Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Disposition Activities

Real Estate Disposition Activities

During 2014, the Company sold four wholly-owned communities, containing an aggregate of 1,337 apartment homes for an aggregate gross sales price of $296,200,000 and an aggregate pre-tax gain in accordance with GAAP of $106,138,000. One of the communities sold in 2014 was owned through a TRS, resulting in the Company incurring income taxes related to this disposition. In addition, during 2014, the Company sold a land parcel in Huntington Station, NY for $8,050,000, resulting in a gain in accordance with GAAP of $490,000.

Details regarding the real estate sales are summarized in the following table (dollars in thousands):

Community Name	Location	Period of sale	Apartment homes	Debt			Gross sales price		Net proceeds
Avalon Valley	Danbury, CT	Q114	268	$	—		$	53,325	$	52,147
Oakwood Philadelphia	Philadelphia, PA	Q214	80	16,341		(1)	28,875		10,932
Avalon Danvers	Danvers, MA	Q214	433	—			108,500		107,231
Archstone Memorial Heights	Houston, TX	Q414	556	—			105,500		103,182
Huntington Station Land	Huntington Station, NY	Q414	—	—			8,050		7,633
Total of 2014 asset sales			1,337	$	16,341		$	304,250	$	281,125
Total of 2013 asset sales (2)			3,299	$	—		$	932,800	$	919,442
Total of 2012 asset sales			1,578	$	—		$	280,550	$	274,018

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(1) Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds.

(2) Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313.

During the year ended December 31, 2014, Fund I sold The Springs, which was consolidated for financial reporting purposes, as discussed in Note 6, "Investments in Real Estate Entities."

As of December 31, 2014, the Companyhadonecommunity that qualified as held for sale.

The results of operations for Oakwood Philadelphia, Avalon Danvers and Archstone Memorial Heights are included in income from continuing operations on the accompanying Consolidated Statements of Comprehensive Income.

The operations for any real estate assets sold from January 1, 2012 through December 31, 2014 (which includes Avalon Valley) and which were classified as held for sale and discontinued operations as of and for periods prior to December 31, 2013, and thus not subject to the new guidance for discontinued operations presentation and disclosure, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” have been presented as income from discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.

The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):

	For the year ended
	12/31/14			12/31/13			12/31/12
Rental income	$	579		$	42,874		$	63,406
Operating and other expenses	(269		)	(12,661		)	(19,437		)
Interest expense, net	—			—			(133		)
Loss on extinguishment of debt	—			—			(602		)
Depreciation expense	—			(13,500		)	(16,414		)
Income (loss) from discontinued operations	$	310		$	16,713		$	26,820