Investments in Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2012

Investments in Real Estate Entities

Combined summary of the financial position of the entities accounted for using the equity method

		6-30-12			12-31-11
		(unaudited)			(unaudited)
Assets:
Real estate, net		$	1,544,617		$	1,583,397
Other assets		84,127			70,233

Total assets		$	1,628,744		$	1,653,630

Liabilities and partners’ capital:
Mortgage notes payable and credit facility		$	1,077,716		$	1,074,429
Other liabilities		22,320			27,335
Partners’ capital		528,708			551,866

Total liabilities and partners’ capital		$	1,628,744		$	1,653,630

Combined summary of the operating results of the entities accounted for using the equity method

		For the three months ended						For the six months ended
		(unaudited)						(unaudited)
		6-30-12			6-30-11			6-30-12			6-30-11

Rental and other income		$	44,505		$	38,632		$	87,132		$	76,454
Operating and other expenses		(19,131		)	(17,090		)	(37,800		)	(34,644		)
Gain on sale of communities		3,825			—			12,735			—
Interest expense, net		(12,659		)	(12,478		)	(25,726		)	(24,779		)
Depreciation expense		(12,597		)	(11,737		)	(25,297		)	(23,339		)
Net income (loss)		$	3,943		$	(2,673	)	$	11,044		$	(6,308	)