Significant Transactions (Tables)

9 Months Ended

Sep. 30, 2019

Summarized Information Regarding Acquisition

Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):

Number of apartment homes		110
Purchase price (1)	$	65,833
Capitalized transaction costs		892
Total consideration	$	66,725
Acquisition costs allocated to land	$	4,929
Acquisition costs allocated to building (2)		61,271
Acquisition costs allocated to furniture and fixtures (2)		525
Total consideration	$	66,725

(1) The gross purchase price of the acquisition consisted of $32.8 million in cash, $30.9 million of assumed property-level debt and the issuance of 59,761 OP Units. In accordance with GAAP, the OP Units were valued at $50.77 per unit, the Aimco Common Stock closing price on April 5, 2019, the purchase date.

(2) Amounts are included within the buildings and improvements line item in our condensed consolidated balance sheets.

Summary of Apartment Community Dispositions

During the nine months ended September 30, 2019, we sold apartment communities as summarized below (dollars in thousands):

Apartment communities sold		8
Apartment homes sold		2,605
Gain on dispositions of real estate	$	356,929

1001 Brickell Bay Drive [Member]

Summarized Information Regarding Acquisition

Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):

Purchase price	$	156,750
Capitalized transaction costs		2,339
Noncontrolling interests in consolidated real estate partnerships		8,250
Total consideration (1)	$	167,339
Acquisition costs allocated to land	$	145,648
Acquisition costs allocated to building and improvements		153,241
Acquisition costs allocated to intangible assets		16,500
Acquisition costs allocated to intangible liabilities		(6,519	)
Deferred tax liability assumed (2)		(141,531	)
Total consideration	$	167,339

(1) Total consideration includes $66.8 million of debt assumed.

(2) The deferred tax liability of $141.5 million resulted from the corporate structure utilized to complete the acquisition and is due to the difference between the purchase price determined in accordance with GAAP and the tax basis of the property. For the three and nine months ended September 30, 2019, we recorded an income tax benefit of $1.7 million related to this property.