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Activity for Real Estate Investments and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2012
Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Summary and rollforward of real estate investments and accumulated depreciation
MAA
Schedule III
Real Estate Investments and Accumulated Depreciation
A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands):

 
Year Ended December 31,
 
2012
 
2011
 
2010
Real estate investments:
 

 
 

 
 

Balance at beginning of year
$
3,379,929

 
$
2,941,261

 
$
2,698,682

Acquisitions (1)
344,869

 
362,745

 
278,810

Less:  FMV of Leases included in Acquisitions
(3,144
)
 
(3,829
)
 
(1,764
)
Improvement and development
134,118

 
104,705

 
57,331

Disposition of real estate assets (2)
(126,066
)
 
(24,953
)
 
(91,798
)
Balance at end of year
$
3,729,706

 
$
3,379,929

 
$
2,941,261

 
 
 
 
 
 
Accumulated depreciation:
 

 
 

 
 

Balance at beginning of year
$
973,126

 
$
873,903

 
$
773,438

Depreciation
124,691

 
112,726

 
101,454

Disposition of real estate assets (2)
(57,344
)
 
(13,503
)
 
(989
)
Balance at end of year
$
1,040,473

 
$
973,126

 
$
873,903

 
MAA's consolidated balance sheet at December 31, 2012, 2011, and 2010, includes accumulated depreciation of $12,855,000, $11,402,000, and $9,967,000, respectively, in the caption "Commercial properties, net".

(1) Includes $32 million of non-cash activity related to fair market value of debt assumed.
(2) Includes assets sold, casualty losses, and removal of certain fully depreciated assets.