XML 26 R10.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Co-investments | 6 Months Ended
--- | ---
Jun. 30, 2016
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] |
Co-investments | Co-investments The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of June 30, 2016 and December 31, 2015 are as follows (in thousands, except in parenthetical):
| Ownership Percentage |  | June 30, 2016 |  | December 31, 2015
Membership interest/Partnership interest in: |  |  |  |  |
CPPIB | 55 | % |  | $ | 379,311 |  |  | $ | 376,862 |
Wesco I, III and IV | 50 | % |  | 209,573 |  |  | 218,902 |
BEXAEW | 50 | % |  | 65,636 |  |  | 88,850 |
Palm Valley | 50 | % |  | 68,229 |  |  | 68,525 |
Other | 50%-55% |  |  | 31,517 |  |  | 32,927 |
Total operating co-investments |  |  | 754,266 |  |  | 786,066 |
Total development co-investments | 50%-55% |  |  | 175,269 |  |  | 143,669 |
Total preferred interest co-investments (includes related party investments of $35.8 million as of both June 30, 2016 and December 31, 2015, respectively) |  |  | 173,737 |  |  | 106,312 |
Total co-investments |  |  | $ | 1,103,272 |  |  | $ | 1,036,047 |
The combined summarized financial information of co-investments is as follows (in thousands).
| June 30, 2016 |  | December 31, 2015
Combined balance sheets: (1) |  |  |
Rental properties and real estate under development | $ | 3,327,936 |  |  | $ | 3,360,360 |
Other assets | 114,524 |  |  | 96,785 |
Total assets | $ | 3,442,460 |  |  | $ | 3,457,145 |
Debt | $ | 1,473,705 |  |  | $ | 1,499,601 |
Other liabilities | 96,151 |  |  | 92,241 |
Equity (1) | 1,872,604 |  |  | 1,865,303 |
Total liabilities and equity | $ | 3,442,460 |  |  | $ | 3,457,145 |
Company's share of equity | $ | 1,103,272 |  |  | $ | 1,036,047 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Combined statements of income: (1) |  |  |  |  |  |  |
Property revenues | $ | 69,180 |  |  | $ | 62,092 |  |  | $ | 144,310 |  |  | $ | 125,589 |
Property operating expenses | (24,580 | ) |  | (23,184 | ) |  | (50,401 | ) |  | (46,138 | )
Net operating income | 44,600 |  |  | 38,908 |  |  | 93,909 |  |  | 79,451 |
Gain on sale of real estate | 10,796 |  |  | — |  |  | 28,291 |  |  | 14 |
Interest expense | (11,142 | ) |  | (11,097 | ) |  | (24,282 | ) |  | (22,413 | )
General and administrative | (1,540 | ) |  | (1,473 | ) |  | (2,780 | ) |  | (3,079 | )
Depreciation and amortization | (25,391 | ) |  | (24,265 | ) |  | (54,107 | ) |  | (49,646 | )
Net income | $ | 17,323 |  |  | $ | 2,073 |  |  | $ | 41,031 |  |  | $ | 4,327 |
Company's share of net income (2) | $ | 14,296 |  |  | $ | 4,472 |  |  | $ | 29,364 |  |  | $ | 8,783 |
(1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from co-investments and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $0.9 million and $0.7 million for the three months ended June 30, 2016 and 2015, respectively and $1.7 million and $1.6 million for the six months ended June 30, 2016 and 2015, respectively.

X
- Definition The entire disclosure for cost method and equity method investments included basis, impairment losses, recognized or unrecognized gains (losses). + References No definition available. + Details
Name: | us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration