APARTMENT INVESTMENT & MANAGEMENT CO | 2013 | FY | 3


Investments in Unconsolidated Real Estate Partnerships
At December 31, 2013, 2012 and 2011, we owned general and limited partner interests in unconsolidated real estate partnerships that owned 20, 22 and 123 apartment communities, respectively. We acquired these interests through various transactions, including large portfolio acquisitions and offers to individual limited partners. At December 31, 2013, our ownership interests in these unconsolidated real estate partnerships ranged from 5% to 67%.
The following table provides selected combined financial information for the unconsolidated real estate partnerships in which we had investments accounted for under the equity method as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands):
 
2013
 
2012
 
2011
Real estate, net of accumulated depreciation
$
88,014

 
$
107,419

 
$
429,780

Total assets
93,242

 
114,658

 
472,904

Non-recourse property debt and other notes payable
60,660

 
122,019

 
321,236

Total liabilities
64,859

 
132,767

 
455,591

Partners’ capital (deficit)
28,383

 
(18,109
)
 
17,313

Rental and other property revenues
16,268

 
72,636

 
114,974

Property operating expenses
(8,470
)
 
(49,331
)
 
(75,934
)
Depreciation and amortization
(3,300
)
 
(18,388
)
 
(26,323
)
Interest expense
(4,185
)
 
(21,354
)
 
(27,108
)
Gain on sale and impairment losses, net
36,212

 
(4,140
)
 
22,598

Net income (loss)
35,909

 
(21,108
)
 
6,773


The decrease in the number of unconsolidated apartment communities from 2011 to 2012 was primarily attributed to the sale in December 2012 of the legacy asset management business. Based on the timing of the sale, the results of operations of the unconsolidated apartment communities in this portfolio are included in the table above for 2012 and 2011. Based on our insignificant economic ownership in the legacy asset management business, substantially all of the net equity and results of operations related to the legacy asset management business were attributed to the associated noncontrolling interests.
At December 31, 2013 and 2012, our aggregate recorded investment in unconsolidated partnerships of $16.9 million and $18.7 million, respectively, exceeded our share of the partners’ capital or deficit recognized in the underlying partnerships' financial statements by approximately $1.1 million and $6.9 million, respectively.

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