Acquisition, Development, and Disposition Activity (Tables)

6 Months Ended

Jun. 30, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Purchase price allocation

The table below provides details for the remaining property we plan to acquire:

(Dollar amounts in thousands)
Property	Location	Units	Estimated Closing Period	Purchase Price
Varela Westshore	Tampa, FL	350	Q3 2015	$	79,450

The following table represents the purchase price allocation for the properties acquired during the six months ended June 30, 2015 and 2014, respectively.

	Six Months Ended
	June 30,
(In thousands)	2015		2014
Land	$	6,953	$	8,140
Buildings and improvements	71,664		36,044
Furniture and fixtures	1,270		468
Existing leases (Other assets)	463		423
Total	$	80,350	$	45,075

Pro forma information

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands, except per share amounts)	2015			2014			2015			2014
Actual revenue from acquisitions	$	938		$	161		$	1,177		$	161
Actual net loss from acquisitions	(534		)	(45		)	(786		)	(45		)
Pro forma revenue	49,201			48,372			97,782			98,678
Pro forma net income applicable to common shares	29,577			62,288			29,989			104,493
Pro forma earnings per common share - basic:
Pro forma net income applicable to common shares	$	0.51		$	1.08		$	0.52		$	1.82
Pro forma earnings per common share - diluted:
Pro forma net income applicable to common shares	$	0.51		$	1.08		$	0.51		$	1.81

Schedule of completed, current and planned development

The following table identifies our consolidated development activity on which construction has commenced or completed:

(Dollar amounts in thousands)					Total							Actual/
					Estimated						Actual	Estimated
Under		Ownership		Total	Capital		Cost to		Total		Construction	Construction
Construction	Location	%		Units	Cost (1)		Date		Debt		Start	Completion
Cantabria at Turtle Creek	Dallas, TX	100.0%		249	$	55,912	$	55,912	$	39,120	Q2 2013	Q1 2015
7001 Arlington at Bethesda	Bethesda, MD	98.1%	(2)	140	53,400		52,306		26,816		Q4 2012	Q2 2015
The Desmond on Wilshire	Los Angeles, CA	100.0%		175	77,800		57,540		—		Q2 2013	Q4 2015
Total				564	$	187,112	$	165,758	$	65,936

(1) Total capital costs are calculated as if owned 100% by AEC and represent estimated costs for projects under development inclusive of all capitalized costs in accordance with GAAP. Based on current projections as of July 31, 2015.

(2) Ownership percentage is based on expected total equity of the joint venture and is subject to change based on changes in total equity. Costs are shown at 100%. Joint venture partner contribution is $350.

The following table identifies our unconsolidated development activity on which construction has commenced:

(Dollar amounts in thousands)				Total
				Estimated		Cost		AEC				AEC				Actual	Estimated
Under		Ownership	Total	Capital		to		Investment		Total		Share				Construction	Construction
Construction	Location	%	Units	Cost (1)		Date		to Date		Debt		of Debt				Start	Completion
350 8th	San Francisco,CA	50.01%	410	$	245,000	$	117,003	$	47,735	$	6,481	$	3,241	(2	)	Q2 2014	Q4 2016
950 East Third	Los Angeles, CA	50.0%	472	176,300		42,003		11,661		—		—				Q3 2014	Q4 2017
Total			882	$	421,300	$	159,006	$	59,396	$	6,481	$	3,241

(1) Total capital costs are calculated as if owned 100% by AEC and represent estimated costs for projects under development inclusive of all capitalized costs in accordance with GAAP. Based on current projections as of July 31, 2015.

(2) AEC has guaranteed 100% of a $143.6 million construction loan.

The following table identifies our consolidated development activity that is in the planning phase:

(Dollar amounts in thousands)
		Ownership	Estimated	Cost to				Total
Name	Location	%	Total Units (1)	Date				Debt
5th and Huntington	Monrovia, CA	100.0%	154	$	16,970	(2	)	$	—
Warner Center	Woodland Hills, CA	100.0%	379	21,351				—
Total			533	$	38,321			$	—

(1) Based on current projections as of July 31, 2015.

(2) Does not include the $444 gain on change in control related to the acquisition of our partner's interest.