Real Estate Disposition Activities

6 Months Ended

Jun. 30, 2013

Real Estate Disposition Activities

Real Estate Disposition Activities

7.  Real Estate Disposition Activities

During the three months ended June 30, 2013, the Company sold Avalon at Dublin Station I, located in Dublin, CA containing a total of 305 apartment homes, for $105,400,000. The disposition resulted in a gain in accordance with GAAP of $33,682,000.

As of June 30, 2013, the Company did not have any real estate assets that qualified as held for sale.

The operations for any real estate assets sold from January 1, 2012 through June 30, 2013 have been presented as income from discontinued operations in the accompanying Condensed Consolidated Statements of Comprehensive Income. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.

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

	For the three months ended						For the six months ended
	(unaudited)						(unaudited)
	6-30-13			6-30-12			6-30-13			6-30-12
Rental income	$	897		$	9,425		$	5,890		$	19,537
Operating and other expenses	(314		)	(3,088		)	(1,621		)	(6,314		)
Interest expense, net	—			(55		)	—			(138		)
Loss on extinguishment of debt	—			(602		)	—			(602		)
Depreciation expense	(220		)	(1,795		)	(875		)	(4,194		)
Income from discontinued operations	$	363		$	3,885		$	3,394		$	8,289