|
Investments in Real Estate Entities (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| 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):
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|
|
|
|
|
|
|
|
|
12-31-12 |
|
12-31-11 |
|
|
|
(unaudited)
|
|
(unaudited)
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|
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Assets: |
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|
|
|
|
|
|
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Real estate, net |
|
$ |
1,337,084 |
|
$ |
1,583,397 |
|
|
Other assets |
|
|
73,252 |
|
|
70,233 |
|
| |
|
|
|
|
|
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Total assets |
|
$ |
1,410,336 |
|
$ |
1,653,630 |
|
| |
|
|
|
|
|
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Liabilities and partners' capital: |
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|
|
|
|
|
|
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Mortgage notes payable and credit facility |
|
$ |
943,259 |
|
$ |
1,074,429 |
|
|
Other liabilities |
|
|
20,405 |
|
|
27,335 |
|
|
Partners' capital |
|
|
446,672 |
|
|
551,866 |
|
| |
|
|
|
|
|
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Total liabilities and partners' capital |
|
$ |
1,410,336 |
|
$ |
1,653,630 |
|
| |
|
|
|
|
|
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| 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 years presented (dollars in thousands):
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|
|
|
|
|
|
|
|
|
|
|
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For the year ended
(unaudited) |
|
|
|
12-31-12 |
|
12-31-11 |
|
12-31-10 |
|
|
Rental and other income |
|
$ |
172,076 |
|
$ |
160,066 |
|
$ |
114,755 |
|
|
Operating and other expenses |
|
|
(73,955 |
) |
|
(71,926 |
) |
|
(56,322 |
) |
|
Gain on sale of communities(1) |
|
|
106,195 |
|
|
22,246 |
|
|
— |
|
|
Interest expense, net |
|
|
(53,904 |
) |
|
(50,530 |
) |
|
(40,050 |
) |
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Depreciation expense |
|
|
(47,748 |
) |
|
(47,920 |
) |
|
(36,631 |
) |
| |
|
|
|
|
|
|
|
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Net income (loss) |
|
$ |
102,664 |
|
$ |
11,936 |
|
$ |
(18,248 |
) |
| |
|
|
|
|
|
|
|
- (1)
- Amount for the year ended December 31, 2012 includes $44,700 of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
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| Equity in income of unconsolidated entities |
The following is a summary of the Company's equity in income of unconsolidated entities for the years presented (dollars in thousands):
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|
|
|
|
|
|
|
|
|
|
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For the year ended
(unaudited) |
|
|
|
12-31-12 |
|
12-31-11 |
|
12-31-10 |
|
|
Avalon Del Rey, LLC(1) |
|
$ |
4,000 |
|
$ |
102 |
|
$ |
1 |
|
|
CVP I, LLC(2) |
|
|
5,394 |
|
|
4,493 |
|
|
4,368 |
|
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MVP I, LLC |
|
|
493 |
|
|
(626 |
) |
|
(881 |
) |
|
AvalonBay Value Added Fund, L.P.(3) |
|
|
7,041 |
|
|
2,204 |
|
|
(1,653 |
) |
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AvalonBay Value Added Fund II, L.P. |
|
|
2,130 |
|
|
(1,053 |
) |
|
(1,073 |
) |
|
Juanita Village(4) |
|
|
1,856 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
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Total |
|
$ |
20,914 |
|
$ |
5,120 |
|
$ |
762 |
|
| |
|
|
|
|
|
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- (1)
- During 2012, the Company purchased its joint venture partner's interest in this venture.
- (2)
- Equity in income from this entity for 2012, 2011, and 2010 includes $2,865, $2,815, and $2,839, respectively, relating to the Company's recognition of its promoted interest.
- (3)
- Equity in income for 2012 and 2011 includes the Company's proportionate share of the gain on the sale of Fund I assets of $7,971 and $3,063, respectively.
- (4)
- The Company's equity in income for this entity represents its residual profits interest from the sale of the community.
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