Subsequent Events/Other

3 Months Ended

Mar. 31, 2013

Subsequent Events

Subsequent to March 31, 2013, the Company:


•	Acquired one property consisting of 322 apartments units and one land parcel for $108.0 million;


•	Sold 12 properties consisting of 3,924 apartment units and one land parcel for $552.8 million;


•	Repaid $400.0 million of 5.200% unsecured notes at maturity and the related $300.0 million of interest rate swaps matured;


•	Entered into $150.0 million of forward starting swaps to hedge changes in interest rates related to future secured or unsecured debt issuances;


•	Issued $500.0 million of ten-year 3.00% fixed rate public notes, receiving net proceeds of $495.6 million before underwriting fees and other expenses, at an all-in effective interest rate of 3.998%;


•	Paid approximately $44.7 million to settle three forward starting swaps in conjunction with the issuance of the $500.0 million fixed rate public notes discussed above; and


•	Purchased with AVB $65.0 million (of which the Company's 60% share was $39.0 million) of the Archstone preferred interests assumed by Legacy JV (see Note 6 for further discussion).

Other

During the quarters ended March 31, 2013 and 2012, the Company incurred charges of $0.1 million and $0.5 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $2.5 million and $1.0 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $2.6 million and $1.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations. See Note 4 for details on the property acquisition costs related to the Archstone transaction.

During the quarter ended March 31, 2012, the Company accrued $4.2 million related to a dispute with the owners of a land parcel that was subsequently settled in the second quarter of 2012. This accrual is included in other expenses in the accompanying consolidated statements of operations.