Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 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 December 31, 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				Completed, Not Stabilized (3)			Operating			Total
Total projects (1)	—		19			19				1			2			3
Total apartment units (1)	—		3,771			3,771				444			837			1,281
Balance sheet information at 12/31/14 (at 100%):
ASSETS
Investment in real estate	$	340,740	$	682,374		$	1,023,114			$	155,376		$	134,669		$	290,045
Accumulated depreciation	—		(194,481		)	(194,481		)		(6,921		)	(11,391		)	(18,312		)
Investment in real estate, net	340,740		487,893			828,633				148,455			123,278			271,733
Cash and cash equivalents	—		19,338			19,338				2,684			3,172			5,856
Investments in unconsolidated entities	—		51,979			51,979				—			—			—
Deposits – restricted	22,706		300			23,006				—			214			214
Deferred financing costs, net	—		2,141			2,141				—			8			8
Other assets	6,658		26,609			33,267				529			691			1,220
Total assets	$	370,104	$	588,260		$	958,364			$	151,668		$	127,363		$	279,031
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (2)	$	—	$	360,479		$	360,479			$	96,793		$	78,628		$	175,421
Accounts payable & accrued expenses	13,307		1,611			14,918				769			259			1,028
Accrued interest payable	—		1,283			1,283				464			227			691
Other liabilities	69		885			954				294			671			965
Security deposits	25		1,954			1,979				173			300			473
Total liabilities	13,401		366,212			379,613				98,493			80,085			178,578
Noncontrolling Interests – Partially Owned Properties/Partners' equity	117,350		7,559			124,909				47,223			43,655			90,878
Company equity/General and Limited Partners' Capital	239,353		214,489			453,842				5,952			3,623			9,575
Total equity/capital	356,703		222,048			578,751				53,175			47,278			100,453
Total liabilities and equity/capital	$	370,104	$	588,260		$	958,364			$	151,668		$	127,363		$	279,031

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated									Unconsolidated
	Development Projects									Development Projects
	Held for and/or Under Development													Operating
											Completed, Not Stabilized (3)
				Operating			Total										Total
Operating information for the year ended 12/31/14 (at 100%):
Operating revenue	$	22		$	88,157		$	88,179			$	10,182		$	15,160		$	25,342
Operating expenses	91			25,674			25,765				3,781			6,818			10,599
Net operating (loss) income	(69		)	62,483			62,414				6,401			8,342			14,743
Depreciation	—			21,679			21,679				6,512			5,800			12,312
General and administrative/other	1			116			117				1			209			210
Operating (loss) income	(70		)	40,688			40,618				(112		)	2,333			2,221
Interest and other income	—			11			11				—			—			—
Other expenses	—			(54		)	(54		)		—			—			—
Interest:
Expense incurred, net	—			(15,626		)	(15,626		)		(5,296		)	(3,831		)	(9,127		)
Amortization of deferred financing costs	—			(355		)	(355		)		—			(2		)	(2		)
(Loss) income before income and other taxes and (loss) from investments in unconsolidated entities	(70		)	24,664			24,594				(5,408		)	(1,500		)	(6,908		)
Income and other tax (expense) benefit	—			(36		)	(36		)		(7		)	—			(7		)
(Loss) from investments in unconsolidated entities	—			(1,593		)	(1,593		)		—			—			—
Net (loss) income	$	(70	)	$	23,035		$	22,965			$	(5,415	)	$	(1,500	)	$	(6,915	)

(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.

(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 $74.6 million at December 31, 2014. The ventures are owned 60% by the Company and 40% by AVB.