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Investments in Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2018
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):

 
12/31/18
 
12/31/17
Assets:
 

 
 

Real estate, net
$
1,420,039

 
$
695,077

Other assets
45,142

 
39,976

Total assets
$
1,465,181

 
$
735,053

Liabilities and partners' capital:
 

 
 

Mortgage notes payable, net and credit facility
$
837,311

 
$
523,815

Other liabilities
15,624

 
10,540

Partners' capital
612,246

 
200,698

Total liabilities and partners' capital
$
1,465,181

 
$
735,053
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
 
12/31/18 (1)
 
12/31/17
 
12/31/16
Rental and other income
$
92,504

 
$
101,615

 
$
131,901

Operating and other expenses
(35,005
)
 
(38,566
)
 
(50,945
)
Gain on sale of communities
54,202

 
136,333

 
196,749

Interest expense, net (2)
(22,488
)
 
(27,104
)
 
(45,886
)
Depreciation expense
(26,706
)
 
(25,914
)
 
(34,471
)
Net income
$
62,507

 
$
146,364

 
$
197,348
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
 
12/31/18
 
12/31/17
 
12/31/16
Fund I (1)
$
—

 
$
—

 
$
87

Fund II (2)
843

 
53,961

 
49,882

U.S. Fund (3)
9,766

 
14,773

 
15,635

AC JV (4)
3,527

 
1,388

 
1,445

MVP I, LLC
1,917

 
1,833

 
1,627

Brandywine
95

 
106

 
10

CVP I, LLC
—

 
—

 
9

Residual JV
(879
)
 
(1,223
)
 
(1,374
)
Avalon Clarendon (5)
—

 
—

 
(2,359
)
North Point II JV, LP
305

 
(122
)
 
—

Sudbury Development, LLC
29

 
28

 
—

NYC JV
(333
)
 
—

 
—

Total
$
15,270

 
$
70,744

 
$
64,962

_________________________________
(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, 2017 and 2016 includes the Company's proportionate share of the gain on the sale of Fund II assets of $26,322 and $41,501, respectively. In addition, equity in income for the years ended December 31, 2018, 2017 and 2016 include $925, $26,472 and $7,985, respectively, relating to the Company's recognition of its promoted interest.
(3)
Equity in income for the years ended December 31, 2018, 2017 and 2016 includes the Company's proportionate share of the gain on the sale of U.S. Fund assets of $8,636, $13,788 and $16,568, respectively.
(4)
Equity in income for the year ended December 31, 2018 includes the Company's proportionate share of the gain on the sale of an AC JV assets of $2,019.
(5)
In 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.