Real Estate Disposition Activities (Tables)

12 Months Ended

Dec. 31, 2012

Real Estate Disposition Activities

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
South Clark (Land)	Chicago, IL		Q212		N/A	(1)	$	—	$	12,300	$	10,849
Waterford	Oakland, CA		Q212		544			—		86,500		84,488
Avalon Arlington Heights	Chicago, IL		Q212		409			—		87,250		86,888
Avalon Wildreed	Everett, WA		Q412		234			—		35,000		33,994
Avalon HighGrove	Everett, WA		Q412		391			—		59,500		57,799
Total of all 2012 asset sales					1,578		$	—	$	280,550	$	274,018
Total of all 2011 asset sales					1,038		$	—	$	292,965	$	287,358
Total of all 2010 asset sales					1,007		$	—	$	198,600	$	194,009

(1)

Disposition of an unimproved land parcel.

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
	12-31-12			12-31-11			12-31-10
Rental income	$	25,373		$	53,290		$	56,705
Operating and other expenses		(8,075	)		(25,513	)		(31,164	)
Interest expense, net		(133	)		(4,808	)		(5,212	)
Loss on extinguishment of debt		(602	)		(3,880	)		—
Depreciation expense		(4,068	)		(11,209	)		(12,379	)
Income (loss) from discontinued operations	$	12,495		$	7,880		$	7,950