Co-investments (Tables)

6 Months Ended

Jun. 30, 2014

Co-investments [Abstract]

Summary of Co Investment

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):

	June 30, 2014		December 31, 2013
Membership interest in Wesco I	$	136,100	$	142,025
Membership interest in Wesco III		54,059		39,073
Partnership interest in Fund II		2,484		4,166
Membership interest in a limited liability company that owns Expo		11,561		12,041
Membership interest in a limited liability company that owns The Huxley		11,585		11,224
Membership interest in Wesco IV		97,840		-
Membership interest in BEXAEW		94,958		-
Total operating co-investments		408,587		208,529
Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20, The Village, and The Emme		372,477		301,538
Membership interests in limited liability companies that own and are developing The Dylan		8,155		7,321
Membership interest in a limited liability company that owns and is developing One South Market		30,942		17,115
Total development co-investments		411,574		325,974
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1%		95,527		94,711
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of  9.5%		16,135		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%		9,913		9,455
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12%		9,410		8,865
Total preferred interest investments		144,809		142,630
Total co-investments	$	964,970	$	677,133

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

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

	June 30, 2014		December 31, 2013
Balance sheets:
Rental properties and real estate under development	$	2,980,972	$	1,953,328
Other assets		113,794		61,578
Total assets	$	3,094,766	$	2,014,906
Debt	$	1,248,579	$	667,641
Other liabilities		83,310		125,479
Equity		1,762,877		1,221,786
Total liabilities and equity	$	3,094,766	$	2,014,906
Company's share of equity	$	964,970	$	677,133

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Statements of operations:
Property revenues	$	48,784		$	26,258		$	76,744		$	54,117
Property operating expenses		(18,556	)		(9,874	)		(30,116	)		(19,702	)
Net property operating income		30,228			16,384			46,628			34,415
Gain on sale of real estate		-			8,817			11,369			8,817
Interest expense		(9,422	)		(6,094	)		(15,445	)		(12,872	)
General and administrative		(1,811	)		(1,539	)		(3,199	)		(3,053	)
Equity income from co-investments		4,784			4,657			9,543			9,279
Depreciation and amortization		(17,885	)		(9,577	)		(28,578	)		(20,596	)
Net income	$	5,894		$	12,648		$	20,318		$	15,990
Company's share of net income	$	5,629		$	7,282		$	16,155		$	11,493