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Investments in Unconsolidated Real Estate Partnerships
 12 Months Ended
Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Partnerships
Investments in Unconsolidated Real Estate Partnerships
At December 31, 2014, 2013 and 2012, we owned general and limited partner interests in unconsolidated real estate partnerships that owned 11, 20 and 22 apartment communities, respectively. We acquired these interests through various transactions, including large portfolio acquisitions and offers to individual limited partners. At December 31, 2014, our ownership interests in these unconsolidated real estate partnerships ranged from 40% to 67%.
The following table provides selected combined financial information for the unconsolidated real estate partnerships in which we had investments accounted for under the equity method as of and for the years ended December 31, 2014, 2013 and 2012 (in thousands):
 
2014
 
2013
 
2012
Real estate, net of accumulated depreciation
$
81,364

 
$
88,014

 
$
107,419

Total assets
85,492

 
93,242

 
114,658

Non-recourse property debt and other notes payable
51,863

 
60,660

 
122,019

Total liabilities
54,472

 
64,859

 
132,767

Partners’ capital (deficit)
31,020

 
28,383

 
(18,109
)
Rental and other property revenues
12,978

 
16,268

 
72,636

Property operating expenses
(6,233
)
 
(8,470
)
 
(49,331
)
Depreciation and amortization
(3,081
)
 
(3,300
)
 
(18,388
)
Interest expense
(2,785
)
 
(4,185
)
 
(21,354
)
Gain on sale and impairment losses, net
—

 
36,212

 
(4,140
)
Net income (loss)
688

 
35,909

 
(21,108
)

As further discussed in Note 3, in December 2012 we sold our legacy asset management business. Based on the timing of the sale, the results of operations of the unconsolidated apartment communities in this portfolio are included in the table above for 2012. Based on our insignificant economic ownership in the legacy asset management business, substantially all of the net equity and results of operations related to the legacy asset management business were attributed to the associated noncontrolling interests.
At December 31, 2014 and 2013, our aggregate recorded investment in unconsolidated partnerships of $16.0 million and $16.9 million, respectively, exceeded our share of the partners’ capital or deficit recognized in the underlying partnerships’ financial statements by approximately $0.4 million and $1.1 million, respectively.