Investments in Real Estate Entities (Tables)

3 Months Ended

Mar. 31, 2014

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 as of the dates presented (dollars in thousands):

	3-31-14		12-31-13
	(unaudited)		(unaudited)
Assets:
Real estate, net	$	1,883,464	$	1,890,496
Other assets	355,135		402,644
Total assets	$	2,238,599	$	2,293,140
Liabilities and partners’ capital:
Mortgage notes payable and credit facility	$	1,249,276	$	1,251,067
Other liabilities	39,532		29,677
Partners’ capital	949,791		1,012,396
Total liabilities and partners’ capital	$	2,238,599	$	2,293,140

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 periods presented (dollars in thousands):

	For the three months ended
	(unaudited)
	3-31-14			3-31-13
Rental and other income	$	51,132		$	43,827
Operating and other expenses	(21,171		)	(17,705		)
Gain on sale of communities	—			54,051
Interest expense, net	(13,890		)	(15,269		)
Depreciation expense	(14,417		)	(13,151		)
Net income	$	1,654		$	51,753