Co-investments (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Operating Partnership's Co-Investment

The following table details the Operating Partnership's co-investments (dollars in thousands):

	June 30,		December 31,
	2013		2012


Membership interest in Wesco I	$	142,704	$	143,874
Membership interest in Wesco III		37,917		9,941
Partnership interest in Fund II		23,945		53,601
Membership interest in a limited liability company that owns Expo		18,989		18,752
Total operating co-investments		223,555		226,168

Membership interests in limited liability companies that own and are developing Epic, Connolly Station, Mosso I & II and Elkhorn		229,095		186,362
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan		17,381		16,552
Membership interest in a limited liability company that owns and is developing One South Market		16,908		-
Total development co-investments		263,384		202,914

Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1%		93,273		91,843
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5%		15,493		14,438
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 13%		13,536		13,175
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 9.5%		9,018		-
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013		-		22,807
Total preferred interest investments		131,320		142,263

Total co-investments	$	618,259	$	571,345

Summary of Balance Sheet and Statements of Operations for Co-Investments

The combined summarized balance sheet and statements of operations for co-investments are as follows (dollars in thousands).

	June 30, 2013		December 31, 2012
Balance sheets:
Rental properties and real estate under development	$	1,769,246	$	1,745,147
Other assets		65,238		168,061

Total assets	$	1,834,484	$	1,913,208

Debt	$	663,830	$	820,895
Other liabilities		147,356		91,922
Equity		1,023,298		1,000,391

Total liabilities and equity	$	1,834,484	$	1,913,208

Operating Partnership's share of equity	$	618,259	$	571,345

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Statements of operations:
Property revenues	$	26,258		$	28,233		$	54,117		$	62,556
Property operating expenses		(9,874	)		(10,029	)		(19,702	)		(23,166	)
Net property operating income		16,384			18,204			34,415			39,390

Interest expense		(6,094	)		(7,792	)		(12,872	)		(16,337	)
General and administrative		(1,539	)		(920	)		(3,053	)		(1,716	)
Depreciation and amortization		(9,577	)		(8,876	)		(20,596	)		(22,772	)

Net (loss) income	$	(826	)	$	616		$	(2,106	)	$	(1,435	)

Operating Partnership's share of net income	$	7,282		$	3,111		$	11,493		$	5,451

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

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ESSEX PORTFOLIO LP 10-Q