Investments in Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2013

Investments in Real Estate Entities

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, excluding those owned by the Residual JV, as of the dates presented (dollars in thousands):

	6-30-13		12-31-12
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	2,067,969	$	1,337,084
Other assets	168,822		73,252
Total assets	$	2,236,791	$	1,410,336
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	1,372,106	$	943,259
Other liabilities	40,860		20,405
Partners’ capital	823,825		446,672
Total liabilities and partners’ capital	$	2,236,791	$	1,410,336

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, excluding those owned by the Residual JV, for the periods presented (dollars in thousands):

	For the three months ended						For the six months ended
	(unaudited)						(unaudited)
	6-30-13			6-30-12			6-30-13			6-30-12
Rental and other income	$	57,452		$	44,505		$	101,216		$	87,132
Operating and other expenses	(22,986		)	(19,131		)	(40,680		)	(37,800		)
Gain on sale of communities	11,216			3,825			65,267			12,735
Interest expense, net	(15,829		)	(12,659		)	(31,098		)	(25,726		)
Depreciation expense	(17,783		)	(12,597		)	(30,933		)	(25,297		)
Net income (loss)	$	12,070		$	3,943		$	63,772		$	11,044