Subsequent Events/Other

3 Months Ended

Mar. 31, 2015


14.	Subsequent Events/Other

Subsequent Events

Subsequent to March 31, 2015, the Company:


•	Acquired one property consisting of 202 apartment units for $130.3 million;


•	Sold one property consisting of 314 apartment units for $49.6 million;


•	Sold a 193,230 square foot office building for approximately $123.3 million which is adjacent to our Longfellow Place property located in Boston and acquired in 1999; and


•	Repaid $300.0 million of 6.584% unsecured notes at maturity.

Other

During the quarters ended March 31, 2015 and 2014, the Company incurred charges of $0.1 million and none, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $0.5 million and $0.5 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 $0.6 million and $0.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

Effective January 1, 2015, the Company has revised its executive compensation program. The long-term incentive portion of the revised program will be performance based and determined by the Company’s absolute and relative total shareholder return over a three year performance period. During the quarter ended March 31, 2015, the Company expensed approximately $2.3 million under the long-term incentive portion of the revised program, of which $0.3 million and $2.0 million was recorded to property management expense and general and administrative expense, respectively.

During the quarter ended March 31, 2014, the Company settled a dispute with the seller/co-developer of a land parcel located in Florida and received $0.5 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.