Investments in Unconsolidated Entities (Tables)

12 Months Ended

Jan. 31, 2013

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Reconciliation of members and partners equity to the company's carrying value

The following is a reconciliation of members’ and partners’ equity to the Company’s carrying value:

	January 31,
	2013			2012
	(in thousands)
Members’ and partners’ equity, as below	$	637,341		$	945,129
Equity of other members and partners	662,358			790,618
Company’s investment in partnerships	(25,017		)	154,511
Basis differences(1)	114,215			79,913
Advances to and on behalf of affiliates	74,703			94,947
Total Investments in Unconsolidated Entities	$	163,901		$	329,371
Assets - Investments in and advances to unconsolidated entities	$	456,628		$	609,079
Liabilities - Cash distributions and losses in excess of investments in unconsolidated entities	(292,727		)	(279,708		)
Total Investments in Unconsolidated Entities	$	163,901		$	329,371

(1) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the equity method venture level, which is typically amortized over the life of the related assets and liabilities. Basis differences occur from certain acquisition, transaction and other costs, as well as other-than-temporary impairments that are not reflected in the net assets of the equity method venture.

Summarized financial information for the equity method investments

Summarized financial information for the equity method investments is as follows:

	(Combined 100%)
	January 31,
	2013			2012
	(in thousands)
Balance Sheet:
Real Estate
Completed rental properties	$	7,317,652		$	7,287,539
Projects under construction and development	106,705			287,738
Land held for development and sale (1)	89,268			224,224
Total Real Estate	7,513,625			7,799,501
Less accumulated depreciation	(1,413,510		)	(1,257,091		)
Real Estate, net	6,100,115			6,542,410
Cash and equivalents	120,545			149,702
Restricted cash - military housing bond funds	146,484			284,641
Other restricted cash and escrowed funds	319,989			274,201
Other assets	730,308			756,564
Total Assets	$	7,417,441		$	8,007,518
Mortgage debt and notes payable, nonrecourse (2)	$	6,261,983		$	6,551,891
Other liabilities	518,117			510,498
Members’ and partners’ equity	637,341			945,129
Total Liabilities and Members’ and Partners’ Equity	$	7,417,441		$	8,007,518

(1) The amounts at January 31, 2013 and 2012 include $89,268 and $181,749 of land held by unconsolidated entities in which the Company is currently reviewing its options to divest its portion of land held by these unconsolidated entities.

(2) The amounts at January 31, 2013 and 2012 include $18,638 and $35,551 of mortgage debt and notes payable, nonrecourse related to the land held by the unconsolidated entities discussed in footnote (1).

	(Combined 100%)
	Years Ended January 31,
	2013			2012			2011
	(in thousands)
Operations:
Revenues	$	1,161,122		$	1,037,006		$	905,524
Operating expenses	(652,651		)	(558,094		)	(517,899		)
Interest expense including extinguishment of debt	(329,903		)	(319,946		)	(262,860		)
Impairment of real estate	—			—			(1,457		)
Depreciation and amortization	(217,664		)	(197,299		)	(162,153		)
Interest and other income	17,694			14,800			15,779
Net loss on land held for divestiture activity	(102		)	—			—
Gain on disposition of partial interest in a rental property	131,027			—			—
Gain (loss) from continuing operations	$	109,523		$	(23,533	)	$	(23,066	)
Discontinued operations:
Operating loss from rental properties	(4,970		)	(9,990		)	(6,079		)
Gain on disposition of rental properties	—			—			28,289
Discontinued operations subtotal	(4,970		)	(9,990		)	22,210
Net earnings (loss) (pre-tax)	$	104,553		$	(33,523	)	$	(856	)
Company’s portion of net earnings (pre-tax)	69,320			8,580			42,352
Impairment of investments in unconsolidated entities	(390		)	(40,284		)	(71,716		)
Impairment of investments in unconsolidated entities with land held for divestiture	(40,406		)	(41,902		)	—
Gain (loss) on disposition of equity method investments	16,107			12,567			(830		)
Net earnings (loss) (pre-tax) from unconsolidated entities	$	44,631		$	(61,039	)	$	(30,194	)

Summary of impairment of real estate investments in unconsolidated entities

The following tables show the detail of the impairments noted above.

		Years Ended January 31,
		2013		2012		2011
		(in thousands)
Impairment of real estate:
Old Stone Crossing at Caldwell Creek (Mixed-Use Land Development)	Charlotte, North Carolina	$	—	$	—	$	1,457
Company’s portion of impairment of real estate		$	—	$	—	$	743
Impairment of investments in unconsolidated entities:
Specialty Retail Centers:
Village at Gulfstream Park	Hallandale Beach, Florida	—		35,674		35,000
Metreon	San Francisco, California	—		—		4,595
Commercial land and development rights	Cleveland, Ohio	—		4,610		—
Four Museum Park properties at Central Station	Chicago, Illinois	—		—		18,311
Office Buildings:
818 Mission Street	San Francisco, California	—		—		4,018
Bulletin Building	San Francisco, California	—		—		3,543
Other		390		—		6,249
Total impairment of investments in unconsolidated entities		$	390	$	40,284	$	71,716
Total impairment of unconsolidated entities		$	390	$	40,284	$	72,459

Summary of the gain (loss) on the disposition of unconsolidated entities

The following table summarizes gains and losses on the disposition of unconsolidated entities.

		Years Ended January 31,
		2013		2012		2011
		(in thousands)
Gain on disposition of rental properties:
Millender Center (hotel, parking, office and retail)	Detroit, Michigan	$	—	$	—	$	17,291
Woodbridge Crossing (Specialty Retail Center)	Woodbridge, New Jersey	—		—		6,443
Pebble Creek (Apartment Community)	Twinsburg, Ohio	—		—		4,555
Gain on disposition of rental properties		$	—	$	—	$	28,289
Company’s portion of gain on disposition of rental properties		$	—	$	—	$	24,291
Gain (loss) on disposition of equity method investments:
Village at Gulfstream Park (Specialty Retail Center)	Hallandale Beach, Florida	$	14,479	$	—	$	—
Chagrin Plaza I & II (Office Buildings)	Beachwood, Ohio	1,628		—		—
Apartment Communities:
Metropolitan Lofts	Los Angeles, California	—		9,964		—
Twin Lake Towers	Denver, Colorado	—		2,603		—
Other		—		—		(830		)
Total gain (loss) on disposition of equity method investments, net		$	16,107	$	12,567	$	(830	)