Significant Transactions

6 Months Ended

Jun. 30, 2022

Note 3 — Significant Transactions

Apartment Community Acquisitions

During the three months ended June 30, 2022, we acquired three apartment communities, one located in the Washington, D.C. area and two located in South Florida. Summarized information regarding these acquisitions is set forth in the table below (dollars in thousands):


Number of apartment communities		3
Number of apartment homes		1,001

Purchase price	$	467,067
Capitalized transaction costs		5,250
Total consideration	$	472,317
Land	$	40,066
Building and improvements		419,023
Right of use lease asset		80,651
Intangible assets (1)		13,738
Lease liability		(80,651	)
Below-market lease liabilities (1)		(510	)
Total consideration	$	472,317

(1)

Intangible assets and below-market lease liabilities have a weighted-average term of 2.6 years and 1.6 years, respectively.

Subsequent to June 30, 2022, we acquired an additional apartment community located in South Florida with 350 apartment homes for a total purchase price of $173.0 million.

Apartment Community Dispositions

During the three months ended June 30, 2022, we sold four apartment communities with 718 homes for gross proceeds of $203.1 million. During the six months ended June 30, 2022, we sold twelve apartment communities with 2,050 homes for gross proceeds of $781.1 million.

We did not sell any apartment communities during the three and six months ended June 30, 2021.

Lease Cancellation

During the three months ended June 30, 2022, we reached an agreement with Apartment Investment and Management Company ("Aimco") to cancel existing master leases at four properties owned by AIR and leased to Aimco for the purpose of their development. With the developments largely completed, we agreed to terminate the leases for a payment of $200 million. The four properties include 865 apartment homes with average monthly rents of approximately $3,400 per home.