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Investments in Partially Owned Entities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2014 (amounts in thousands except for project and apartment unit amounts):

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

 
19

 
19

 
—

 
2

 
2

 
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total apartment units (1)
—

 
3,752

 
3,752

 
—

 
945

 
724

 
1,669

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance sheet information at 6/30/14 (at 100%):
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
$
329,668

 
$
676,848

 
$
1,006,516

 
$
55,998

 
$
233,411

 
$
108,164

 
$
397,573

Accumulated depreciation
—

 
(183,571
)
 
(183,571
)
 
—

 
(6,693
)
 
(7,136
)
 
(13,829
)
Investment in real estate, net
329,668

 
493,277

 
822,945

 
55,998

 
226,718

 
101,028

 
383,744

Cash and cash equivalents
4,488

 
14,125

 
18,613

 
454

 
2,830

 
1,582

 
4,866

Investments in unconsolidated entities
—

 
53,209

 
53,209

 
—

 
—

 
—

 
—

Deposits – restricted
34,761

 
250

 
35,011

 
—

 
130

 
47

 
177

Deferred financing costs, net
—

 
2,318

 
2,318

 
53

 
4

 
122

 
179

Other assets
6,679

 
26,176

 
32,855

 
14

 
41

 
1,250

 
1,305

       Total assets
$
375,596

 
$
589,355

 
$
964,951

 
$
56,519

 
$
229,723

 
$
104,029

 
$
390,271

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

 
$
360,305

 
$
360,305

 
$
21,982

 
$
145,016

 
$
63,305

 
$
230,303

Accounts payable & accrued expenses
12,313

 
1,730

 
14,043

 
5,095

 
955

 
350

 
6,400

Accrued interest payable
—

 
1,265

 
1,265

 
43

 
687

 
42

 
772

Other liabilities
140

 
1,252

 
1,392

 
—

 
244

 
1,046

 
1,290

Security deposits
—

 
1,916

 
1,916

 
—

 
279

 
140

 
419

       Total liabilities
12,453

 
366,468

 
378,921

 
27,120

 
147,181

 
64,883

 
239,184

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interests – Partially Owned
Properties/Partners' equity
117,677

 
8,166

 
125,843

 
27,858

 
70,428

 
23,434

 
121,720

Company equity/General and Limited Partners'
Capital
245,466

 
214,721

 
460,187

 
1,541

 
12,114

 
15,712

 
29,367

       Total equity/capital
363,143

 
222,887

 
586,030

 
29,399

 
82,542

 
39,146

 
151,087

       Total liabilities and equity/capital
$
375,596

 
$
589,355

 
$
964,951

 
$
56,519

 
$
229,723

 
$
104,029

 
$
390,271
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)
 
 
 
 
 
Operating
 
Total
 
 
 
 
Total
Operating information for the six months
ended 6/30/14 (at 100%):
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
$
—

 
$
43,110

 
$
43,110

 
$
—

 
$
7,958

 
$
5,060

 
$
13,018

Operating expenses
154

 
12,825

 
12,979

 
132

 
3,287

 
1,856

 
5,275

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating (loss) income
(154
)
 
30,285

 
30,131

 
(132
)
 
4,671

 
3,204

 
7,743

Depreciation
—

 
10,768

 
10,768

 
—

 
5,299

 
2,039

 
7,338

General and administrative/other
(3
)
 
26

 
23

 
—

 
1

 
122

 
123

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(151
)
 
19,491

 
19,340

 
(132
)
 
(629
)
 
1,043

 
282

Interest and other income
—

 
3

 
3

 
—

 
—

 
—

 
—

Other expenses
(76
)
 
(32
)
 
(108
)
 
—

 
—

 
—

 
—

Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
—

 
(7,788
)
 
(7,788
)
 
—

 
(3,864
)
 
(926
)
 
(4,790
)
Amortization of deferred financing costs
—

 
(177
)
 
(177
)
 
—

 
—

 
(7
)
 
(7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income before income and other taxes
and (loss) from investments in
unconsolidated entities
(227
)
 
11,497

 
11,270

 
(132
)
 
(4,493
)
 
110

 
(4,515
)
Income and other tax (expense) benefit
—

 
(45
)
 
(45
)
 
—

 
(7
)
 
—

 
(7
)
(Loss) from investments in unconsolidated
entities
—

 
(879
)
 
(879
)
 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(227
)
 
$
10,573

 
$
10,346

 
$
(132
)
 
$
(4,500
)
 
$
110

 
$
(4,522
)


(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 $22.0 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 $76.8 million at June 30, 2014. The ventures are owned 60% by the Company and 40% by AVB.