Real Estate Acquisitions

9 Months Ended

Sep. 30, 2012

Notes To Financial Statements [Abstract]

On July 23, 2012, we purchased Allure at Brookwood, a 349-unit apartment community located in Atlanta, Georgia.

On August 20, 2012, we purchased Retreat at Lake Nona, a 394-unit apartment community located in Orlando, Florida.

On August 30, 2012, we purchased The Haven at Blanco, a 436-unit apartment community located in San Antonio, Texas.

On September 20, 2012, we purchased Market Station, a 323-unit apartment community located in Kansas City, Missouri.

During the nine months ended September 30, 2012, we acquired properties totaling 2,451 units for a total purchase price of$314.9 million. These acquisitions account for $8.8 million of consolidated revenue as reported and $1.1 million of net income included in the total consolidated net income for the nine months ended September 30, 2012. The unaudited pro forma information set forth below is based on the Company’s historical Consolidated Statement of Operations for the nine months ended September 30, 2012 and 2011, adjusted to give effect to these transactions at the beginning of the earliest year presented, January 1, 2011. Pro forma results are not necessarily indicative of future results.



	Pro forma (Unaudited)
	Nine months ended September 30,
	(in thousands, except per share data)
	2012	2011
Total revenue ⁽¹⁾	$381,344	$339,360
Net income available to common shareholders ⁽¹⁾	89,949	29,825
Earnings per share, diluted ⁽¹⁾	$2.01	$0.73

⁽¹⁾ Pro forma adjustments for certain acquisitions are excluded as they had no pre-acquisition operating activity in 2011 or 2012. This includes the purchase of land for development projects.