UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables)

6 Months Ended

Jun. 30, 2019

Unconsolidated entities

Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships

Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of June 30, 2019 and December 31, 2018 (dollars in thousands):

	June 30,		December 31,
	2019		2018
Total real estate, net	$	3,065,052	$	3,311,034
Assets held for disposition		124,037		—
Cash and cash equivalents		41,192		49,867
Other assets		143,228		124,428
Total assets	$	3,373,509	$	3,485,329
Third party debt, net	$	1,886,009	$	2,125,350
Liabilities held for disposition		130,938		—
Accounts payable and accrued liabilities		65,565		71,272
Total liabilities		2,082,512		2,196,622
Total equity	$	1,290,997	$	1,288,707

Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)

Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2019 and 2018 (dollars in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Total revenues	$	76,926	$	70,980	$	158,458	$	138,937
Property operating expenses		29,256		28,402		59,568		55,339
Real estate depreciation and amortization		28,054		28,670		57,634		55,518
Operating income/(loss)		19,616		13,908		41,256		28,080
Interest expense		(21,606)		(21,665)		(43,530)		(41,071)
Gain/(loss) on sale of property		18,357		—		18,357		—
Other income/(loss)		9		106		1,634		101
Net income/(loss)	$	16,376	$	(7,651)	$	17,717	$	(12,890)

United Dominion Reality L.P.

Unconsolidated entities

Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships

Combined summary balance sheets relating to all of the DownREIT Partnership (not just our proportionate share) are presented below as of June 30, 2019 and December 31, 2018 (dollars in thousands):

	June 30,		December 31,
	2019		2018
Total real estate, net	$	1,136,216	$	1,167,720
Cash and cash equivalents		21		39
Note receivable from the General Partner		220,539		221,022
Other assets		4,288		5,561
Total assets	$	1,361,064	$	1,394,342
Secured debt, net	$	430,059	$	431,735
Other liabilities		23,997		26,597
Total liabilities		454,056		458,332
Total capital	$	907,008	$	936,010

Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)

Combined summary financial information relating to all of the DownREIT Partnership (not just our proportionate share) is presented below for the three and six months ended June 30, 2019 and 2018 (dollars in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Rental income	$	32,025	$	34,761	$	63,631	$	68,774
Property operating expenses		(12,751)		(14,390)		(25,847)		(28,877)
Real estate depreciation and amortization		(20,510)		(22,113)		(40,804)		(43,608)
Operating income/(loss)		(1,236)		(1,742)		(3,020)		(3,711)
Interest expense		(3,929)		(3,636)		(7,817)		(7,210)
Interest income on note receivable from the General Partner		2,018		1,196		4,006		2,391
Net income/(loss)	$	(3,147)	$	(4,182)	$	(6,831)	$	(8,530)