Real Estate Disposition Activities

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Disposition Activities

Real Estate Disposition Activities

During the three months ended March 31, 2015, the Company sold Avalon on Stamford Harbor, located in Stamford, CT, containing 323 homes and a marina with 74 boat slips. Avalon on Stamford Harbor was sold for $115,500,000 and the Company’s gain was $70,936,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income. The results of operations for Avalon on Stamford Harbor are included in income from continuing operations on the accompanying Condensed Consolidated Statements of Comprehensive Income.

The operations for any real estate assets sold from January 1, 2014 through March 31, 2015 and which were classified as held for sale and discontinued operations as of and for the period ended December 31, 2013, have been presented as income from discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income.

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

	For the three months ended
	3/31/2015		3/31/2014
	(unaudited)
Rental income	$	—	$	579
Operating and other expenses	—		(269		)
Depreciation expense	—		—
Income from discontinued operations	$	—	$	310

At March 31, 2015, the Company had one operating community and one undeveloped parcel of land that qualified as held for sale.