Investments in Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2021

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 or the measurement alternative discussed above as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):

	9/30/2021		12/31/2020
	(unaudited)
Assets:
Real estate, net	$	1,171,955	$	1,249,730
Other assets	326,339		255,606
Total assets	$	1,498,294	$	1,505,336
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	636,796	$	751,257
Other liabilities	172,660		163,808
Partners' capital	688,838		590,271
Total liabilities and partners' capital	$	1,498,294	$	1,505,336

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(1)    Includes the variable rate construction loan secured by AVA Arts District, of which $1,032,000 has been drawn as of September 30, 2021. The Company has guaranteed the construction loan on behalf of the venture, and any obligations the Company may incur under the guarantee, except for those due to misconduct by the Company, are required capital contributions of the partners based on ownership interest. The Company has not guaranteed any other outstanding 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 nine months ended
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
	(unaudited)				(unaudited)
Rental and other income (1)	$	44,819	$	28,800	$	111,562	$	92,299
Operating and other expenses	(10,698)		(12,782)		(34,992)		(37,034)
Gain on sale of communities	—		18,408		164,317		18,448
Interest expense, net	(6,137)		(8,024)		(21,386)		(24,133)
Depreciation expense	(6,912)		(8,704)		(22,831)		(26,106)
Net income	$	21,072	$	17,698	$	196,670	$	23,474
Company's share of net income from investments in unconsolidated entities	$	7,287	$	5,611	$	34,435	$	8,357
Amortization of excess investment and other	(420)		(528)		(1,476)		(1,587)
Income from investments in unconsolidated entities	$	6,867	$	5,083	$	32,959	$	6,770

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(1)    Includes unrealized gains on property technology investments during the three and nine months ended September 30, 2021.