Real Estate Disposition Activities (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Details regarding the real estate sales

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

_________________________________

(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.

Summary of income from discontinued operations

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