Investments in Real Estate Entities (Tables)

9 Months Ended

Sep. 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):

	9-30-13		12-31-12
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	2,053,602	$	1,337,084
Other assets	100,304		73,252
Total assets	$	2,153,906	$	1,410,336
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	1,358,891	$	943,259
Other liabilities	47,717		20,405
Partners’ capital	747,298		446,672
Total liabilities and partners’ capital	$	2,153,906	$	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 nine months ended
	(unaudited)						(unaudited)
	9-30-13			9-30-12			9-30-13			9-30-12
Rental and other income	$	56,240		$	43,168		$	157,456		$	130,300
Operating and other expenses	(22,866		)	(18,733		)	(63,575		)	(56,533		)
Gain on sale of communities	5,395			44,723			70,662			57,457
Interest expense, net	(15,376		)	(12,742		)	(46,474		)	(38,468		)
Depreciation expense	(15,668		)	(11,947		)	(46,602		)	(37,244		)
Net income	$	7,725		$	44,469		$	71,467		$	55,512