Investments in Unconsolidated Entities (Tables)

11 Months Ended

Dec. 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:



	December 31, 2013			January 31, 2013
	(in thousands)
Total members’ and partners’ equity	$	798,590		$	637,341
Equity of other members and partners	777,646			662,358
Company’s net investment in unconsolidated entities	20,944			(25,017		)
Basis differences⁽¹⁾	137,259			114,215
Advances to and on behalf of affiliates	32,119			74,703
Total Investments in Unconsolidated Entities, net	$	190,322		$	163,901
Assets - Investments in and advances to unconsolidated entities	$	447,165		$	456,628
Liabilities - Cash distributions and losses in excess of investments in unconsolidated entities	(256,843		)	(292,727		)
Total Investments in Unconsolidated Entities, net	$	190,322		$	163,901

(1)

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 or liabilities. Basis differences relate to certain acquisition, transaction and other costs, as well as other-than-temporary impairments that are not reflected in the net assets at the equity method venture level.

Summarized Financial Information for the Equity Method Investments

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



	(Combined 100%)
	December 31, 2013			January 31, 2013
	(in thousands)
Balance Sheets:
Real Estate
Completed rental properties	$	8,142,158		$	7,317,652
Projects under construction and development	205,465			106,705
Land inventory ⁽¹⁾	120,592			89,268
Total Real Estate	8,468,215			7,513,625
Less accumulated depreciation	(1,676,354		)	(1,413,510		)
Real Estate, net	6,791,861			6,100,115
Cash and equivalents	156,491			120,545
Restricted cash - military housing bond funds	116,372			146,484
Other restricted cash and escrowed funds	316,315			319,989
Other assets	1,074,972			730,308
Total Assets	$	8,456,011		$	7,417,441
Mortgage debt and notes payable, nonrecourse ⁽²⁾	$	7,113,515		$	6,261,983
Other liabilities	543,906			518,117
Members’ and partners’ equity	798,590			637,341
Total Liabilities and Members’ and Partners’ Equity	$	8,456,011		$	7,417,441


(1)	The amounts at December 31 and January 31, 2013 include $85,879 and $89,268 of land held by unconsolidated entities in which the Company is currently reviewing its options to divest its interest in the land held by these unconsolidated entities.


(2)	The amounts at December 31 and January 31, 2013 include $17,160 and $18,638 of mortgage debt and notes payable, nonrecourse related to the land held by the unconsolidated entities discussed in footnote (1).



	(Combined 100%)
	11 Months Ended			Years Ended
	December 31, 2013			January 31, 2013			January 31, 2012
	(in thousands)
Operations:
Revenues	$	1,177,189		$	1,098,412		$	974,860
Operating expenses	(677,524		)	(613,282		)	(518,463		)
Interest expense including extinguishment of debt	(315,168		)	(324,768		)	(312,469		)
Depreciation and amortization	(211,129		)	(208,599		)	(189,109		)
Interest and other income	14,797			17,684			14,751
Net gain (loss) on land held for divestiture activity	2,742			(102		)	—
Gain on disposition of partial interest in a rental property	—			131,027			—
Earnings (loss) from continuing operations	$	(9,093	)	$	100,372		$	(30,430	)
Discontinued operations:
Operating earnings (loss) from rental properties	2,923			4,181			(3,093		)
Gain on disposition of rental properties	68,311			—			—
Discontinued operations subtotal	71,234			4,181			(3,093		)
Net earnings (loss) (pre-tax)	$	62,141		$	104,553		$	(33,523	)
Company’s portion of net earnings (pre-tax)	75,014			69,320			8,580
Impairment of investments in unconsolidated entities	—			(390		)	(40,284		)
Impairment of investments in unconsolidated entities with land held for divestiture	—			(40,406		)	(41,902		)
Gain on disposition or partial disposition of equity method investments	34,149			16,107			12,567
Net earnings (loss) (pre-tax) from unconsolidated entities	$	109,163		$	44,631		$	(61,039	)

Summary of Impairment of Real Estate Investments in Unconsolidated Entities

The following table shows the detail of the impairments noted above:



		11 Months Ended		Years Ended
		December 31, 2013		January 31, 2013		January 31, 2012
		(in thousands)
Village at Gulfstream Park (Specialty Retail Center)	Hallandale Beach, Florida	$	—	$	—	$	35,674
Commercial land and development rights	Cleveland, Ohio	—		—		4,610
Other		—		390		—
Total impairment of investments in unconsolidated entities		$	—	$	390	$	40,284

Summary of the Gain (Loss) on the Disposition of Unconsolidated Entities

The following table summarizes the gains and losses on the disposition or partial disposition of unconsolidated entities:



		11 Months Ended			Years Ended
		December 31, 2013			January 31, 2013		January 31, 2012
		(in thousands)
Gain on disposition of rental properties:
Westin Convention Center (Hotel)	Pittsburgh, Pennsylvania	$	65,482		$	—	$	—
Liberty Center (Office Building)	Pittsburgh, Pennsylvania	2,829			—		—
Gain on disposition of rental properties		68,311			—		—
Company's portion of gain on disposition of rental properties		$	34,281		$	—	$	—

Gain (loss) on disposition of equity method investments:
Specialty Retail Centers:
Marketplace at Riverpark	Fresno, California	$	8,579		$	—	$	—
Plaza at Robinson Town Center	Pittsburgh, Pennsylvania	(1,510		)	—		—
Village at Gulfstream Park	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
Total gain on disposition of equity method investments		$	7,069		$	16,107	$	12,567

Gain on partial disposition of equity method investments:
Charleston Town Center (Regional Mall)	Charleston, West Virginia	$	27,080		$	—	$	—
Total gain on partial disposition of equity method investments		$	27,080		$	—	$	—
Total gain on disposition or partial disposition of equity method investments		$	34,149		$	16,107	$	12,567