Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014			December 31, 2013
	(in thousands)
Total members’ and partners’ equity	$	1,234,612		$	798,590
Equity of other members and partners	1,079,695			777,646
Company’s net investment in unconsolidated entities	154,917			20,944
Basis differences (1)	238,606			137,259
Advances to and on behalf of affiliates	15,450			32,119
Total Investments in Unconsolidated Entities, net	$	408,973		$	190,322
Assets - Investments in and advances to unconsolidated entities	$	620,466		$	447,165
Liabilities - Cash distributions and losses in excess of investments in unconsolidated entities	(211,493		)	(256,843		)
Total Investments in Unconsolidated Entities, net	$	408,973		$	190,322

(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 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, 2014			December 31, 2013
	(in thousands)
Balance Sheets:
Real Estate
Completed rental properties	$	7,982,583		$	8,142,158
Projects under construction and development	840,797			205,465
Land inventory	114,301			120,592
Total Real Estate	8,937,681			8,468,215
Less accumulated depreciation	(1,716,329		)	(1,676,354		)
Real Estate, net	7,221,352			6,791,861
Cash and equivalents	211,533			156,491
Restricted cash - military housing bond funds	161,460			116,372
Other restricted cash	381,190			316,315
Other assets	1,042,420			1,074,972
Total Assets	$	9,017,955		$	8,456,011
Mortgage debt and notes payable, nonrecourse	$	7,176,088		$	7,113,515
Other liabilities	607,255			543,906
Members’ and partners’ equity	1,234,612			798,590
Total Liabilities and Members’ and Partners’ Equity	$	9,017,955		$	8,456,011

	(Combined 100%)
	Year Ended			11 Months Ended			Year Ended
	December 31, 2014			December 31, 2013			January 31, 2013
	(in thousands)
Operations:
Revenues	$	1,331,875		$	1,160,230		$	1,082,073
Operating expenses	(791,964		)	(669,548		)	(605,940		)
Depreciation and amortization	(253,081		)	(207,731		)	(205,002		)
Net gain (loss) on land held for divestiture activity	—			2,742			(102		)
Interest and other income	22,693			14,797			17,676
Net gain on disposition of full or partial interest in rental properties	36,356			—			131,027
Interest expense including extinguishment of debt	(358,946		)	(311,283		)	(320,566		)
Earnings (loss) from continuing operations	$	(13,067	)	$	(10,793	)	$	99,166
Discontinued operations:
Operating earnings from rental properties	215			4,623			5,387
Gain on disposition of rental properties	—			68,311			—
Discontinued operations subtotal	215			72,934			5,387
Net earnings (loss) (pre-tax)	$	(12,852	)	$	62,141		$	104,553
Company’s portion of net earnings (loss) (pre-tax)	55,288			75,014			69,320
Impairment of investments in unconsolidated entities	(3,124		)	—			(390		)
Impairment of investments in unconsolidated entities with land held for divestiture	—			—			(40,406		)
Net gain on disposition of full or partial interest in equity method investments	34,744			34,149			16,107
Net earnings (pre-tax) from unconsolidated entities	$	86,908		$	109,163		$	44,631

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

Gains and losses on the disposition or partial disposition of unconsolidated entities are included in equity in earnings and are summarized as follows:

		Year Ended			11 Months Ended			Year Ended
		December 31, 2014			December 31, 2013			January 31, 2013
		(in thousands)
Net gain on disposition of full or partial interest in rental properties:
Golden Gate (Specialty Retail Center)	Mayfield Heights, Ohio	$	33,881		$	—		$	—
Liberty Center (Office Building)	Pittsburgh, Pennsylvania	2,475			2,829			—
Westin Convention Center (Hotel)	Pittsburgh, Pennsylvania	—			65,482			—
8 Spruce Street (Apartment Community)	Manhattan, New York	—			—			131,027
Total gain on disposition of full or partial interest in rental properties		$	36,356		$	68,311		$	131,027
Company’s portion of gain on disposition of full or partial interest in rental properties		$	17,677		$	34,281		$	34,959
Net gain (loss) on disposition of full or partial interest in equity method investments:
Apartment Communities:
Westwood Reserve	Tampa, Florida	$	8,904		$	—		$	—
Legacy Crossroads	Cary, North Carolina	6,216			—			—
Colonial Grand	Tampa, Florida	4,904			—			—
Legacy Arboretum	Charlotte, North Carolina	3,257			—			—
Woodgate / Evergreen Farms	Olmsted Township, Ohio	2,346			—			—
Barrington Place	Raleigh, North Carolina	1,515			—			—
Regional Malls:
Mall at Stonecrest	Atlanta, Georgia	7,952			—			—
Charleston Town Center	Charleston, West Virginia	—			27,080			—
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
Other		(350		)	—			—
Total gain on disposition of full or partial interest in equity method investments		$	34,744		$	34,149		$	16,107