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Investments in Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2016
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 development joint ventures, the Residual JV and Legacy JV (dollars in thousands):

 
12/31/16
 
12/31/15
Assets:
 

 
 

Real estate, net
$
954,493

 
$
1,392,833

Other assets
49,519

 
57,044

Total assets
$
1,004,012

 
$
1,449,877

Liabilities and partners' capital:
 

 
 

Mortgage notes payable, net and credit facility
$
689,573

 
$
947,205

Other liabilities
16,537

 
20,471

Partners' capital
297,902

 
482,201

Total liabilities and partners' capital
$
1,004,012

 
$
1,449,877
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 development joint ventures, Avalon Clarendon, the Residual JV and Legacy JV (dollars in thousands):

 
For the year ended
 
12/31/16
 
12/31/15
 
12/31/14
Rental and other income
$
131,901

 
$
173,578

 
$
198,939

Operating and other expenses
(50,945
)
 
(67,962
)
 
(80,301
)
Gain on sale of communities
196,749

 
98,899

 
333,221

Interest expense, net (1)
(45,886
)
 
(45,517
)
 
(61,458
)
Depreciation expense
(34,471
)
 
(45,324
)
 
(52,116
)
Net income
$
197,348

 
$
113,674

 
$
338,285
Equity in income of unconsolidated entities
The following is a summary of the Company's equity in income of unconsolidated real estate entities for the years presented (dollars in thousands):

 
For the year ended
 
12/31/16
 
12/31/15
 
12/31/14
Fund I (1)
$
87

 
$
871

 
$
475

Fund II (2)
49,882

 
32,211

 
24,808

U.S. Fund (3)
15,635

 
2,052

 
342

AC JV
1,445

 
511

 
1,579

MVP I, LLC (4)
1,627

 
22,453

 
1,651

Brandywine
10

 
(1,474
)
 
828

CVP I, LLC (5)
9

 
1,812

 
113,127

Residual JV
(1,374
)
 
11,582

 
3,547

Avalon Clarendon (6)
(2,359
)
 
—

 
—

Arna Valley View LP (1)
—

 
—

 
2,406

Juanita Village (1)
—

 
—

 
3

Total
$
64,962

 
$
70,018

 
$
148,766

_________________________________
(1)
The Company's equity in income for this entity represents its residual profits from the sale of the community, or liquidation of the venture.
(2)
Equity in income for the years ended December 31, 2016, 2015 and 2014 includes the Company's proportionate share of the gain on the sale of Fund II assets of $41,501, $29,726, and $21,624 respectively. In addition, equity in income for the year ended December 31, 2016 includes $7,985 relating to the Company's recognition of its promoted interest.
(3)
Equity in income for the year ended December 31, 2016 includes the Company's proportionate share of the gain on the sale of U.S. Fund assets of $16,568.
(4)
Equity in income for the years ended December 31, 2015 and 2014 includes $21,340 and $930, respectively, relating to the Company's recognition of its promoted interest. For 2015, $20,680 was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations.
(5)
Equity in income for the years ended December 31, 2015 and 2014 includes $1,289 and $61,218, 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.
(6)
In September 2016, the Company and its venture partner established separate legal ownership of Avalon Clarendon, after which the Company reported the operating results of Avalon Clarendon as part of its consolidated operations.