DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Disposal Group, Continuing Operations

Disposition of Real Estate

Summary of community dispositions

Apartment Community	Region	Date Sold	Number of Units		Sales Price			Gain on Sale
The New Colonies	Chicago	1/26/2015		672		$	49,318		$	27,524
The Coves at Chesapeake	Baltimore	3/25/2015		469		76,250			12,822
				1,141		$	125,568		$	40,346

Operating results of disposal groups

	Three Months Ended March 31,
	2015		2014
Revenues:
Rental income	$	2,076	$	3,170
Property other income	354		337
Total revenues	2,430		3,507
Expenses:
Operating and maintenance	745		1,327
Depreciation and amortization	421		960
Total expenses	1,166		2,287
Income from continuing operations, before gain on disposition of real estate	$	1,264	$	1,220
Gain on disposition of property	$	40,346	$	-

Disposal Group, Discontinued Operations

Disposition of Real Estate

Summary of community dispositions

Apartment Community	Region	Date Sold	Number of Units		Sales Price			Gain on Sale
Cider Mill	Washington, D.C.	2/26/2014		864		$	110,000		$	31,305
Woodleaf	Washington, D.C.	12/19/2014		228		33,500			14,297
The Manor - MD	Washington, D.C.	12/29/2014		435		73,300			36,229
				1,527		$	216,800		$	81,831

Operating results of disposal groups

	Three Months Ended
Revenues:	March 31, 2014
Rental income		$	4,533
Property other income		525
Total revenues		5,058
Expenses:
Operating and maintenance		1,779
Interest expense (1)		1,584
Depreciation and amortization		861
Total expenses		4,224
Income (loss) from discontinued operations		834
Gain on disposition of property		31,306
Discontinued operations		$	32,140

(1) Includes debt extinguishment costs of $802 incurred as a result of repaying property specific debt triggered upon sale for the three months ended March 31, 2014.