabilities		82,519			125,479
Equity		1,286,843			1,221,786
Total liabilities and equity	$	2,125,479		$	2,014,906
Company's share of equity	$	716,443		$	677,133
`	Three Months Ended
	March 31,
		2014			2013
Statements of operations:
Property revenues	$	27,960		$	27,859
Property operating expenses		(11,560	)		(9,828	)
Net property operating income		16,400			18,031
Gain on sale of real estate		11,369			-
Interest expense		(6,023	)		(6,778	)
General and administrative		(1,388	)		(1,514	)
Equity income from co-investments		4,759			4,622
Depreciation and amortization		(10,693	)		(11,019	)
Net income	$	14,424		$	3,342
Company's share of net income	$	10,526		$	4,211