Net Gain on Land Held for Divestiture Activity

On January 31, 2012, the Board of Directors of the Company approved a strategic decision by senior management to reposition portions of the Company's Land Development Group and focus on core rental properties in core markets.

The Company disposed of the land held for divestiture through December 31, 2013 and recorded the activity for consolidated land projects and those accounted for on the equity method of accounting on separate financial statement line items in the Consolidated Statements of Operations.

The following table summarizes the net gain on land held for divestiture activity of consolidated entities:



	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
	(in thousands)
Sales of land held for divestiture	$	1,184		$	11,906
Cost of sales of land held for divestiture	(63		)	(1,744		)
Gain on extinguishment of debt of land held for divestiture	—			2,146
Net gain on land held for divestiture activity	$	1,121		$	12,308

The Company recorded net gains on land held for divestiture activity of unconsolidated entities of $682,000 and $2,511,000 during the three and six months ended June 30, 2013, respectively.