Discontinued Operations

3 Months Ended

Mar. 31, 2012

Notes To Financial Statements [Abstract]

Discontinued Operations

Discontinued Operations

As part of our portfolio strategy to selectively dispose of mature assets that no longer meet our investment criteria and long-term strategic objectives, and in accordance with accounting standards governing the disposal of long lived assets, the 320-unit Kenwood Club apartments in Katy (Houston), Texas and the 276-unit Cedar Mill apartments in Memphis, Tennessee are presented as discontinued operations in the accompanying condensed consolidated financial statements.   These properties were sold on January 12, 2012 and February 9, 2012, respectively, and resulted in a gain of approximately $9.5 million, which is included in discontinued operations. Proceeds from the sale of Kenwood Club were held in an escrow account to be used for the tax free exchange of property under section 1031(b) of the U.S. Federal Income Tax Code. These funds are classified as restricted cash in our consolidated balance sheet.

The following is a summary of discontinued operations for the three month periods ended March 31, 2012 and 2011, (dollars in thousands):

	Three months ended March 31,
	2012			2011
Revenues
Rental revenues	$	290		$	2,143
Other revenues	12			254
Total revenues	302			2,397
Expenses
Property operating expenses	306			1,272
Depreciation and amortization	135			525
Interest expense	19			79
Total expense	460			1,876
(Loss) income from discontinued operations before gain on sale	(158		)	521
Asset impairment on discontinued operations	(71		)	—
Net loss on insurance and other settlement proceeds on discontinued operations	(54		)	(7		)
Gain on sale of discontinued operations	9,500			—
Income from discontinued operations	$	9,217		$	514