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Investments in Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 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):
 
12/31/14
 
12/31/13
Assets:
 

 
 

Real estate, net
$
1,617,627

 
$
1,905,005

Other assets
72,290

 
164,183

Total assets
$
1,689,917

 
$
2,069,188

Liabilities and partners' capital:
 

 
 

Mortgage notes payable and credit facility
$
980,128

 
$
1,251,067

Other liabilities
24,884

 
32,257

Partners' capital
684,905

 
785,864

Total liabilities and partners' capital
$
1,689,917

 
$
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 years presented, excluding amounts associated with the Residual JV (dollars in thousands):
 
For the year ended
 
12/31/14
 
12/31/13
 
12/31/12
Rental and other income
$
198,939

 
$
212,994

 
$
172,076

Operating and other expenses
(80,301
)
 
(86,434
)
 
(73,955
)
Gain on sale of real estate (1)
333,221

 
96,152

 
106,195

Interest expense, net
(61,458
)
 
(61,404
)
 
(53,904
)
Depreciation expense
(52,116
)
 
(61,002
)
 
(47,748
)
Net income
$
338,285

 
$
100,306

 
$
102,664

_________________________________
(1)
Amount for the year ended December 31, 2012 includes $44,700 of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
Equity in income of unconsolidated entities
The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands):
 
For the year ended
 
12/31/14
 
12/31/13
 
12/31/12
Fund I (1)
$
475

 
$
10,924

 
$
7,041

Fund II (2)
24,808

 
6,206

 
2,130

U.S. Fund (3)
342

 
(661
)
 
—

AC JV (3)
1,579

 
2,569

 
—

CVP I, LLC (4)
113,127

 
5,783

 
5,394

MVP I, LLC (5)
1,651

 
1,137

 
493

Brandywine (3)
828

 
661

 
—

Arna Valley View LP (6)
2,406

 
—

 
—

Residual JV (3) (7)
3,547

 
(38,332
)
 
—

Avalon Del Rey, LLC (8)
—

 
181

 
4,000

Juanita Village (6)
3

 
378

 
1,856

Total
$
148,766

 
$
(11,154
)
 
$
20,914

_________________________________
(1)
Equity in income for the years ended December 31, 2014, 2013 and 2012 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944, $11,484 and $7,971, respectively.
(2)
Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $21,624 and $2,790, respectively.
(3)
The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition.
(4)
Equity in income for the years ended December 31, 2014, 2013 and 2012 includes $61,218, $5,527 and $5,260, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place.
(5)
Equity in income for the years ended December 31, 2014 and 2013 includes $930 and $516 relating to the Company's recognition of its promoted interest.
(6)
The Company's equity in income for this entity represents its residual profits from the sale of the community.
(7)
Equity in income from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture.
(8)
During 2012, the Company purchased its joint venture partner's interest in this venture.