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Real Estate Disposition Activities
 12 Months Ended
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