Real Estate Disposition Activities

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

The following real estate sales occurred during the six months ended June 30, 2020:


•	In January 2020, the Company sold Avalon Shelton, located in Shelton, CT, containing 250 apartment homes for $64,750,000. The Company's gain on disposition was $24,413,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.


•	In May 2020, the Company sold Avalon Tinton Falls, located in Tinton Falls, NJ, containing 216 apartment homes for $64,900,000. The Company's gain on disposition was $35,297,000, reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income.

At June 30, 2020, the Company had no real estate assets that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 67,000 square feet of retail space. During the three and six months ended June 30, 2020, the Company sold 16 and 52 residential condominiums at The Park Loggia, for gross proceeds of $61,207,000 and $166,814,000, respectively, resulting in a gain in accordance with GAAP of $2,544,000 and $7,447,000, respectively, included in gain on for-sale condominiums, net of marketing and administrative costs, on the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company incurred $1,196,000 and $945,000 during the three months ended June 30, 2020 and 2019, respectively, and $2,639,000 and $1,418,000 during the six months ended June 30, 2020 and 2019, respectively, in marketing and administrative costs associated with The Park Loggia, included in gain on for-sale condominiums, net of marketing and administrative costs, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of June 30, 2020, the for-sale residential condominiums have an aggregate carrying value of $311,236,000, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.