Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2015

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule [Table Text Block]

The following tables and information summarize the Company’s investments in partially owned entities as of June 30, 2015 (amounts in thousands except for project and apartment unit amounts):

	Consolidated									Unconsolidated
	Development Projects
	Held for and/or Under Development			Operating			Total			Operating			Total
Total projects (1)	—			19			19			3			3
Total apartment units (1)	—			3,771			3,771			1,281			1,281
Balance sheet information at 6/30/15 (at 100%):
ASSETS
Investment in real estate	$	351,977		$	686,120		$	1,038,097		$	290,442		$	290,442
Accumulated depreciation	(2,339		)	(205,554		)	(207,893		)	(24,471		)	(24,471		)
Investment in real estate, net	349,638			480,566			830,204			265,971			265,971
Cash and cash equivalents	—			17,482			17,482			8,793			8,793
Investments in unconsolidated entities	—			50,771			50,771			—			—
Deposits – restricted	11,609			345			11,954			273			273
Deferred financing costs, net	—			1,963			1,963			7			7
Other assets	6,988			25,959			32,947			703			703
Total assets	$	368,235		$	577,086		$	945,321		$	275,747		$	275,747
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (2)	$	—		$	360,654		$	360,654		$	175,135		$	175,135
Accounts payable & accrued expenses	5,756			1,939			7,695			1,486			1,486
Accrued interest payable	—			1,266			1,266			691			691
Other liabilities	615			819			1,434			325			325
Security deposits	589			2,002			2,591			592			592
Total liabilities	6,960			366,680			373,640			178,229			178,229
Noncontrolling Interests – Partially Owned Properties/Partners' equity	117,350			5,018			122,368			90,878			90,878
Company equity/General and Limited Partners' Capital	243,925			205,388			449,313			6,640			6,640
Total equity/capital	361,275			210,406			571,681			97,518			97,518
Total liabilities and equity/capital	$	368,235		$	577,086		$	945,321		$	275,747		$	275,747

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated									Unconsolidated
	Development Projects
	Held for and/or Under Development									Operating
				Operating			Total						Total
Operating information for the six months ended 6/30/15 (at 100%):
Operating revenue	$	1,103		$	46,071		$	47,174		$	15,918		$	15,918
Operating expenses	851			13,545			14,396			5,388			5,388
Net operating income	252			32,526			32,778			10,530			10,530
Depreciation	2,339			11,073			13,412			6,159			6,159
General and administrative/other	1			41			42			119			119
Operating (loss) income	(2,088		)	21,412			19,324			4,252			4,252
Interest and other income	—			5			5			—			—
Other expenses	—			(50		)	(50		)	—			—
Interest:
Expense incurred, net	—			(7,786		)	(7,786		)	(4,697		)	(4,697		)
Amortization of deferred financing costs	—			(177		)	(177		)	(1		)	(1		)
(Loss) income before income and other taxes and (loss) from investments in unconsolidated entities	(2,088		)	13,404			11,316			(446		)	(446		)
Income and other tax (expense) benefit	—			(35		)	(35		)	(18		)	(18		)
(Loss) from investments in unconsolidated entities	—			(739		)	(739		)	—			—
Net (loss) income	$	(2,088	)	$	12,630		$	10,542		$	(464	)	$	(464	)

(1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.

(2) All debt is non-recourse to the Company.

Note: The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AvalonBay Communities, Inc. (“AVB”) in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $71.2 million at June 30, 2015. The ventures are owned 60% by the Company and 40% by AVB.