Investments in Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of financial information of equity method investments

The following is a combined summary of the financial position of the entities accounted for using the equity method discussed above as of the dates presented (dollars in thousands):

	6/30/2020		12/31/2019
	(unaudited)
Assets:
Real estate, net	$	1,203,277	$	1,204,470
Other assets	198,997		196,488
Total assets	$	1,402,274	$	1,400,958
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	780,217	$	782,257
Other liabilities	154,881		157,379
Partners' capital	467,176		461,322
Total liabilities and partners' capital	$	1,402,274	$	1,400,958

 

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(1) The Company has not guaranteed the debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so.

The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above for the periods presented (dollars in thousands):

	For the three months ended						For the six months ended
	6/30/2020			6/30/2019			6/30/2020			6/30/2019
	(unaudited)						(unaudited)
Rental and other income	$	30,427		$	35,998		$	63,499		$	71,253
Operating and other expenses	(11,732		)	(13,885		)	(23,912		)	(28,089		)
Gain on sale of communities	40			—			40			—
Interest expense, net	(8,053		)	(8,543		)	(16,109		)	(17,096		)
Depreciation expense	(8,713		)	(18,346		)	(17,402		)	(40,042		)
Net income (loss)	$	1,969		$	(4,776	)	$	6,116		$	(13,974	)
Company's share of net income (loss)	$	1,041		$	730		$	2,746		$	202
Amortization of excess investment and other	(529		)	(533		)	(1,059		)	(1,065		)
Equity in income (loss) from unconsolidated real estate investments	$	512		$	197		$	1,687		$	(863	)