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UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended
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Jun. 30, 2020
Unconsolidated entities |
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships | Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2020 |  | 2019
Total real estate, net |  | $ | 1,922,313 |  | $ | 1,901,081
Cash and cash equivalents | ​ |  | 30,656 | ​ |  | 29,823
Other assets | ​ | ​ | 216,356 | ​ |  | 172,941
Total assets |  | $ | 2,169,325 |  | $ | 2,103,845
​ | ​ | ​ | ​ | ​ | ​ | ​
Third party debt, net | ​ | $ | 1,156,834 | ​ | $ | 1,148,048
Accounts payable and accrued liabilities | ​ | ​ | 46,057 | ​ | ​ | 55,114
Total liabilities |  | ​ | 1,202,891 |  | ​ | 1,203,162
Total equity |  | $ | 966,434 |  | $ | 900,683
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Total revenues |  | $ | 37,312 |  | $ | 76,926 |  | $ | 78,626 |  | $ | 158,458
Property operating expenses | ​ |  | 14,468 | ​ |  | 29,256 | ​ |  | 29,765 | ​ |  | 59,568
Real estate depreciation and amortization | ​ |  | 16,913 | ​ |  | 28,054 | ​ |  | 33,156 | ​ |  | 57,634
Operating income/(loss) | ​ |  | 5,931 | ​ | ​ | 19,616 | ​ |  | 15,705 | ​ | ​ | 41,256
Interest expense | ​ |  | (10,149) | ​ |  | (21,606) | ​ |  | (20,496) | ​ |  | (43,530)
Gain/(loss) on sale of property | ​ | ​ | — | ​ | ​ | 18,357 | ​ | ​ | — | ​ | ​ | 18,357
Net unrealized gain/(loss) on held investments | ​ | ​ | 29,312 | ​ | ​ | — | ​ | ​ | 29,312 | ​ | ​ | —
Other income/(loss) | ​ | ​ | 117 | ​ | ​ | 9 | ​ | ​ | 109 | ​ | ​ | 1,634
Net income/(loss) |  | $ | 25,211 |  | $ | 16,376 |  | $ | 24,630 |  | $ | 17,717
United Dominion Realty L.P. |
Unconsolidated entities |
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships | Combined summary balance sheets relating to all of the DownREIT Partnership (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2020 |  | 2019
Total real estate, net |  | $ | 1,070,653 |  | $ | 1,106,703
Cash and cash equivalents | ​ |  | 20 | ​ |  | 20
Note receivable from the General Partner | ​ |  | 220,937 | ​ |  | 222,853
Other assets | ​ |  | 8,397 | ​ |  | 4,829
Total assets |  | $ | 1,300,007 |  | $ | 1,334,405
​ | ​ | ​ | ​ | ​ | ​ | ​
Secured debt, net | ​ | $ | 425,859 | ​ | $ | 427,592
Other liabilities | ​ |  | 25,426 | ​ |  | 28,087
Total liabilities | ​ |  | 451,285 | ​ |  | 455,679
Total capital | ​ | $ | 848,722 | ​ | $ | 878,726
​
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Combined summary financial information relating to all of the DownREIT Partnership (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2020 |  | 2019 |  | 2020 |  | 2019
Total revenue |  | $ | 32,107 |  | $ | 32,025 | ​ | $ | 64,785 |  | $ | 63,631
Property operating expenses | ​ |  | (12,680) | ​ |  | (12,751) | ​ |  | (25,989) | ​ |  | (25,847)
Real estate depreciation and amortization | ​ |  | (21,112) | ​ |  | (20,510) | ​ |  | (42,098) | ​ |  | (40,804)
Operating income/(loss) | ​ |  | (1,685) | ​ |  | (1,236) | ​ |  | (3,302) | ​ |  | (3,020)
Interest expense | ​ |  | (3,609) | ​ |  | (3,929) | ​ |  | (7,226) | ​ |  | (7,817)
Other income/(loss) | ​ |  | 1,941 | ​ |  | 2,018 | ​ |  | 3,830 | ​ |  | 4,006
Net income/(loss) |  | $ | (3,353) |  | $ | (3,147) | ​ | $ | (6,698) |  | $ | (6,831)

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