v2.4.0.6

Real Estate Disposition Activities | 12 Months Ended
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Dec. 31, 2012
Real Estate Disposition Activities |
Real Estate Disposition Activities | 6. Real Estate Disposition Activities During 2012, the Company sold four communities: Waterford, located in Oakland, CA; Avalon Arlington Heights, located in Chicago, IL; and Avalon Wildreed and Avalon Highgrove, both located in Everett, WA. These communities, containing a total of 1,578 apartment homes, were sold for an aggregate price of $268,250,000. The dispositions resulted in an aggregate gain in accordance with GAAP of $145,271,000. The Company sold one unimproved land parcel in Chicago, IL, for $12,300,000, resulting in an aggregate gain in accordance with GAAP of $280,000. The Company recorded impairment charges of approximately $16,363,000 related to this land parcels in prior years when it was determined that the site would not be developed. 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. As of December 31, 2012, the Company had one community that qualified as held for sale. The operations for any real estate assets sold from January 1, 2010 through December 31, 2012 and the real estate assets that qualified as discontinued operations and held for sale as of December 31, 2012 have been presented as income from discontinued operations in the accompanying 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 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 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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