Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Disposition Activities

Real Estate Disposition Activities

During 2015, the Company sold three wholly-owned communities, containing an aggregate of 851 apartment homes for an aggregate gross sales price of $265,500,000 and an aggregate gain in accordance with GAAP of $115,625,000. In addition, during 2015, the Company sold two undeveloped land parcels and air rights, representing the right to increase density for future residential development, for $23,820,000, resulting in a gain in accordance with GAAP of $9,647,000.

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 on Stamford Harbor	Stamford, CT	Q115	323	$	—		$	115,500	$	112,504
Other real estate dispositions (1)	New York Metro region	Q215	N/A	—			23,820		23,337
Avalon Lyndhurst	Lyndhurst, NJ	Q315	328	—			99,000		96,574
Avalon Charles Pond	Coram, NY	Q415	200	—			51,000		49,748
Total of 2015 asset sales			851	$	—		$	289,320	$	282,163
Total of 2014 asset sales			1,337	$	16,341	(2)	$	304,250	$	281,125
Total of 2013 asset sales (3)			3,299	$	—		$	932,880	$	919,442

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(1) Includes two undeveloped land parcels and air rights, representing the right to increase density for future residential development.

(2) 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.

(3) 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.

As of December 31, 2015, the Company had one community that qualified as held for sale. The assets of the community are primarily composed of land and related real estate improvements.

The results of operations for Avalon on Stamford Harbor, Avalon Lyndhurst and Avalon Charles Pond 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, 2013 through December 31, 2015 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.

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

	For the year ended
	12/31/15		12/31/14			12/31/13
Rental income	$	—	$	579		$	42,874
Operating and other expenses	—		(269		)	(12,661		)
Interest expense, net	—		—			—
Loss on extinguishment of debt	—		—			—
Depreciation expense	—		—			(13,500		)
Income (loss) from discontinued operations	$	—	$	310		$	16,713