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Investments in Partially Owned Entities (Tables)
 3 Months Ended
Mar. 31, 2014
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 March 31, 2014 (amounts in thousands except for project and apartment unit amounts):

 
Consolidated
 
Unconsolidated
 
Development Projects
 
 
 
 
 
Development Projects
 
 
 
 
 
Held for
and/or Under
Development
 
Completed, Not Stabilized (3)
 
Operating
 
Total
 
Held for
and/or Under
Development
 
Completed, Not Stabilized (3)
 
Operating
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total projects (1)
—

 
1

 
19

 
20

 
—

 
3

 
1

 
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total apartment units (1)
—

 
268

 
3,752

 
4,020

 
—

 
1,333

 
336

 
1,669

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information at
3/31/14 (at 100%):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
$
310,147

 
$
48,319

 
$
674,916

 
$
1,033,382

 
$
49,332

 
$
285,191

 
$
55,585

 
$
390,108

Accumulated depreciation
—

 
—

 
(178,165
)
 
(178,165
)
 
—

 
(4,669
)
 
(5,052
)
 
(9,721
)
Investment in real estate, net
310,147

 
48,319

 
496,751

 
855,217

 
49,332

 
280,522

 
50,533

 
380,387

Cash and cash equivalents
4,226

 
698

 
11,611

 
16,535

 
450

 
1,803

 
1,378

 
3,631

Investments in
unconsolidated entities
—

 
—

 
53,844

 
53,844

 
—

 
—

 
—

 
—

Deposits – restricted
42,045

 
32

 
220

 
42,297

 
—

 
120

 
48

 
168

Deferred financing costs, net
—

 
—

 
2,407

 
2,407

 
65

 
126

 
4

 
195

Other assets
5,670

 
2

 
26,641

 
32,313

 
—

 
365

 
1,032

 
1,397

       Total assets
$
362,088

 
$
49,051

 
$
591,474

 
$
1,002,613

 
$
49,847

 
$
282,936

 
$
52,995

 
$
385,778

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND
EQUITY/CAPITAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage notes payable (2)
$
—

 
$
—

 
$
360,217

 
$
360,217

 
$
16,154

 
$
176,232

 
$
30,410

 
$
222,796

Accounts payable & accrued
expenses
17,438

 
1,413

 
2,806

 
21,657

 
4,078

 
915

 
210

 
5,203

Accrued interest payable
—

 
—

 
1,283

 
1,283

 
32

 
725

 
—

 
757

Other liabilities
120

 
49

 
1,114

 
1,283

 
339

 
867

 
863

 
2,069

Security deposits
—

 
21

 
1,839

 
1,860

 
—

 
258

 
109

 
367

       Total liabilities
17,558

 
1,483

 
367,259

 
386,300

 
20,603

 
178,997

 
31,592

 
231,192

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interests –
Partially Owned Properties/
Partners' equity
117,689

 
1,244

 
8,725

 
127,658

 
27,858

 
73,412

 
20,450

 
121,720

Company equity/General and
Limited Partners' Capital
226,841

 
46,324

 
215,490

 
488,655

 
1,386

 
30,527

 
953

 
32,866

       Total equity/capital
344,530

 
47,568

 
224,215

 
616,313

 
29,244

 
103,939

 
21,403

 
154,586

       Total liabilities and
equity/capital
$
362,088

 
$
49,051

 
$
591,474

 
$
1,002,613

 
$
49,847

 
$
282,936

 
$
52,995

 
$
385,778
Partially Owned Property Income Statement Schedule [Table Text Block]
 
Consolidated
 
Unconsolidated
 
Development Projects
 
 
 
 
 
Development Projects
 
 
 
 
 
Held for
and/or Under
Development
 
 
 
 
 
 
 
Held for
and/or Under
Development
 
 
 
Operating
 
 
 
 
Completed, Not
Stabilized (3)
 
 
 
 
 
 
Completed, Not Stabilized (3)
 
 
 
 
 
 
Operating
 
Total
 
 
 
 
Total
Operating information for the quarter
ended 3/31/14 (at 100%):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
$
—

 
$
468

 
$
21,308

 
$
21,776

 
$
—

 
$
4,528

 
$
1,353

 
$
5,881

Operating expenses
77

 
204

 
6,453

 
6,734

 
44

 
1,917

 
559

 
2,520

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating (loss) income
(77
)
 
264

 
14,855

 
15,042

 
(44
)
 
2,611

 
794

 
3,361

Depreciation
—

 
—

 
5,363

 
5,363

 
—

 
2,782

 
447

 
3,229

General and administrative/other
(9
)
 
116

 
12

 
119

 
—

 
12

 
43

 
55

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(68
)
 
148

 
9,480

 
9,560

 
(44
)
 
(183
)
 
304

 
77

Interest and other income
—

 
—

 
3

 
3

 
—

 
—

 
—

 
—

Other expenses
(42
)
 
—

 
(7
)
 
(49
)
 
—

 
—

 
—

 
—

Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
—

 
—

 
(3,887
)
 
(3,887
)
 
—

 
(1,992
)
 
(279
)
 
(2,271
)
Amortization of deferred
financing costs
—

 
—

 
(88
)
 
(88
)
 
—

 
(3
)
 
—

 
(3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income before income and
other taxes and (loss) from
investments in unconsolidated
entities
(110
)
 
148

 
5,501

 
5,539

 
(44
)
 
(2,178
)
 
25

 
(2,197
)
Income and other tax (expense)
benefit
—

 
—

 
(36
)
 
(36
)
 
—

 
—

 
—

 
—

(Loss) from investments in
unconsolidated entities
—

 
—

 
(419
)
 
(419
)
 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(110
)
 
$
148

 
$
5,046

 
$
5,084

 
$
(44
)
 
$
(2,178
)
 
$
25

 
$
(2,197
)


(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 with the exception of 50% of the current $16.2 million outstanding debt balance on one unconsolidated development project.
(3)
Projects included here are substantially complete. However, they may still require additional exterior and interior work for all units to be available for leasing.

Note:
The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AVB in connection with the Archstone Transaction. These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests have an aggregate liquidation value of $79.3 million at March 31, 2014. The ventures are owned 60% by the Company and 40% by AVB.