Investments in Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Combined summary of the financial position of the entities accounted for using the equity method

The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands):

	6/30/2014		12/31/2013
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	1,854,887	$	1,905,005
Other assets	132,356		164,183
Total assets	$	1,987,243	$	2,069,188
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	1,225,047	$	1,251,067
Other liabilities	32,712		32,257
Partners’ capital	729,484		785,864
Total liabilities and partners’ capital	$	1,987,243	$	2,069,188

Combined summary of the operating results of the entities accounted for using the equity method

The following is a combined summary of the operating results of the entities accounted for using the equity method for the periods presented, excluding amounts associated with the Residual JV (dollars in thousands):

	For the three months ended						For the six months ended
	6/30/2014			6/30/2013			6/30/2014			6/30/2013
	(unaudited)						(unaudited)
Rental and other income	$	52,270		$	57,497		$	104,646		$	101,325
Operating and other expenses	(20,483		)	(23,076		)	(41,691		)	(40,816		)
Gain on sale of communities	5,682			11,216			5,682			65,267
Interest expense, net	(13,523		)	(15,829		)	(27,413		)	(31,098		)
Depreciation expense	(13,863		)	(17,783		)	(28,280		)	(30,933		)
Net income	$	10,083		$	12,025		$	12,944		$	63,745